In 2018, Hines, along with a subsidiary of real estate funds managed by Oaktree Capital Management, L.P., acquired Ygnacio Center, a transit-oriented, three-building premier office project totaling 515,000 square feet in Walnut Creek, California.
The complex features a landscaped park, above average parking, an onsite café/bakery, and generous setbacks that provide sweeping mountain views.
Situated in the premier downtown Walnut Creek submarket, Ygnacio Center occupies an entire city block with immediate access to highways and is directly adjacent to the Walnut Creek BART station. It is also less than a 10-minute walk to downtown Walnut Creek’s retail core and has a walk score of 88.
Hines and Oaktree will pursue a significant capital upgrade program to reposition the complex, including building a brand-new 8,200-square-foot amenity center with conference facilities, co-working space, bike lockers, showers, outdoor collaborative space, and additional tenant improvements. This will allow Hines and Oaktree to offer tenants significant value for their rent and a meaningfully improved built environment in which to work.