{"id":1004052800,"date":"2012-09-05T07:35:58","date_gmt":"2012-09-05T15:35:58","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=67122"},"modified":"2022-12-08T05:20:59","modified_gmt":"2022-12-08T13:20:59","slug":"treat-towers-in-walnut-creek-trade-hands","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/treat-towers-in-walnut-creek-trade-hands\/","title":{"rendered":"Treat Towers in Walnut Creek Trade Hands"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/p>\n

MetLife recently acquired Treat Towers in one of the largest office deals in the East Bay this year, trading for around $120 million. The property was bought from Chicago-based Equity Office Properties Trust, who co-owned the Treat Towers with a TIAA-CREF retirement fund.<\/p>\n

The twin 10-story office buildings\"\"<\/a> offer around 374,000 square feet of space, easily accessible via nearby I-680 and the Pleasant Hill BART Station. The two towers are connected at their base by a plaza featuring reflective water fixtures and tree-lined walkways. The outdoor patio area of the onsite caf\u00e9 offers additional seating at the plaza.<\/p>\n

Additionally, keycard parking is available for all customers, with ticketed parking facilities available for all visitors in the six-level, 1,100-seat covered parking structure; additional parking is easily accessible at the nearby BART station. Treat Towers also offers a fitness center, a conference center, a professional board room and banking facilities.<\/p>\n

The 1999-built Class A office complex was recently awarded a LEED Gold certification from the US Green Building Council, a feature the new owner will most likely advertise as it attempts to fully lease the property. At the time of the transaction, the Treat Towers were 85 percent leased.<\/p>\n

MetLife currently owns a portfolio worth around $60 billion and is a subsidiary of MetLife Inc., a company dealing with insurance, annuities and employee benefit programs. MetLife represented itself during the acquisition process, while the seller was represented by a team of brokers from Holiday Fenoglio Fowler.<\/p>\n

The per-square foot rate MetLife \"\"<\/a>paid for the Treat Towers sits at around $315, which fits in with predictions made by Marcus & Millichap for the San Francisco area\u2019s office market. The premium indicates a return to form for the market, with 2012\u2019s values now nearing levels the market hit back in 2008.<\/p>\n

Chart courtesy of Marcus & Millichap Real Estate Investment Services. www.marcusmillichap.com
\n<\/em>
\nImage courtesy of Commercial Property Executive<\/em>.<\/p>\n

For a more in-depth take on the sale of the Treat Towers, click here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Alex Girda, Associate Editor MetLife recently acquired Treat Towers in one of the largest office deals in the East Bay this year, trading for around $120 million. The property was bought from Chicago-based Equity Office Properties Trust, who co-owned the Treat Towers with a TIAA-CREF retirement fund. The twin 10-story office buildings offer around […]<\/p>\n","protected":false},"author":237,"featured_media":1004506673,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21742,21747,21785,1609],"tags":[],"class_list":["post-1004052800","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-latest","category-office","category-property-management","category-san-francisco"],"acf":[],"yoast_head":"\nTreat Towers in Walnut Creek Trade Hands - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/treat-towers-in-walnut-creek-trade-hands\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Treat Towers in Walnut Creek Trade Hands\" \/>\n<meta property=\"og:description\" content=\"By Alex Girda, Associate Editor MetLife recently acquired Treat Towers in one of the largest office deals in the East Bay this year, trading for around $120 million. 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