Blackstone Real Estate Advisors has sold a 330,000 sq. ft. office and retail complex located in the northern California city of Concord. Blackstone inherited the building through its acquisition of Equity Office Properties Trust (EOP). The sale was arranged by Jones Lang LaSalle's San Francisco office. The sale price wasn’t disclosed.
The seven and 10-story towers of One and Two Corporate Centre were purchased by Aslan Realty Partners III, an affiliate of Transwestern Investment Co. The buildings are located just off of Interstate 680 on Willow Pass Road, one of Concord's main arteries, in the heart of Concord. One and Two Corporate Centre are currently 95% leased. More than 86% of the in-place leases expire by the end of 2010 with below-market rents.
"This is a well located, institutional-quality office complex in one of the East Bay's best performing office sub-markets," says Michel Seifer, managing director at Jones Lang LaSalle.