IN-DEPTH: Blackstone and DeAWM sell East Bay office for $155m
Swift Realty Partners has purchased the California Center, located in the Hacienda Business Park in Pleasanton, Calif., for $155 million, or $148 per square foot.
The sellers were The Blackstone Group and RREEF America REIT III, managed by RREEF Funds (now Deutsche Asset & Wealth Management). JLL represented the buyer and the sellers.
The new owners plan to renovate the asset by adding 305 residential units.
RREEF acquired an 81 percent partial interest in the office property in 2005 for $197.3 million from CarrAmerica Realty Corp. Blackstone acquired the remaining 19 percent partial interest in 2006 when it acquired CarrAmerica.