Insurance Giant Picks Up Office Bldgs. for $118.5 Million
A joint venture between Equity Office Properties and private equity giant Blackstone sold the Treat Towers in Walnut Creek, CA, to insurance firm Metropolitan Life for $118.5 million, or about $323 per square foot.
The two 10-story buildings combine for a total of approximately 370,000 square feet and were 85% leased at the time of sale. Major tenants include Paradigm Management Services, HQ Global Workplaces, Environmental Resources Management and Littler Mendelson.
Completed in 1999, the LEED Gold-certified office buildings at 1255 and 1277 Treat Boulevard are attached to a six-level parking structure and are located one block from the Pleasant Hill BART station in Contra Costa Centre.
Michael Leggett, Gerry Rohm and Steven Golubchik of HFF represented the seller. MetLife's Jacqueline Denning,Joel Redmon and Leslie Smith represented the buyer in this transaction.
Please see CoStar COMPS #2534613 for more information on this transaction.