SAN RAMON, CALIF. — A joint venture between Sunset Development Company and MetLife Inc. has purchased the 2-million-square-foot AT&T campus in San Ramon for a reported $250 million. The campus is located at 2600 Camino Ramon in the Bishop Ranch business park. The JV plans to redevelop the property into a modern office space. The transaction included a significant leaseback by AT&T, though about 1 million square feet of space will be available to new tenants once the redevelopment is completed later this year. The property includes four wings that each contain nearly 500,000 square feet of space.
Pacific Bell acquired the undeveloped property from Sunset Development Company in 1983. Eastdil Secured advised Sunset Development on the current acquisition and helped arrange debt and equity capitalization. The transaction was financed by Wells Fargo. This is Sunset’s first time purchasing an existing asset, as well as its first equity partnership through MetLife’s 49 percent stake in the property.