August 30, 2012
By Lynn Armitage, Contributing Editor
Metropolitan Life Insurance Company (MetLife), which oversees one of the largest real estate portfolios in the nation, of $60 billion, has acquired Treat Towers in the San Francisco Bay area. While the insurance giant has not disclosed the terms of the sale, it has been reported by several news sources that the property sold for close to $130.4 million.
The property, located in Walnut Creek, is comprised of two 10-story Class A, LEED-EB Gold certified office buildings totaling 378,000 square feet, and was previously owned by a joint venture with Equity Office Properties.
The San Francisco Business Times reports the Treat Towers acquisition is “one of the East Bay’s biggest office sales this year.” , said the property is a valuable asset for the company.
“This Class A property fits very well with our strategy of buying and holding core assets in top-tier markets,” said Jacqueline Denning, director of MetLife’s San Francisco regional office who helped spearhead the transaction.
Treat Towers is an especially attractive property due to its commuter-friendly proximity to Interstate-680 and the Pleasant Hill/Contra Costa Centre BART station. What’s more, there’s a parking structure onsite, offering six levels of covered parking that can house more than 1,100 vehicles.
“There are a number of very attractive amenities that make Treat Towers a great property,” said Breck Lutz of Cornish Carey Commercial Newmark Knight Frank, the leasing company for the project. Some of these onsite amenities include a fitness center, a fully equipped conference center, an ATM in both buildings, banking facilities and a full-service café.
Treat Towers will be managed by Harvest Properties, Inc. of Emeryville. The buildings were reportedly 85 percent occupied at the time of the sale.
MetLife’s well-diversified portfolio includes real estate equities, and commercial and agricultural mortgages. The company is a subsidiary of MetLife, Inc., one of the world’s leading providers of insurance, annuities and employee benefit programs.