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May 24, 2020
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Recent Activity Brings East Bay Office Complex to 98% Occupied


Recent leasing activity totaling 30k sf at Walnut Creek Center has brought the two-building, 257k sf, Class A office property in Walnut Creek to 98% occupancy.

The property is owned by a joint venture between Align Real Estate and PCCP LLC, who acquired the asset six months ago. The current ownership is looking to undertake a planned major renovation of the property that will include upgrades to the lobby, the addition of a new outdoor amenity/collaboration deck, and a new conference center.

Built in 1983, Walnut Creek Center is located at 100 and 200 Pringle Ave, near I-680 and immediately adjacent to the Walnut Creek BART station. It is within walking distance to downtown amenities, and near development of more than 3,000 new multifamily units, including the adjacent Walnut Creek Transit Village at Walnut Creek BART.

Newmark Cornish & Carey’s Breck Lutz represented the ownership on nine leases over the past six months. Leasing activity at the project encompassed a mix of new tenants and renewals/expansions of existing tenants. New leases include LitiNomics, a financial consultant that relocated from Oakland and McCarthy Building Companies Inc, which was interested in locating adjacent to Walnut Creek Transit Village, its under-construction mixed-use project of 590 apartments and 35k sf of retail. Other executed leases include Capital Planning Advisors, BSI Medical Services Management, Beltek Holdings Inc, Brown, Gee & Wenger LLP, Hemlock Printers USA Inc, Law Offices of Grundman & Deane, and Madsen Kneppers.

Upcoming vacancies at Walnut Creek Center range from 2.5k sf to up to 24k sf, notes Lutz. “Businesses in pricier areas are realizing that they can reduce rents by locating at Walnut Creek Center as rents are about 35 percent less than Oakland and about 70 percent less than those of downtown San Francisco.”

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