Newmark Knight Frank (NKF) has announced the sale of Station Plaza located at 3100 Oak Road in Walnut Creek. Station Plaza consists of a three-story office building totaling 49,542-square-feet of space. It is part of the award-winning 2.4-million-square-foot Contra Costa Transit Village that encompasses office and commercial space with 6,000 employees, 2,700 residential units, and two hotels.
NKF’s Capital Markets team comprising Forrest Gherlone, Mike Zylstra, Grant Lammersen, Tim Walling and Steve Golubchik represented Thomas Properties in the disposition to Lane Partners.
“Located just two blocks from the Walnut Creek Pleasant Hill BART Station, Station Plaza benefits from the increased critical importance of public transportation to tenants today,” said Gherlone. “This should prove to be a great asset for Lane Partners, particularly once they complete the improvements planned for the Property.”
According to NKF, asking rent discounts between Walnut Creek and similar class A markets such as San Francisco and Oakland are at an all-time high of 41 percent and 22 percent. This is causing current tenants in San Francisco and Oakland to seek more affordable options in the North I-680 corridor.
Station Plaza is 94.2 percent leased to 16 tenants that include financial, healthcare, legal, consulting and government. It is walkable to numerous retail amenities with abundant secured subterranean and surface parking.
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 15,000 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, valuation and advisory 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.