A major office complex in Pleasanton, California has recently been sold for $73.5 million, indicating a struggling Bay Area office market. The property is primarily occupied by Clorox, a leading consumer and household products company.
The sale was made by PSAI Realty Partners through their affiliate SFF Clorox Center to an affiliate of the Los Angeles County Employees Retirement Association based in Pasadena. This marks a significant decrease from the previous sale price of $113.5 million seven years ago.
According to Jeff Weil, EVP at Colliers International, more sales at lower prices can be expected as loans come due and investors seek alternative returns in the declining office market. The 352,400-square-foot complex was assessed at $129.2 million earlier this year.
The offices are pictured above and were previously leased by Connect LA before being acquired by PSAI Realty Partners.
