Treat Towers in Walnut Creek Trade Hands
- Sep 05, 2012
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 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 café offers additional seating at the plaza.
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.
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.
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.
The per-square foot rate MetLife paid for the Treat Towers sits at around $315, which fits in with predictions made by Marcus & Millichap for the San Francisco area’s office market. The premium indicates a return to form for the market, with 2012’s values now nearing levels the market hit back in 2008.
Chart courtesy of Marcus & Millichap Real Estate Investment Services. www.marcusmillichap.com
Image courtesy of Commercial Property Executive.
For a more in-depth take on the sale of the Treat Towers, click here.