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IN-DEPTH LOOK: East Bay office complex sells for more than $250m

by Andrea Waitrovich

A joint venture between Sunset Development Co. and MetLife has purchased the 2 million-square-foot AT&T West Coast Campus at 2600 Camino Ramon in San Ramon, Calif. The seller was AT&T. Here’s an in-depth look at the deal.

THE DEAL

The owners sold the AT&T regional headquarters for $250 million or $136/sf. The buyers plan to redevelop the project and create a modern office environment with large blocks of space available for new tenants beginning this year. It aims to incorporate the property in its nearby Bishop Ranch development, which has 50 buildings with more than 10 million square feet of office space.

The sale includes a significant leaseback by AT&T. The acquisition marks Sunset Development’s first purchase of an existing asset and first equity partnershi

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