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What were once regarded as safe long term investments—witness the Prudential Insurance Co.’ property portfolio—now has become a game for the nimble.
I was perusing the San Francisco Business Times that reported Wells Fargo, which is selling its San Francisco headquarters, is now the largest commercial tenant in Concord after it recommitted to its lease. Its competitor, Bank of America, downsized its space there. That left the vacancy rate at a former burgeoning business district at 31.4%, well above the 21.3% regional average.
The piece also touched on San Ramon where Chevron now has put 400,000 square feet up for sublease as it continues to move more of its operations to Houston. Bishop Ranch owner, Sunset Development Co., already purchased back the 90-acre Chevron Park and has redevelopment plans moving forward with the city.
Sunset hit a home run with John Muir health which doubled its square footage when Sunset wanted to move them from an outdated building planned for residential uses.
As the report noted, it also goes the other way.
Robert Half, which Sunset lured from Hacienda Business Park in Pleasanton, shed space from 250,000 square feet to 73,000. BMO Bank, which acquired BNP Paribas after it bought Bank of the West, dramatically cut its leased space from 276,000 to just 30,000. Such can be the way with corporate consolidation.
Sunset leaders, along with San Ramon officials, are both likely very happy that they have voluntarily set about recreating a work/life/play environment instead of a pure business play.
I somehow ended up on a online preview list for “Soul on Fire” movie that opens Friday. It kept me glued to my computer screen as it told the life story of a boy who burned down his family home playing with gasoline at 9. He suffered third degree burns and somehow survived and rehabilitated himself. It’s an uplifting positive movie set in St. Louis and actually filmed in John O’Leary’s home. I am eager to watch it again, this time with my bride.
The saying goes that time heals so it must be with the Dublin Chamber of Commerce bringing 4-time Pittsburgh Super Bowl champ Rocky Bleier to speak at its thought leader series.
He will be talking Thursday at the Bankhead Theater in Livermore following the successful debut last year with now National Security Advisor Tulsi Gabbard.
The Steelers were arch-rivals of the Oakland Raiders when they were coached by the legendary John Madden of Pleasanton and knew how to play football. The Raiders won the Super Bowl in 1977, but the Steelers took titles in 75, 76, 79 and 80. That was before owner Al Davis moved the Raiders to Los Angeles and then back again before Mark Davis relocated them to Las Vegas and an exceptional new stadium.
For 20-plus years, you would not have dreamt of bringing a Steeler mainstay to speak in Raider country that now has morphed into 49er land except for some die-hards.
Bleier’s story is one of an overcomer. He played for Notre Dame and then was drafted into the U.S. Army after his rookie year. He was seriously wounded in Viet Nam and was honored with a Bronze Star and Purple Heart. It took him two years to work back into football shape.
He may have played for the wrong team, but he’s an American hero. It will be interesting to see what he has to say next week.
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