Hines Interests and Oaktree Capital Management have sold a downtown Walnut Creek office complex for $111 million, about half of what they paid for the property in 2018.
Hall Equities Group, along with nine affiliates, purchased the three-story, 536,000-square-foot Ygnacio Center at 2033 North Main Street for about $210 per square foot, The Mercury News reported.
Hines and Oaktree bought it for $210 million, or about $400 per square foot.
The property’s value has also tumbled 25 percent since January 2024, when the Contra Costa County Assessor’s Office valued it at $143.3 million.
Houston-based Hines pledged to revamp the property after acquisition, adding an 8,200-square-foot amenity center complete with conference facilities, co-working and outdoor spaces, bike lockers and showers.
The Class A building is steps away from the Walnut Creek BART station and features a landscaped park and onsite cafe and bakery.
Other office properties in Walnut Creek have traded hands in recent months.
Earlier this month, Peninsula Land & Capital bought the PMI Plaza at 3003 Oak Road from Ridge Capital Investors and Westbrook Partners. The 210,000-square-foot Class A complex, located near the Pleasant Hill/Contra Costa Centre BART station, went for $22.5 million, or about $107 per square foot.
In October, Clarion Partners sold the Plaza at Walnut Creek, in the heart of downtown at 1333 North California Boulevard, to PSAI Realty Partners for $162 million. The complex fetched about $447 per square foot.
— Chris Malone Méndez
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