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Demand for Class A Office Space Remains Strong in Bay Area
Leading commercial real estate professional services and investment management company, Colliers International and their Institutional Capital Markets team, along with Brian Lagomarsino recently represented the buyer and seller in the sale of Hites Plaza, a 120,199 square foot Class-A office building in the Tri-Valley. Toda America purchased the property for $34,700,000.
“The relevancy of the office has been brought into question this year as many of the Bay Area’s companies have adopted long-term work from home policies in response to COVID,” said Kevin Moul, senior vice president of Colliers Institutional Capital Markets Team. “Toda America’s acquisition of Hites Plaza not only instills confidence in this asset but also highlights equity demand for qulity suburban office space.”
Located at 5601 Arnold Road in Dublin, Hites Plaza consists of a four-story office building with 120,199 square feet of rentable space. At the time of the acquisition the office building was leased at 90 percent to national or credit tenants including Easter Seals, the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) and the California Department of Justice.
Hites Plaza was completed in 2000 and is equipped with modern design features, cutting edge building systems including redundant power and HVAC capacity, 12-foot ceiling heights and large flexible floorplates to fulfill today’s tenant’s requirements.
“The significance of this deal is underscored by recent relocation announcement from major Bay Area companies, some of which are opting to move to suburban areas” added Moul. “The Tri-Valley is well-positioned to meet the growing suburban office trend. The area is already home to a growing and diverse corporate sub-market of technology and Fortune 500 companies and offers employees a myriad of benefits from affordability, favorable commute times to surrounding Bay Area locales and abundant housing.”
Hites Plaza is surrounded by a robust amenity base that includes immediate access to BART, interstates 580 and 680, over nine million square-feet of dining and retail offerings and approximately 10,000 multifamily units.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, @Colliers on Twitter or LinkedIn.
Media Contact
Solana Tanabe
Allison + Partners Northern California
[email protected]
“The relevancy of the office has been brought into question this year as many of the Bay Area’s companies have adopted long-term work from home policies in response to COVID,” said Kevin Moul, senior vice president of Colliers Institutional Capital Markets Team. “Toda America’s acquisition of Hites Plaza not only instills confidence in this asset but also highlights equity demand for qulity suburban office space.”
Located at 5601 Arnold Road in Dublin, Hites Plaza consists of a four-story office building with 120,199 square feet of rentable space. At the time of the acquisition the office building was leased at 90 percent to national or credit tenants including Easter Seals, the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) and the California Department of Justice.
Hites Plaza was completed in 2000 and is equipped with modern design features, cutting edge building systems including redundant power and HVAC capacity, 12-foot ceiling heights and large flexible floorplates to fulfill today’s tenant’s requirements.
“The significance of this deal is underscored by recent relocation announcement from major Bay Area companies, some of which are opting to move to suburban areas” added Moul. “The Tri-Valley is well-positioned to meet the growing suburban office trend. The area is already home to a growing and diverse corporate sub-market of technology and Fortune 500 companies and offers employees a myriad of benefits from affordability, favorable commute times to surrounding Bay Area locales and abundant housing.”
Hites Plaza is surrounded by a robust amenity base that includes immediate access to BART, interstates 580 and 680, over nine million square-feet of dining and retail offerings and approximately 10,000 multifamily units.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, @Colliers on Twitter or LinkedIn.
Media Contact
Solana Tanabe
Allison + Partners Northern California
[email protected]
