O
rion Office REIT has acquired a 96,900-square-foot research building in San Ramon for $34.6 million. The Phoenix-based real estate investment trust purchased the two-story property at 4600 Norris Canyon Road from an affiliate of Global Securitization Services, based in New York. The deal translates to $357 per square foot.

    The seller had acquired the flex building, built in 1984 on nearly 6 acres, for $37.25 million or $384 per square foot in 2019. This is more than double the price paid for recent office campus sales in San Mateo and San Jose, which sold for around $160 to $170 per square foot.

    The property was revamped two years ago and had been fully leased by Valent USA, an agricultural crop protection company, since 2018. The Tri-Valley area's R&D buildings were 15% vacant as of the second quarter, while San Ramon's vacancy rate stood at 23.2%.

    Orion Office REIT focuses on single-tenant office properties across the US and has a portfolio of 81 office properties totaling 9.5 million square feet in 29 states.