|
|
8/22/17
|
A Flurry of recent leasing activity at Walnut Creek Executive Park (WCEP) in the East Bay city of Walnut Creek has brought the 27-acre, 449.3k sf office campus to 91% occupied. The recent deals total 177k sf of space. The property stood at 68% occupied just 12 months earlier.
These latest deals culminated over the past 12 months with 38 different tenants, 21 of which are new to the property. The campus is situated within Walnut Creek Shadelands Business Park, a 246-acre, 2.5 msf business park.
Of the 21 new tenants, 19 migrated from outside of Shadelands Business Park. The largest and most recent of these new leases was with Easter Seals Bay Area, who signed a new, long-term 52.5k sf lease and will be relocating and expanding from its current Pleasant Hill headquarters in early 2018.
Located on the corners of Oak Grove Rd, Shadelands Dr, and Mitchell Dr, Walnut Creek Executive Park is only 10 minutes from the Walnut Creek or Pleasant Hill BART stations and Downtown Walnut Creek. Additionally, it can be accessed via the County Connection Shadelands Shuttle, a free bus service that departs every 15 minutes from the Pleasant Hill BART station and stops at nine different locations throughout the Shadelands Business Park
NKFs Knute Bucklew, Danny Bartz and Tom Fehr represented the ownership, a joint venture of The Koll Company and Rialto Capital Management, in the negotiations for all 38 leases.
The Koll and Rialto joint venture acquired WCEP three years ago and recently completed a major capital improvement campaign which included new building entry and lobby improvements; restroom and common area upgrades; bike share program; new building and directional signage; updated landscape; and other aesthetic and operational enhancements. The property consists of 11 two-story buildings and one three-story building.
At 91 percent, Walnut Creek Executive Park is seeing its highest occupancy in 20 years, said Bucklew. This project has had the strongest 12-month period of leasing in the past 30 years as a result of the creative vision and implemented improvements from The Koll Company and Rialto Capital Management.
In addition to Easter Seals, some of the other new leases include:
Hughes Gill Cochrane Tinetti, P.C., a law firm that signed a 9.8k sf deal to relocate from downtown Walnut Creek
Bold, Polisner, Maddow, Nelson & Judson, a law firm that signed an 8.3k sf lease and moved from the Walnut Creek BART submarket
C.H. Robinson Company, a logistics company that signed an 8.2k sf lease to relocate from the Walnut Creek BART submarket
Maritz Holdings Inc., a sales and marketing services company, that signed a 6.2k sf lease and moved from downtown Walnut Creek.
Some of new amenities to note that are within walking distance of the project are:
The Orchards at Walnut Creek, a 192k sf retail center located across the street from WCEP which opened in late 2016. The 25-acre center is anchored by Safeway, Crunch Fitness, and Stein Mart, and includes multiple food opportunities in each culinary segment.
Adjacent to The Orchards, Encina Grande underwent a complete aesthetic upgrade late last year and added its new anchor tenant, Whole Foods.
The Shadelands Sports Mall is currently under construction. It will house organized team sports including baseball, gymnastics, swimming, yoga, soccer and volleyball training. The Ultimate Fieldhouse (a 40k sf basketball facility) was the first phase of the project which opened last year.
Located across the street from WCEP, Calicraft Brewing Company opened its regional taproom in 2016. It provides a fun and relaxing social gathering hub for employees and locals in the surrounding area.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
