Holliday Fenoglio Fowler, L.P. (HFF) announced that it has brokered the sale of the Comcast Office Center campus in Livermore, California that serves as the regional headquarters for the cable company. HFF represented the seller in the transaction, Gramercy Property Trust, which originally acquired the property in June 2009 for $49 million. The three building portfolio was sold to San Francisco-based Align Real Estate for $59 million. The sale is part of Gramercy's previously announced plan to dispose of select single and multi-tenant office assets, which has so far disposed of approximately $722.5 million of single and multi-tenant office assets at a weighted average 6.1% exit cap rate.
The Comcast Office Center was 100% triple net leased to Comcast at the time of sale. Located at 3011, 3055 and 3077 Comcast Place in the Tri-Valley Technology Park, the Comcast Office Center is a 26-acre office campus that includes two single-story buildings and one two-story office building less than one mile north of the I-580 freeway, the primary transportation artery in the submarket. Comcast consolidated its operations from multiple facilities in the Tri-Valley area in the late 2000s so that the campus would serve as Comcast's regional headquarters, call center, and technical operations center. The campus is within 10 minutes of the Pleasanton BART station servicing San Francisco and the greater Bay Area and close to the future Livermore BART station and planned surrounding developments.
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