Trending

Hines, Oaktree sell Walnut Creek office complex at $32M loss

Hall Equities picks up downtown 536K sf property for $111M

Walnut Creek’s Ygnacio Center Sells for $111 Million
Listen to this article
00:00
1x

Key Points

AI Generated.
This summary is reviewed by TRD Staff.

  • Hall Equities Group purchased the Ygnacio Center office complex in Walnut Creek for $111 million.
  • The sale price is significantly lower than both the 2024 assessed value of $143.3 million and the 2018 purchase price of $210 million.
  • Previous owners Hines and Oaktree planned a capital upgrade program for the property, which included a new amenity center.

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. 

Sign Up for the undefined Newsletter

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

Read more

Residential
San Francisco
Hines nabs luxury apartment complex in San Jose’s Santana Row for $74M
Trammell Crow Plans to Replace Offices Near Walnut Creek
Residential
San Francisco
Trammell Crow wants to bulldoze offices near Walnut Creek for apartments
Walnut Creek Mayor Cindy Silva; Shadelands Business Park, 2401 Shadelands Drive, Walnut Creek (Colliers, Getty, City of Walnut Creek)
Commercial
San Francisco
Walnut Creek looks for office-to-medical or condo conversions
Recommended For You