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Clarion Sells Multi-Tenant Walnut Creek Offices for $162M
Newmark advised on the sale of The Plaza at Walnut Creek, a trophy 362,399-square-foot office complex in San Francisco’s East Bay market. The property at 1331 and 1333 N. California Blvd. in Walnut Creek sold for $162 million, reportedly the largest multi-tenant office sale on the West Coast since 2022.
Steven Golubchik, president, Western region capital markets; vice chairman Edmund Najera; managing director Darren Hollak; and associate director Francesca Zappula represented Clarion Partners in the sale to PSAI Realty Partners. Newmark vice chairman Breck Lutz, senior managing director Alex Grell and managing director Danny Bartz serve as leasing advisors.
“This property presented investors with a once-in-a-generation opportunity to acquire a top performing asset in the region,” said Golubchik. “Despite general pullbacks in occupancy and rental rates in the office sector, The Plaza at Walnut Creek has bucked the trend and recorded meaningful occupancy and rental rate gains since 2019.”
Comprised of two multi-tenant buildings with an underground parking garage, the property was 93% leased at the time of sale.
- ◦Sale/Acquisition
