Tishman Speyer Acquires 379ksf Office Property in Walnut Creek | Announcements | Tishman Speyer

News

Tishman Speyer Acquires 379ksf Office Property in Walnut Creek

San Francisco, California January 9, 2014

Tishman Speyer today announced it has completed the purchase of California Plaza, a 10-story, 379,000-square-foot office building in Walnut Creek, Calif.

The acquisition further expands Tishman Speyer’s large portfolio in the greater San Francisco region, which now includes eight office properties totaling approximately 3 million square feet. The firm recently completed the city’s latest major office building, Foundry Square III. In addition, Tishman Speyer is currently developing an office property at 222 Second Street along with the 655- unit Lumina residential condominium tower in partnership with China Vanke.

Sitting adjacent to Walnut Creek’s Bay Area Rapid Transit (BART) station and facing I-680, California Plaza is strategically located to take advantage of the rising demand for high-quality office space outside of San Francisco’s red-hot downtown submarket. Walnut Creek offers office tenants an attractive downtown with a great variety of retail amenities in a transit rich location. The building is currently 90 percent leased to tenants that include Basic American Foods, CSE Insurance, MWH Americas and Anthem Blue Cross.

“With office space demand so high in supply-constrained downtown San Francisco, we believe that investors in the Walnut Creek commercial real estate submarket will benefit substantially in the coming years,” said Carl Shannon, Tishman Speyer Senior Managing Director and Regional Director for Northern California. “California Plaza is a very attractive property in a perfect location. We look forward to bringing it to our operating and tenant service standards and offering it to the marketplace on that basis.”

Brokering the transaction on behalf of the seller was the HFF (Holliday, Fenoglio Fowler L.P.) team of Steven Golubchik, Michael Leggett and John Simerlein.

ABOUT TISHMAN SPEYER (www.tishmanspeyer.com)
Tishman Speyer is one of the leading developers, owners, operators, and asset managers of first class real estate worldwide. Active across North America, Europe, South America and Asia, Tishman Speyer is relied upon by many of the world's most prestigious corporations to meet their office space needs. As of June 30, 2013, the firm had acquired, developed and/or managed a portfolio of over 123 million sq. ft. with a total value of approximately USD $64.8 billion since its founding in 1978. Signature assets include New York's Rockefeller Center and the Chrysler Center, São Paulo's Torre Norte, Ventura Corporate Towers in Rio de Janeiro, and OpernTurm in Frankfurt. Tishman Speyer also has projects at different stages of development currently in Brasília, Chengdu, Frankfurt, Gurgaon, Hyderabad, Paris, Rio de Janeiro, San Francisco, São Paulo, Shanghai, Suzhou and Tianjin.