DJM Capital Partners, Inc., a San Jose-based private real estate investment company, has signed a 20-year lease with Contra Costa County at its Ellinwood Corporate Center office complex in Pleasant Hill, Calif. DJM will immediately begin a $16.5 million “turn-key” tenant improvement program for the three building office campus to meet the specific requirements of the County’s Employee Human Services Division. The improvements include reconfiguring and rebuilding all interior spaces as well as upgrading building systems to state-of-art standards.
“This lease with the County is among the most significant lease transactions ever executed in the ‘North 680 Corridor’ office market,” said Dennis Randall, vice president of acquisition and development for DJM Capital Partners. “Ellinwood Corporate Center will be tailored to meet the needs of one of the County’s most important service divisions creating an efficient, centrally located campus that will also accommodate its projected expansion.”
Ellinwood Corporate Center, at 300, 400 and 500 Ellinwood Way, is comprised of three, three-story buildings on 9.5 acres set around a large lake. It is located in the heart of a master-planned community that offers tremendous visibility and access to the I-680 as well as a host of amenities from restaurants, retail and housing to hiking trails, parks and lakes and is also home to JFK University. The center offers a lovely campus atmosphere with abundant mature redwood trees, large landscaped open areas with seating, fountains and colorful beds of shrubs and flowers.
DJM Capital Partners has already completed exterior work on the structures and landscaping including the creation of dramatic two-story stone entrances for each building. It will begin additional renovations immediately, which are expected to take five months to complete. DJM has engaged Ware Malcomb Architects to design the new exterior and tenant improvements and DPR Construction as the general contractor for the interior renovation.
DJM acquired the vacant, former Bank of America complex, in October 2006 from American Financial Realty Trust, which had previously positioned the property for sale as a residential development.
“We recognized the opportunity to keep Ellinwood as an office property in a strengthening office market and immediately initiated a program to renovate the property to appeal to larger users,” added Randall.
DJM was represented in the lease transaction by Ed Del Beccaro, Scott Ellis and Trigger Reital of Colliers International, Walnut Creek. The County represented itself.
Founded in 1992 by D. John Miller, DJM Capital Partners, Inc. is a leading private equity real estate investment group that focuses on enhancing undercapitalized real estate assets. DJM provides its own development and asset management services. With expertise encompassing nearly all product types, DJM’s West Coast portfolio is valued in excess of $1 billion. Known for its aggressive growth strategy and entrepreneurial investment approach, DJM specializes in identifying and acquiring undervalued commercial properties throughout California; and managing, developing or re-positioning these assets to realize the greatest possible returns commensurate with the risk. DJM is currently focused on expanding its portfolio to over $2 billion during the next two years