Clorox-Leased Pleasanton Offices Trade at Steep Discount
A Pleasanton office complex mainly occupied by Clorox, the consumer and household products titan, has sold for $73.5 million in a deal that hints at a feeble Bay Area office market, the Mercury Newsreported. The sale price suggests the complex of six office buildings has lost more than one-third of its value since the last time it traded seven years ago.
PSAI Realty Partners, acting through affiliate SFF Clorox Center, acquired the office property from an affiliate of the Pasadena-based Los Angeles County Employees Retirement Association. The association paid $113.5 million for the 352,400-square-foot complex in 2016, and the property was assessed at $129.2 million in early 2023.
“There are many more sales ahead at a loss,” Jeff Weil, EVP with Colliers, told the Mercury News. “You’ll see more of this as loans come due or investors look for an alternative way to get a return in a still-falling office market.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).