WALNUT CREEK, CALIF. — A joint venture between Equity Office Properties and Blackstone (NYSE: BX) has sold Treat Towers, two Class A office buildings located at 1255 and 1277 Treat Blvd. in Walnut Creek, for $118.5 million. MetLife (NYSE: MET) was the buyer.
The LEED Gold certified buildings, which total 378,749 square feet, are 85 percent leased. Tenants include Paradigm Management Services, HQ Global Workplaces, Environmental Resources Management and Littler Mendelson. Amenities include a fitness center, conference center with a training room and board room, an ATM, banking facilities and a full service café.
“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,” says Steven Golubchik, managing director of HFF. “The property offers its tenants a landmark location, providing ease of accessibility to the entire San Francisco Bay Area.”
Golubchik, along with John Pelusi, Michael Leggett and Gerry Rohm of HFF, represented the seller in the transaction.
Blackstone’s stock price closed at $13.18 per share on Sept. 5, up from $12.04 per share a year earlier. MetLife’s stock price closed at $34.01 per share, up from $28.87 per share a year earlier.
— Savannah Duncan