Bay Area office values took another hit in Concord. The Concord Technology Center, a 477,500-square-foot campus near downtown, sold out of receivership for about $45.3 million – down sharply from the roughly $148 million it fetched in 2018. The two-building complex includes a 13-story tower and a four-story building. An affiliate of AXS Opportunity Fund purchased the property, according to The Real Deal, marking about a 69% drop from what Partners Group paid eight years ago. CoStar described the sale as part of a split office market, with some San Francisco areas stabilizing while suburban assets continue to trade at steep discounts. The campus entered receivership after its owner defaulted on a loan tied to multiple California properties. Wells Fargo pursued foreclosure, and a court-appointed receiver marketed the property for sale.
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Maybe the state should stop doing everything it can to drive businesses out of California.
Big drop in tax basis.
Well now wait just a danged minute . . . . . . . .
It’s close to a freeway, near bart, could it be large number
of businesses leaving CA has generated a stigma ?
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Businesses need a great degree of certainty to be able to
forecast, make business plans, one, three, or five years out.
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Businesses needed, Political Stability and Regulatory Certainty.
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How wonderful it must be for the DA or a regulatory agency
head to hold press conferences, strutting about claiming
how wonderful they are and how they taught big business
a lesson.
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Their thinking ? ? ? ?
They’ve got deep pockets and they’ll never leave.
US Steel Pittsburg CLOSED.
Refineries in Torrance and Benicia CLOSED.
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Not seeing Political Stability and Regulatory Certainty,
in either this county or in California.
For that price, I’m surprised the City of Concord didn’t try to purchase the buildings for a new Civic Center, since we’ve heard for 3 decades that the current Civic Center is too small.
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These 40+ years old office buildings have never lived up to the hype that the Concord City Council sold it to the public as. At one time the former Bank of America Concord Technology Center once housed close to 4,000 jobs, but the number of jobs at the site has dwindled for 3 decades.
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If you watched the Concord City Council meeting from last week, Concord Economic Director Guy Bjerke explained that at the beginning of this century the city moved away from building industrial buildings in the cities industrial parks in favor of building office building, but the city has now moved back to industrial uses instead of office buildings in our industrial parks. The City of Concord is always behind the times, always chasing the dream that was, and never chasing the dream that is and never leading the way for the dreams of the future.
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Considering the low price, I’m also surprised an affordable housing group didn’t purchase the property for conversion to affordable housing residential units.
That seems like a very fair price. How tf it was valued at 75% more in reporting is bonkers!
Just waiting for the first person to suggest it be used for the homeless. Or an Olive Garden.🤷🏻♀️
Nope there are plenty of empty hotels in Concord to house the homeless…as for an Olive Garden there are plenty of vacant commercial spaces as well in Concord!
You just did, Mika.
Drop Zone! Put it right in the middle…. and a roller coaster on top.
I think it should be used as a homeless shelter and a Olive Garden!
I worked on the top floor of the 13 story building for over four years. That was over 20 years ago. How times have changed.