Bay Area Office Market Takes no Breaks, Latest Walnut Creek Deal Shows

The asset is set to receive a number of capital improvements to its interior and exterior.

By Alex Girda

Walnut Creek, Calif.—A joint venture between Cigna Realty Investors and Lowe Enterprises Investors recently completed the purchase of a Walnut Creek office asset for a fee of $36 million. Arranged by Manatt and Eisner Jaffe, the acquisition offers the venture a strong foothold in the up-and-coming Walnut Creek office market. The property was acquired from Pacific Eagle Holdings, a San Francisco-based entity that had acquired it in 1996 from Aetna Life Insurance Co.

500 Ygnacio
500 Ygnacio

Located close to the local BART station and offering proximity to the I-680/Highway 24 interchange regional transportation corridor, 500 Ygnacio is a four-story, Class A office building. The property offers a total of 105,495 square feet of office space that is leased out to a diverse group of tenants. Lowe Enterprises Investors is set to carry out a number of capital improvements to the asset’s interior and exterior. These will include the introduction of outdoor seating areas, arrival signage, and tenant balconies.

Built in 1987, the asset occupies a 1.2-acre site at 500 Ygnacio Valley Road. The building offers large, 27,000-square-foot floorplates and a parking facility that accommodates 369 vehicles. The 500 Ygnacio building’s parking facility links to the property through elevators that go directly from tenant spaces to the garage. Access to the nearby Boradway Plaza retail center is facilitated through a shuttle service made available at the nearby BART station.

Image courtesy of Yardi Matrix