Sunset and MetLife Purchase Two Million Square Foot AT&T Campus in Bishop Ranch

  Sunset and MetLife Purchase Two Million Square Foot AT&T Campus in Bishop

Business Wire

SAN RAMON, Calif. -- January 22, 2014

A joint venture of Sunset Development Company and MetLife Inc. has completed
the purchase of the two million square foot AT&T campus at 2600 Camino Ramon
in San Ramon. The buyers plan to redevelop the project and create a modern
office environment with large blocks of space available for new tenants
beginning this year. The sale includes a significant leaseback by AT&T. The
acquisition marks Sunset Development Company’s first purchase of an existing
asset and first equity partnership through MetLife’s 49 percent stake in the

AT&T's iconic complex in San Ramon, designed by Skidmore, Owings & Merrill,
was recently re-acquired ...

AT&T's iconic complex in San Ramon, designed by Skidmore, Owings & Merrill,
was recently re-acquired by Sunset Development Company/Bishop Ranch. (Photo:
Business Wire)

Pacific Bell purchased the undeveloped property from Sunset Development
Company in 1983 and, soon after, began construction of what would become its
headquarters. Designed by world-renowned architects, Skidmore Owings and
Merrill, the building includes many design and mechanical features that are
still considered state-of-the-art and provide a workplace environment that
fosters collaboration and technological innovation. The property includes four
wings of nearly half a million square feet each, a central amenity hub, a
world-class conference center and beautiful dining facilities.

“This acquisition recaptures a well-developed property in the heart of Bishop
Ranch,” said Alex Mehran Jr., president and chief operating officer of Sunset
Development Company. “It provides us with a significant lease from AT&T along
with one million square feet of office space that is available and of the
highest quality in the Bay Area. Over the longer horizon, the project’s
adjacency to Bishop Ranch’s City Center and San Ramon’s North Camino Ramon
Specific Plan area provides numerous master-planning opportunities that will
benefit all tenants and visitors of Bishop Ranch.”

Bishop Ranch has signed several notable leases, recently, including 400,000
feet to Pacific Gas and Electric; 400,000 feet to Bank of the West; 233,000
feet to General Electric Technologies; and 233,000 feet to Robert Half. It
also counts hundreds of small businesses among its tenants.

“Part of the attraction of Bishop Ranch is our ability to deliver to tenants
the same amenities that large owner-occupier campuses bring to their
employees,” said Ed Hagopian, executive vice president of Sunset Development
Company. “This acquisition turbocharges that offering by increasing our square
footage under management by more than 40% and adding a 200,000 square foot
amenity hub that will serve all of Bishop Ranch. This project’s features will
allow new tenants to enjoy world-class facilities without the cost of
constructing underutilized private amenities.”

The transaction was financed by Wells Fargo. Eastdil Secured advised Sunset
Development on the acquisition and in arranging debt and equity

About Bishop Ranch

Established in 1978 by Sunset Development Company, Bishop Ranch is a 585-acre
mixed-use business community comprised of 10 million square feet of primarily
LEED certified office space in fifty buildings. More than 600 of the world's
leading companies, innovative startups, and medical and dental practitioners
make their home in the thriving professional business community of Bishop
Ranch. The recipient of many awards including The Urban Land Institute’s Award
for Excellence, Bishop Ranch is home to many Fortune and Global 500 companies,
including AT&T, Chevron, General Electric and Toyota.

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