HFF announced today that it has closed the sale of Treat Towers, twin Class A+ office buildings totaling 378,749 square feet in Walnut Creek, California.
HFF marketed the properties on behalf of the seller, a joint venture between Equity Office Properties and Blackstone. A national life insurance company purchased the property for $118.5 million.
Completed in 1999, the LEED Gold certified office buildings are 10 stories tall and are attached to a six-level parking structure. The property is 85 percent leased to tenants such as Paradigm Management Services, HQ Global Workplaces, Environmental Resources Management and Littler Mendelson. The buildings are located at 1255 and 1277 Treat Boulevard in the City of Walnut Creek, within one block of the Bay Area Rapid Transit (BART) rail system and with direct frontage along Interstate 680.
The HFF investment sales team representing the seller was led by executive managing director John Pelusi, senior managing directors Michael Leggett and Gerry Rohm, and managing director Steven Golubchik.“Treat Towers is an irreplaceable asset of the highest quality in the East Bay, providing above standard construction and building amenities in one of the nation’s premier core office markets,” said Golubchik. “The property offers its tenants a landmark location, providing ease of accessibility to the entire San Francisco Bay Area.” Equity Office Properties is one of the largest and most well-respected commercial real estate firms in the nation, with a portfolio encompassing 70 million square feet of Class A office space under management in superior locations throughout the country. For more information, visit www.equityoffice.com. Blackstone (NYSE: BX) is one of the world's leading investment and advisory firms. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies they invest in, the companies they advise and the broader global economy. Blackstone does this through the commitment of their extraordinary people and flexible capital. Their alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-oriented funds and closed-end mutual funds. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com. Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, equity placement, loan sales, and commercial loan servicing. www.hfflp.com. Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.