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.

Article source: http://www.cpexecutive.com/regions/southwest/metlife-snags-san-franciscos-treat-towers-for-reported-130m/

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.

Article source: http://www.cpexecutive.com/regions/southwest/metlife-snags-san-franciscos-treat-towers-for-reported-130m/

SAN FRANCISCO–(BUSINESS WIRE)–Presidio Bank (OTCBB:PDOB), a Bay Area business bank, today announced
that it has hired Richard Cerf as Senior Vice President/Relationship
Manager in the San Francisco Regional Office.

“Richard’s banking expertise combined with his market knowledge make him
a great fit for Presidio Bank. We are thrilled that he has joined our
team as we continue to grow the bank.”

Richard brings with him 25 years of banking experience providing
businesses with financing and treasury management solutions. He joins
the Presidio Bank team from City National Bank where he was a
relationship manager for companies in the San Francisco area.
Previously, he was with Silicon Valley Bank.

Richard lives in Marin County with his wife and two daughters and serves
as the Board Treasurer for The Ritter Center, a San Rafael
not-for-profit organization. He is a graduate of UC Berkeley.

Steve Heitel, Presidio Bank President Chief Executive Officer stated,
“Richard’s banking expertise combined with his market knowledge make him
a great fit for Presidio Bank. We are thrilled that he has joined our
team as we continue to grow the bank.”

About Presidio Bank

Presidio Bank provides business banking services to small and mid-size
businesses, including professional service firms, real estate developers
and investors, and not-for-profit organizations, and to their owners who
desire personalized, responsive service with access to local decision
makers. Presidio Bank offers clients the resources of a large bank
combined with the personalized services of a neighborhood bank. Presidio
Bank is headquartered in San Francisco, California and currently
operates four banking offices in San Francisco, Walnut Creek, San Rafael
and Palo Alto. More information is available at www.presidiobank.com.
Presidio Bank is a member of FDIC and an Equal Housing Lender.

This press release contains certain forward-looking statements that
involve risk and uncertainties. These statements are identifiable by use
of the words “believe,” “expect,” “intend,” “anticipate,” “plan,”
“estimate,” “project,” or similar expressions. The risks and
uncertainties that may affect the operations, performance, development,
growth projections and results of Presidio Bank’s business include, but
are not limited to, the growth of the economy, interest rate movements,
timely development by Presidio Bank of technology enhancements for its
products and operating systems, the impact of competitive products,
services and pricing, client-based requirements, Congressional
legislation, changes in regulatory or generally accepted accounting
principles and similar matters. Readers are cautioned not to place undue
reliance on forward-looking statements which are subject to influence by
the named risk factors and unanticipated future events. Actual results,
accordingly, may differ materially from management expectations.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6783803lang=en

Article source: http://www.businesswire.com/news/home/20110706005522/en/Presidio-Bank-Adds-Client-Expertise