WALNUT CREEK — A big office complex in Walnut Creek has been bought for more than $100 million in a deal that highlights the widening weakness for values of Bay Area office buildings.
Ygnacio Center, a three-building office hub in downtown Walnut Creek, has been bought for $111 million, according to documents filed on May 20 with the Contra Costa County Recorder’s Office.
The deal suggests that the office complex’s values have declined, a slump that is part of what appears to be widening woes for the office market in the Bay Area.
Walnut Creek-based real estate firm Hall Equities Group headed up nine affiliates that joined forces to purchase the office complex, county documents show. Mark Hall, a veteran Bay Area real estate executive, is chairman of Hall Equities.
The seller was an alliance led by Hines Interests, one of the nation’s most successful real estate firms; and OakTree Capital Management, an investment firm.
“This is a Class A building, just a block away from the Walnut Creek BART station,” said Jeffrey Weil, an executive vice president with Colliers, a commercial real estate firm. ”
Ygnacio Center’s three buildings total 536,000 square feet, according to a website for the just-bought office hub.
The new price for the office complex shows that the high-profile property has lost value in a big way.
In January 2024, Ygnacio Center had a value of $143.3 million, according to information on file with the Contra Costa County Assessor’s Office.
This means that the purchase price was 22.5% below the assessed value as of early last year.
Yet the relatively low price the Hall Equities-led affiliates paid for Ygnacio gives the new owner some crucial advantages, in Weil’s view.
The new owner can offer tenants attractively low rates to rent the offices — yet can also make top-notch tenant improvements for the spaces — he added.
“If Hall Equities does it right, this might be a great play for them,” Weil said.
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