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WALNUT CREEK, CA-Availability in the newest Downtown office building here dropped by another 5% recently when the local office of Grubb & Ellis signed on for 8,283 sf on the fourth floor of the 165,000-sf office and retail development that opened last September. Occupancy at Three Ygnacio Center is now about 75%, says Scott Ellis, one of three Colliers International brokers that have the leasing assignment for the property.

Currently located on the fifth floor of the nearby Grower’s Square office building, Grubb & Ellis is expected to move to Three Ygnacio next month. Other tenants in Three Ygnacio include Berkshire Mortgage Finance, City National Bank, Fidelity Investments, Lucey, Watkins & Lamson, Moffatt & Nichol Engineers, Starbucks Coffee and Tier Technologies. Brokers familiar with the property tell GlobeSt.com the net effective full-service rent in the building is right around $34 per sf per year.

Grubb & Ellis was represented in-house by Dave Tripaldi and Bob Maderious. Pembroke Real Estate was represented by Ellis and fellow Colliers brokers Eric Erickson and Ed Del Beccaro.

Located at 2001 N. Main St., Three Ygnacio is part of the 500,000-sf Ygnacio Center complex, which is owned by Pembroke Real Estate, the real estate development and management unit of Fidelity Investments. Bordering the local BART station, the property already includes One and Two Ygnacio Center, which are undergoing renovations scheduled for completion this fall that include a new lobby for each building. Colliers has the leasing assignment for all three Ygnacio Center buildings as well as Grower’s Square, which is owned by the Nevada Public Employees Retirement Fund.

Ellis says vacancy in the 4.5-million-sf class A market in Downtown is about 9% on the strength of three quarters of net absorption. “For the last 15 years we’ve been averaging 9-10% vacancy,” he says. “It got down to 1% and it is now back to 9%, back to where it has always been.”

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