Newmark Knight Frank (NKF) has announced it has completed approximately 177,000 square feet of leasing activity within Walnut Creek Executive Park (WCEP), a recently renovated, 27-acre, 449,313-square-foot office campus in Walnut Creek, CA, on behalf of the ownership, a joint venture of The Koll Company and Rialto Capital Management.
This flurry of leasing activity, which brings WCEP’s occupancy to 91 percent, has culminated over the past 12 months with 38 different tenants, 21 of which are new to the property which is within Walnut Creek Shadelands Business Park, a 246-acre, 2.5 million-square-foot business park. Of the 21 new tenants, 19 migrated from outside of Shadelands Business Park. The largest and most recent of these new leases was with Easter Seals Bay Area, who signed a new, long-term 52,502-square-foot lease and will be relocating and expanding from its current Pleasant Hill headquarters in early 2018.
The Koll and Rialto joint venture acquired WCEP three years ago and recently completed a major capital improvement campaign which included new building entry and lobby improvements; restroom and common area upgrades; bike share program; new building and directional signage; updated landscape; and other aesthetic and operational enhancements. The property consists of 11 two-story buildings and one three-story building.
“At 91 percent, Walnut Creek Executive Park is seeing its highest occupancy in 20 years,” said Bucklew. “This project has had the strongest 12-month period of leasing in the past 30 years as a result of the creative vision and implemented improvements from The Koll Company and Rialto Capital Management.”
“Twelve months ago Walnut Creek Executive Park was at 68 percent occupancy,” Bucklew added. “In addition to the ownership’s successes, this Shadelands submarket is now coming into its own. Much of the business community wouldn’t have given this location a second thought five years ago, but with the impressive amount of capital investment here, tenants are now seeing it as a more cost-effective, amenity-rich alternative to pricier areas within the region.”
In addition to Easter Seals, some of the other new leases include:
- Hughes Gill Cochrane Tinetti, P.C., a law firm who signed a 9,821-square-foot lease and moved from downtown Walnut Creek
- Bold, Polisner, Maddow, Nelson & Judson, a law firm who signed a 8,320-square-foot lease and moved from the Walnut Creek BART submarket
- C.H. Robinson Company, a logistics company who signed a 8,206-square-foot lease and moved from the Walnut Creek BART submarket
- Maritz Holdings, Inc., a sales and marketing services company, who signed a 6,232-square-foot lease and moved from downtown Walnut Creek.
Managing Principal Jerry Yahr with The Koll Company noted: “We are excited to see that our original vision for this asset is now being realized. The new and renovated surrounding shopping centers, the addition of the Shadelands BART Shuttle and the City of Walnut Creek’s renewed focus on Shadelands along with our extensive capital improvement campaign have promoted a successful migration of businesses to the area. We are of course pleased with our accomplishments at WCEP but also for the overall resurgence of the Shadelands.”
Some of new amenities to note that are within walking distance of the project are:
- The Orchards at Walnut Creek, a 192,000-square-foot retail center located across the street from WCEP which opened in late 2016. The 25-acre center is anchored by Safeway, Crunch Fitness, and Stein Mart, and includes multiple food opportunities in each culinary segment.
- Adjacent to The Orchards, Encina Grande underwent a complete aesthetic upgrade late last year and added its new anchor tenant, Whole Foods.
- The Shadelands Sports Mall is currently under construction. It will house organized team sports including baseball, gymnastics, swimming, yoga, soccer and volleyball training. The Ultimate Fieldhouse (a ±40,000 square-foot basketball facility) was the first phase of the project which opened last year.
- Located across the street from WCEP, Calicraft Brewing Company opened its regional taproom in 2016. It provides a fun and relaxing social gathering hub for employees and locals in the surrounding area.
Located on the corners of Oak Grove Road, Shadelands Drive, and Mitchell Drive, Walnut Creek Executive Park is only 10 minutes from the Walnut Creek or Pleasant Hill BART stations and Downtown Walnut Creek. Additionally, it can be accessed via the County Connection Shadelands Shuttle, a free bus service that departs every 15 minutes from the Pleasant Hill BART station and stops at nine different locations throughout the Shadelands Business Park.
About Newmark Knight Frank
Newmark Knight Frank (NKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NKF’s strong foundation makes it one of the most trusted names in commercial real estate. NKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.