CONCORD, CA-As GlobeSt.com reported last week, San Francisco-based SwiftRealty Partners has sold two officebuildings at 2000 Clayton Rd. and 2001Clayton Rd. in Concord Plaza here totaling 600,000 squarefeet to San Francisco-based DivcoWest for $94million. GlobeSt.com has now learned that SRP spent $24 million inrenovating the property over the last year after purchasing theentire Concord Plaza for $88 million, or $82 per squarefoot, in July 2011.

GlobeSt.com had previously reported on SRP’s original purchaseof the property, which is now 100% leased to Bank ofAmerica. When SRP, an investment firmheaded by former Equity Office Properties execChristopher Peatross, acquired the four-building,1.1-million-square-foot property—then called the Bank ofAmerica Technology Center—it was said to be the largestsingle office property sold in the San Francisco Bay area in theprevious three or four years. The property included buildings of380,000, 310,000, 210,000 and 200,000 square feet, with Bank ofAmerica occupying all of them except the 200,000-square-footbuilding, which was vacant. Bank of America still occupies 900,000square feet in a leaseback deal.

During the 14 months that SRP has held the property, the firmmade significant infrastructure improvements and gave it a newimage, preparing it for its current sale to DivcoWest. The surprisecomes with the price it sold for such a short time after it waspurchased, which SRP executives feel is a testament to the recoveryof the East Bay market.