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December 10, 2017
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NORTHERN CALIFORNIA NEWS
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Lane Partners Spends Over $15 Mil on East Bay Office Asset

11/22/17

Lane Partners has acquired Station Plaza, a three-story, 49.5k sf office building in the East Bay city of Walnut Creek. The property, located at 3100 Oak Rd, is part of the award-winning 2.4 msf Contra Costa Transit Village that encompasses office and commercial space with 6,000 employees, 2,700 residential units, and two hotels.

The transaction had a value of around $15.3 mil, or about $310/sf.

Station Plaza is 94.2% leased to 16 tenants that include financial, healthcare, legal, consulting and government. It is walkable to numerous retail amenities with abundant secured subterranean and surface parking.

Forrest Gherlone, Mike Zylstra, Grant Lammersen, Tim Walling and Steve Golubchik with NKF Capital Markets represented the seller, Thomas Properties.

“Located just two blocks from the Walnut Creek Pleasant Hill BART Station, Station Plaza benefits from the increased critical importance of public transportation to tenants today,” said Gherlone. “This should prove to be a great asset for Lane Partners, particularly once they complete the improvements planned for the Property”.

According to NKF, asking rent discounts between Walnut Creek and similar class A markets such as San Francisco and Oakland are at an all-time high of 41% and 22%. This is causing current tenants in San Francisco and Oakland to seek more affordable options in the North I-680 corridor.





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