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SAN FRANCISCO-The private equity firm Blackstone is putting three East Bay office developments on the market as it continues to refine a real estate portfolio that includes Trizec Holdings, CarrAmerica and, most recently, Equity Office Properties.

The East Bay assets coming to market are One and Two Corporate Center, a 330,000-sf, two-building development in Concord; Plaza at San Ramon, a 300,000-sf, two-building development in San Ramon; and Hacienda Terrace, a three-building, 275,000-sf development in Pleasanton. Each is a well-leased class A office complex built in the 1980s. JLL has the disposition assignment for the San Ramon and Concord assets while CB Richard Ellis has the Pleasanton assignment.

Mike Seifer of JLL, who is marketing the Concord and San Ramon properties, tells GlobeSt.com that the books are being sent out this week and that offers likely will be due the second week of May. Seifer declined to speculate on the likely sale price. Other local industry experts tell GlobeSt.com they expect all three properties to trade for a per sf price in the vicinity of $300.

The new owner of the Concord and San Ramon properties will have an opportunity to push rents. Nearly 85% of the tenant base in both assets rolls in the next four years, according to the property teaser sent out by JLL.

“Historically the East Bay has been a market seen as a low-cost alternative, a back-office alternative for San Francisco and Valley tenants,” Seifer says. “But I think that given what we’ve seen recently–large corporations moving to the East Bay to be closer to the population base along the I-680 corridor has made these markets into business centers and sustainable economies in and of themselves.”

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