Transwestern Secures Del Monte Foods Lease at Walnut Creek's PMI Plaza Producer and Distributor Latest of Several New Tenants; Seven-Story, Class A Complex Nears 100 Percent Occupancy
WALNUT CREEK, Calif., Feb. 26, 2014 /PRNewswire/ -- Transwestern today announced it secured a long-term lease with Del Monte Foods for 26,683 square feet of office space on the sixth floor of PMI Plaza, at 3003 Oak Road in Walnut Creek. The iconic food producer and distributor will use the property for administrative services, moving some employees from San Francisco and other East Bay offices. The financial terms of the agreement were not disclosed.
"The move of Del Monte Foods to the East Bay is symptomatic of well-established corporate tenants relocating from the San Francisco and Silicon Valley markets to more affordable and accessible space in central Contra Costa County," said Transwestern Managing Director Ed Del Beccaro, lead broker on the transaction in representing the Plaza's owner, The PMI Group, LLC. "Such firms are clearly under pressure from fast-growing high-tech companies and start-up investment.
Del Beccaro was assisted by Transwestern Vice President Matt Hurd. Eugene McGrane of Cushman & Wakefield represented Del Monte.
A seven-story, 206,000-square-foot Class A office and retail complex, PMI Plaza is located in the Contra Costa Transit Village. The building participates in the Contra Costa Centre vanpool and carpool shuttle services, and is conveniently located near Interstate 680 and the Pleasant Hill BART station. Completed in 2002, it has the largest solar electric system on a commercial building in the East Bay, which during peak sunshine hours generates 70,000 watts of electricity. Since 2007, the Plaza has been recognized as a "Green Business" by local environmental regulatory agencies.
Del Monte is the latest of several new tenants in the Plaza, including the Arch Capital Group, The Salad Spot, Junior Achievement of Northern California and the Sabores del Sur restaurant. More than three quarters of the building is currently occupied.
One of the nation's largest and most well known producers, distributors and marketers of premium quality branded food and pet products, Del Monte generates nearly $4 billion in annual net sales. With a powerful portfolio of brands, its products are found in eight out of 10 U.S. households.
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, research and sustainability. The fully integrated global enterprise leverages competencies in office, industrial, retail, multi-family and healthcare properties to add value for investors, owners and occupiers of real estate. As a member of the Transwestern family of companies, the firm capitalizes on market insights and operational expertise of independent affiliates specializing in development, real estate investment management and research. Transwestern has
34 U.S. offices and assists clients through more than 181 offices in 40 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate. For more information, please visit transwestern.com and follow us on Twitter: @Transwestern.