A Pleasanton office complex mainly occupied by Clorox, the consumer and household products titan, has sold for $73.5 million in a deal that hints at a feeble Bay Area office market, the Mercury News reported. The sale price suggests the complex of six office buildings has lost more than one-third of its value since the last time it traded seven years ago.
PSAI Realty Partners, acting through affiliate SFF Clorox Center, acquired the office property from an affiliate of the Pasadena-based Los Angeles County Employees Retirement Association. The association paid $113.5 million for the 352,400-square-foot complex in 2016, and the property was assessed at $129.2 million in early 2023.
“There are many more sales ahead at a loss,” Jeff Weil, EVP with Colliers, told the Mercury News. “You’ll see more of this as loans come due or investors look for an alternative way to get a return in a still-falling office market.”
Pictured: Clorox offices in Pleasanton.