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February 22, 2020
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Bay Area Office Building Acquired by Barker Pacific Group and Iron Point Partners in $31 Mil Deal

1/22/20

Sutter Square, a 174.7k sf, nine-story office building in Concord, was acquired for $30.9 mil ($177/sf) by a joint venture between Barker Pacific Group and Iron Point Partners. The building, located at 1800 Sutter St near the city’s downtown Concord, was sold by Meridian.

Meridian acquired the property in August 2017, when the building was 78% occupied. During its ownership, Meridian invested over $4 mil in interior renovations and brought occupancy up to nearly 90%.

According to Meridian’s Senior Vice President, Dan Rosenbaum, “Below-market rent and occupancy provided an opportunity for Meridian to purchase this asset as part of our value-add office investment strategy.” The company made significant improvements to the property, completing an extensive list of renovations in just over two years of ownership.

The renovations included chiller replacement and installation of automated building controls, a new roof, a new conference room with upgraded audio visual equipment with patio access and a view of Mt. Diablo, new common area corridor paint, new elevator lobby finishes and a remodeled gym with upgraded fitness equipment. A pendant lighting feature is showcased in the grand, two-story lobby.

Scott Ellis and Eric Erickson of Colliers International managed the leasing efforts at the property. Both the buyer and seller were represented by Bob Gilley, Brad Idleman and Andy Zighelboim, also of Colliers International.





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