The 1.8-million-square-foot AT&T complex in San Ramon’s Bishop Ranch business park goes for about $250M



Bishop Ranch: Massive AT&T building sold for $250 million

By George Avalos
Contra Costa Times

Posted:   01/22/2014 03:00:00 AM PST

 

SAN RAMON — In a $250 million deal, the owners of Bishop Ranch Business Park said Wednesday they have teamed up with a big insurer to buy the cavernous AT&T headquarters in San Ramon and create a modern office campus to attract an influx of tech companies and their workers to the East Bay city.

Sunset Development, the primary builder of Bishop Ranch, and insurance company MetLife have joined forces to buy the 1.8-million-square-foot AT&T regional headquarters, which is larger than most major shopping centers such as Stoneridge Mall in Pleasanton and Westfield Valley Fair mall in San Jose.

“We are going to completely renovate this building from a shell, and we will create a modern office campus that will have everything an employer can offer at one of the big campuses in Silicon Valley or office buildings in San Francisco,” said Ed Hagopian, an executive vice president with Sunset.

The AT&T complex is located near a proposed retail and residential city center that would serve as San Ramon’s downtown and include a 500-unit housing development and a 500,000-square-foot retail, dining and entertainment complex.

“We are creating the urbanization of a suburban community, much like what is happening in north San Jose,” Hagopian said. “We will create a live-work environment. People could live near the new office campus and walk or ride bicycles to work; they could step outside their door to go shopping or to a restaurant.”

The newly renovated space could be offered for as little as half the rental costs for prime office space in Silicon Valley and its San Francisco hub, according to commercial real estate agents familiar with the tech leasing market.

“With that amount of space available at the AT&T site, you would think there will be some companies from Silicon Valley, from San Francisco, that will want to be at Bishop Ranch,” said Jeffrey Weil, an executive vice president with Colliers International, a commercial realty firm. “San Ramon, Pleasanton and Concord have big welcome signs out for tenants.”

Click here for full article and photos in the San Jose Mercury News

 

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