Swift Realty Ready to Flip 600,000 SF in Concord
- Feb 20, 2012
Less than a year after its acquisition of the former Bank of America campus in Concord, Swift Realty Partners is ready to start flipping the property. The company has listed the buildings at 2000 Clayton Road and 2001 Clayton Road, which total 600,000 square feet, accounting for about half the 1.1 million-square-foot, four-building complex, the San Francisco Business Times reported. The buildings are 100
percent leased to Bank of America, which earlier this year announced plans to sell most of their current office assets.
If current trends are any indication, Swift Realty stands to pocket a hefty profit. The two buildings, which are being marketed by Jones Lang LaSalle Inc., could command around $110 million. That would constitute a considerable premium above the $80 million price that the company paid for the property only last July.
Renamed Swift Plaza by the new owners, the complex is located
near a BART station, Interstate 680 and Highway 242. According to the Business Times, the campus features a full-service restaurant, gym facilities and a six-level parking garage. Elsewhere in Concord, Swift Realty owns One Concord Center, a 360,000-square-foot office building, which it acquired in a $43 million foreclosure sale.