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10/05/12
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NoCal-based DivcoWest recently closed on a major Bay Area office buy, picking up two buildings totaling 600k sf and fully leased to Bank of America in the city of Concord. The buildings, located at 2000 and 2001 Clayton Rd, east of Hwy 242 and a block off Willow Pass Rd, were sold by Swift Realty Partners. The space houses several of the bank’s business units, including a mission critical data center.
Although the price was not disclosed, other reports we’ve seen suggest the assets traded for around $94 mil, which averages out to roughly $157/sf. The purchase just closed on September 28, 2012.
The two structures actually account for roughly half of the four-building, 1.1 msf Bank of America property. Swift paid about $88 mil for the entire complex just one year earlier, in summer 2011. The other buildings include a vacant structure at 1755 Grant St and a 300k sf building at 1655 St that previously housed B of A in five of its 13 floors, prior to this summer.
Founded more than 19 years ago in Northern California, DivcoWest has acquired more than 25 msf of high-level commercial space in locations throughout the US. The company has offices in San Francisco and Boston.
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