A top-notch office building in the East Bay has been sold for a loss by its owner, a deal brought about by high vacancy rates in the area.
WALNUT CREEK — High vacancy rates for offices in the Walnut Creek area have conspired to produce a rare event in the Bay Area: a top-notch office building whose owner sold the property for a loss.
Station Plaza, an office building at 3100 Oak Road in Walnut Creek, despite these marketable advantages, has suffered a brutal decline in its value in only four years. Plenty of uncertainty haunted the commercial real estate landscape regarding when workers might return to their offices. Suburban Bay Area office markets such as those in the 680 Corridor were battered by vacancies.
Vacancy rates for offices in the Walnut Creek, Pleasant Hill and Concord areas average around 25%, estimated Edward Del Beccaro, executive vice president and regional manager with TRI Commercial Real Estate Services. — In north San Jose in 2017, Lane paid $225.5 million for HQ@1st, a huge three-building office complex. In March 2019, Lane sold the campus to a famed Japan-based developer for $429 million, representing what appears to be a huge profit.
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