Cornish & Carey Commercial Newmark announced that, as a result of the completion of seven separate leases in the last nine months totaling approximately 84,000 square feet (sf), 2999 Oak Road, a 201,070 sf office building in Walnut Creek, California, is now 87% leased. The space became available due to two tenants vacating at lease expiration, as well as smaller availabilities throughout the building. Despite the challenging economic times, the vacant space was quickly filled due to the property’s strong physical characteristics and desirable location. Following this successful lease-up, approximately 26,368 sf remains available for lease and interest from potential tenants is strong. Listing brokers Breck Lutz and Patrick Reilly of Cornish & Carey Commercial Newmark represent building owner American Realty Advisors in all leasing activity for its 10-story Class A property.
“We are quite pleased with the recent leasing velocity at 2999 Oak Road,” said Albert Pura, Senior Asset Manager of American Realty Advisors. “This first-rate property within Contra Costa Centre is quickly becoming the preferred Walnut Creek location in which to do business. It has traditionally attracted high quality tenants, and we are happy to welcome new, powerful firms to the tenant roster.”
2999 Oak Road is located adjacent to the Pleasant Hill BART station and within the master-planned Contra Costa Centre Transit Village. The Centre is a sustainable, mixed-use transit-oriented development which includes a network of parks, plazas, open spaces, public art displays, and affordable housing. Contra Costa Centre Transit Village is situated on 125 acres in unincorporated Walnut Creek and features approximately 2.4 million square feet of existing Class A office/commercial space, two full-service hotels, a high end fitness facility, 100,000 square feet of retail/restaurants and nearly 2,700 multi-family residential units. Employees, residents and visitors enjoy the nearby Iron Horse Trail as well as over eight acres of green space.
Tenants of 2999 Oak Road benefit from all of the Centre offerings including ride sharing programs, daycare, shuttle service to local retail and BART subsidy programs. The building boasts a continuous glassline façade with stunning, unobstructed views of Mt. Diablo and the surrounding hillsides. The building has also earned the EPA’s Energy Star Label for superior energy and environmental performance.
The positive absorption at 2999 Oak Road was a result of completing new leases with Verizon, Arcadis, Gallina, TEKsystems, International Fidelity, an expansion with existing tenant Black & Veatch and a lease renewal with Claremont Insurance. Many of these tenants relocated from downtown Walnut Creek to enjoy the benefits of this award-winning transit village. Details of these transactions are as followed:
- Verizon, the global leader in delivering innovative communications, information and entertainment, leased approximately 41,000 sf.
- Black & Veatch Corporation, a leading global engineering, consulting and construction company, expanded its footprint to approximately 15,000 sf.
- Arcadis, an international company providing consultancy, design, engineering and management services focused in the fields of infrastructure, water, environment and buildings, leased approximately 11,000 sf. Prior to moving to 2999 Oak road, the firm had occupied 7,000 sf in another Class A building at the Walnut Creek Bart Station.
- Gallina, LLP, the premier provider of accounting, auditing, tax, and financial management consulting solutions to the construction, real estate, and related industries, leased approximately 10,500 sf. The firm is moving from another Class A building in Downtown Walnut Creek.
- Claremont Insurance Services, Northern California’s leading General Agency serving group insurance brokers and agents, renewed an approximate 7,300 sf lease.
- Leading technology staffing and services company, TEKsystems, leased approximately 5,100 sf. This is a new office for TEKsystems in the area.
- The largest independent writer of surety in the U.S., International Fidelity Insurance Company, moved from a Class B building also in Walnut Creek to approximately 4,800 sf at 2999 Oak Road.
About Cornish & Carey Commercial Newmark
A dominant regional real estate force since 1935, Cornish & Carey Commercial partnered in 2010 with Newmark, one of the largest real estate service firms in the world, to become Cornish & Carey Commercial Newmark. Regionally, more than 280 agents in 13 strategically located offices throughout Northern California create a powerful combination of people and services that uphold Cornish & Carey Commercial Newmark core values of integrity and knowledge. Headquartered in New York, Newmark and London-based partner Knight Frank together operate from more than 240 offices in established and emerging property markets on five continents. With a combined staff of more than 7,000 and revenues last year exceeding $993 million, this major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide. For further information, visit www.ccareynkf.com.
Newmark is a part of BGC Partners, Inc. (NASDAQ:BGCP), a leading global brokerage company primarily servicing the wholesale financial markets. For further information, visit www.bgcpartners.com.