Written by Gabriel Dillard
Fig Garden Financial Center, an iconic class A, 320,000 square-foot office complex in Fresno, has a new owner.
The complex was born of the partnership of longtime Fresno developers Richard Gunner and George Andros, but was put on the market after reports of a falling out and litigation between the pair.
Jeremy Reed, real estate broker with Newmark Grubb Pearson Commercial, made the announcement Friday morning. The buyer was listed as a “local investment group, Fig Garden Offices, LLC.” The complex is currently 89 percent occupied, Reed said.
“Fig Garden Financial Center is attractive to us because of its excellent location and its diverse group of tenants offering a wide variety of important services and products to the community,” Reed said in a statement. “With the commercial real estate market continuing to strengthen over the past year, we felt now was the perfect time to make this acquisition. Our intention is to continue the legacy of Gunner and Andros with the attention to detail that was the hallmark of their ownership.”
In an interview, Reed said the new owners are “a local investment group of families and people who live and work in the community,” but declined to name specific investors. The Assemi family had made a nearly $55 million offer to buy the office complex, reported the Fresno Bee. Reed would not confirm if the Assemis were part of the investment group.
A message left for Darius Assemi, president of Granville Homes, was not immediately returned.
The terms of the sale, which officially closed June 1, were not disclosed.
The sale of the complex was subject to a 1031 exchange, which allows the seller of a property to rollover capital gains from the sale into the purchase of another property, thereby postponing any capital gains tax.
Plans are underway to refurbish the existing building systems, parking areas and landscaping, Reed said.
The complex is located just north of the Fig Garden Village shopping center at 5200, 5250 and 5260 N. Palm Ave. It consists of three four-story office buildings. Marketing materials for the office complex lists 466 professionals with working space there, including attorneys (136), certified public accountants (52), stockbrokers (101), banking professionals (63) and insurance/other professionals (114). Tenants include RBC Royal Bank, Morgan Stanly, UnionBank and Merrill Lynch.