CONCORD — A downtown Concord tower and adjacent parking garage have been bought in a real estate deal that underscores the frailty of the Bay Area office market.
The buying entity is an LLC managed by real estate entrepreneurs Leonard Epstein and Phil Tagami, state business records show. Tagami is the chief executive officer and Epstein is the chief financial officer of California Capital & Investment Group, a real estate company. At an overall purchase package of $40.5 million, that value is 42.6% below the $70.5 million the sellers paid for the property in 2017, a review of the county records shows.
The wide-ranging shutdowns that included offices prompted numerous people to work from home. Even after the effects and ailments of the virus faded, workers have been reluctant to return to the office. In 2022, the real estate firm’s affiliates bought two other office properties. The purchases were, according to Contra Costa County real estate records:— The Terraces in Pleasant Hill for $38.5 million.
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