Swift Real Estate Partners, GEM Realty Capital and Flynn Properties have sold an office tower in Concord. Newmark Knight Frank facilitated the sale of One Concord Center, a Class-A 15-story office tower. The sales price was not disclosed, but the property is worth at least $40M, according to the Contra Costa County Assessor’s office.
NKF Vice Chairmen and Capital Markets co-heads Steven Golubchik and Grant Lammersen and Director Tim Walling repped the sellers. NKF Executive Managing Director Breck Lutz, who has been handling property leasing since 1986, assisted on the sale.
The 358,589 SF building at 2300 Clayton Road is next to the Concord BART station. One Concord Center is leased to about 50 tenants across multiple industries, including healthcare, insurance, construction and legal services.
Concord is experiencing significant office demand from tenants looking for access to mass transit, abundant retail and a lower-cost alternative. There are more than 1,400 multifamily units proposed, recently constructed or completed within a mile of the property.
“As the most cost-effective transit-served market in the Bay Area, Concord is seeing numerous tenants migrate from Walnut Creek, Oakland and San Francisco,” Golubchik said.