BANG sells site in Walnut Creek
Published: 08/12/2013 09:57:59 PM PDT
WALNUT CREEK — An East Bay developer, Hall Equities Group, on Monday bought the Contra Costa Times building, which is likely to be partly or completely demolished to make way for new tenants.
The seller was the Bay Area News Group, which operates this newspaper. The price wasn’t disclosed. The property is assessed at $13.9 million.
The 14.5-acre property at 2640 Shadelands Drive includes the newsroom and business offices for the Contra Costa Times and a patch of vacant land in the Shadelands Business Park.
The newspaper will relocate its staff to a nearby building on Lennon Lane, and that should be complete by late October. About 100 employees will move, said Steve Rossi, president and publisher of Bay Area News Group.
“We definitely wanted to keep a presence in that area,” Rossi said. “It is important to have our local reporters and editing staff be a big part of the community in Contra Costa County.”
Mark Hall, president of Hall Equities, said all or part of the existing building will be demolished once tenants are located for the site.
In the Shadelands park, Hall Equities previously redeveloped old campuses and resurrected them with new uses such as the Animal Rescue Foundation, the Genome Institute, a Children’s Hospital facility and an orthopedic center.