PLEASANTON — A big East Bay office complex whose main occupant is Clorox, a consumer and household products titan, has been bought for more than $70 million in a deal that hints at a feeble Bay Area office market.
The Pleasanton office center has been bought for $73.5 million, according to documents filed on Jan. 30 with the Alameda County Recorder’s Office.
PSAI Realty Partners, acting through affiliate SFF Clorox Center, bought the office property, which is bounded on two sides by Johnson Drive and on the other two sides by Franklin Drive, Alameda County public records show.
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Clorox is the principal occupant of the six-office-building property.
In 2010, Clorox decided to move about 1,100 workers to the Pleasanton office center, shifting the employment out of downtown Oakland.
San Francisco-based PSAI Realty bought the office center in an all-cash deal, according to the county real estate documents.
The seller was an affiliate of the Pasadena-based Los Angeles County Employees Retirement Association, the property documents show.
The Los Angeles County Employees Retirement Association may have suffered a poor return on its investment in the property that the organization bought in 2016.
As of early 2023, the office complex had a property value of $129.2 million, according to documents on file with the Alameda County Assessor’s Office.
This means the office property was bought for a price that represents a 43% nosedive in value compared with the county’s assessment of the property.
The six buildings total a combined 352,400 square feet, Pleasanton city planning documents show.
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