Charles Schwab Campus Near San Francisco on Market for $180 Million

Real Estate Alert reports that Hines is marketing a recently completed office campus in suburban San Francisco that is fully leased to Charles Schwab. The 596,000 sf Pleasanton Corporate Commons is valued at $180 million, or about $300/sf, giving a buyer an initial annual yield of approximately 8%.

Schwab has two long-term leases on the property at an average rent of roughly $36/sf. Schwab occupies 60,000 sf and subleases 118,000 sf to E-Loan. Schwab is currently trying to sublease the remaining space at an asking rent of $22/sf. The vacancy level in the market is about 22% including sublease space. Sphere: Related Content