QUARTERLY REPORT North I-680 Office Flex First Quarter 2014 WALNUT CREEK OFFICE 1333 N. California Boulevard, Suite 343 Walnut Creek, CA 94596 Tel: 925.974.0100 Fax: 925.974.0123 www.ccareynkf.com
Table of Contents Coverage Map... 1 Office Market Overview... 2 Office Market Summary... 3 Office Market Highlights... 4 Historical Office Statistics... 5 Agent Roster... 9 Who We Are... 10 The Cornish & Carey Commercial Quarterly Report is based on a quarterly survey of competitive office and flex buildings. The data included in this report incorporates not only space presently available on the market, but also space which we have been led to believe will come onto the market in the foreseeable future. Information contained herein has been given to us by the owner of the property or other sources we deem reliable. We have no reason to doubt its accuracy, but make no guarantee, warranty or representation about it. All information should be verified prior to lease or purchase.
Coverage Map 1
North I-680 Market Overview LIGHT AT THE END OF THE TUNNEL? O ver the last twelve quarters, the North I-680 market has felt like the tale of two cities when comparing it to both San Francisco and the Silicon Valley. As the first quarter came to an end, we could finally say, We are not in Kansas anymore. The North I-680 market is gaining momentum. This is most notable in the tenant activity. There were more tenants in the market over the first quarter than all of last year. Tenants seeking space under 5,000 square feet saw significant improvement. While this segment of the market does not necessarily move the vacancy needle in large swings, it does show a trend of local and regional companies gaining confidence. This historically creates a positive effect in all square footage categories. The increased tenant activity has increased Landlord confidence levels. In Walnut Creek, some Class A Landlords raised asking rents 10%-15% from the second quarter of last year. As history has shown, rent growth starts in the Downtown Walnut Creek/Pleasant Hill BART Class A markets and works its way out to Concord, Pleasant Hill and the Shadelands. STATISTICAL OVERVIEW In significant sales news, Montgomery Advisors acquired Corporate Centre (1320 1390 Willow Pass Road) consisting of approximately 347,439 RSF. The project was approximately 80% lease at the time of acquisition. Other sales include Prosper Holdings LLC acquisition of 1465 1485 Civic Court in Concord for a total of 64,266 SF and Easy Place LLC s acquisition of 150 190 N. Wiget Lane a 56,000 SF project in Walnut Creek Shadelands. OUTSTANDING QUESTIONS As we look forward to the remainder of 2014, we ask ourselves the following key questions. Will tenant activity continue to flourish as it has over the past 6 months? Will the out of market activity continue to increase? Will we see positive absorption, or will same large block vacancies make up the majority of our market vacancy? Will Walnut Creek Landlords be successful in pushing rents in turn improving activity in Concord/Pleasant Hill as Tenants attempt to escape the rising rents? These questions remain to be seen but are key to a successful 2014. For the first quarter we saw positive absorption of 3,094 SF. The Vacancy Rate (including sublease space) is 18.44%, which has remained flat since the year-end 2013. Notable new vacancies include approximately 25,000 SF at 500 Ygnacio (Enernoc Space),12,817 SF at 3000 Oak Road (Hoffmann Company), 16,317 SF at 1350 Treat Blvd. (Great American Life), 23,064 SF at 1855 Gateway (L1 Boimetrics), and 19,301 SF at 401 Lennon Lane (Securitas). A number of these spaces will add to an already large inventory of big block space that exists in the marketplace. As we have stated in the past, there have not been this many large block opportunities in 20 years. Offsetting the new vacancies were larger leases completed consisting of: AmTrust Financial leasing 24,408 SF at 1655 Grant Street in Concord; Del Monte Foods leasing 27,663 SF at 3003 Oak Road, at the Pleasant Hill BART Station; Accelerys leasing 20,164 SF at 3480 Buskirk in Pleasant Hill; Old Republic Title leasing 10,787 SF at 1855 Gateway in Concord; and Legacy Insurance leasing 9,620 SF at 1850 Mt. Diablo Blvd in Walnut Creek Downtown. 2
Office Market Summary Class Number of Buildings Rentable SF Vacancy Rate % Direct Vacancy Rate % Available SF Direct Available SF Sub-Lease Available SF Absorption 1 st Quarter Absorption 2014 Initial Asking Rental Rates Concord A 16 3,808,431 21.60% 19.55% 822,625 744,712 77,913 20,002 20,002 $1.75-2.25 B 27 859,643 21.78% 20.76% 187,194 178,497 8,697 15,675 15,675 $1.40-1.60 C 35 696,556 22.69% 22.69% 158,054 158,054 0 23,693 23,693 $1.35-1.50 Office Flex* 31 1,089,980 21.50% 21.50% 234,398 234,398 0 1,107 1,107 $0.75-1.00 Concord 109 6,454,610 21.73% 20.38% 1,402,271 1,315,661 86,610 60,477 60,477 $0.75-2.25 Pleasant Hill A 4 381,158 26.23% 26.23% 99,974 99,974 0 11,919 11,919 $1.85-2.45 B 14 486,830 2.64% 2.64% 12,868 12,868 0 117 117 $1.45-1.85 C 18 325,703 11.32% 11.32% 36,855 36,855 0 1,580 1,580 $1.30-1.50 Pleasant Hill Other 36 1,193,691 12.54% 12.54% 149,697 149,697 0 13,616 13,616 $1.30-2.45 Pleasant Hill BART A 2 11 1,754,142 14.71% 12.25% 257,991 214,838 43,153 (11,289) (11,289) $2.65-3.50 B 5 157,380 11.37% 11.37% 17,899 17,899 0 (1,555) (1,555) $1.85-2.25 Pleasant Hill BART 16 1,911,522 14.43% 12.18% 275,890 232,737 43,153 (12,844) (12,844) $1.85-3.50 Walnut Creek BART A 12 1,758,325 17.33% 13.80% 304,715 242,573 62,142 850 850 $2.60-3.50 B 7 150,775 7.22% 6.49% 10,879 9,792 1,087 3,141 3,141 $2.00-2.30 Walnut Creek BART 19 1,909,100 16.53% 13.22% 315,594 252,365 63,229 3,991 3,991 $2.00-3.50 Walnut Creek Downtown A 12 1,156,145 12.22% 11.23% 141,226 129,815 11,411 6,097 6,097 $2.50-3.75 B 37 924,382 13.06% 12.89% 120,710 119,160 1,550 3,788 3,788 $1.85-2.50 C 34 658,998 12.06% 11.77% 79,489 77,539 1,950 (866) (866) $1.60-1.90 Walnut Creek Downtown 83 2,739,525 12.46% 11.92% 341,425 326,514 14,911 9,019 9,019 $1.60-3.75 Walnut Creek Shadelands A 13 696,238 34.07% 34.07% 237,186 237,186 0 (1,466) (1,466) $1.75-2.00 B 41 1,085,446 21.38% 20.83% 232,032 226,084 5,948 (36,203) (36,203) $1.50-2.00 C 10 232,930 13.74% 13.74% 31,994 31,994 0 (547) (547) $1.30-1.60 Office Flex 1 14 654,199 32.19% 32.19% 210,611 210,611 0 (4,435) (4,435) $0.75-1.00 Walnut Creek Shadelands 78 2,668,813 26.67% 26.45% 711,823 705,875 5,948 (42,651) (42,651) $0.75-2.00 Lafayette/Moraga/Orinda A 14 468,811 7.74% 7.74% 36,292 36,292 0 1,081 1,081 $2.50-3.75 B 53 605,651 15.44% 13.48% 93,512 81,646 11,866 (29,082) (29,082) $2.00-2.75 C 8 104,267 2.96% 2.96% 3,091 3,091 0 (513) (513) $1.80-2.10 Lafayette/Moraga/Orinda 75 1,178,729 11.27% 10.27% 132,895 121,029 11,866 (28,514) (28,514) $1.80-3.75 N. I-680 Market includes Walnut Creek BART, Walnut Creek Downtown, Walnut Creek Shadelands, Pleasant Hill BART, Pleasant Hill, Concord and Lafayette/Moraga/Orinda Class A 82 10,023,250 18.96% 17.01% 1,900,009 1,705,390 194,619 27,194 27,194 $1.70-3.75 Class B 184 4,270,107 15.81% 15.13% 675,094 645,946 29,148 (44,119) (44,119) $1.40-2.70 Class C 105 2,018,454 15.33% 15.24% 309,483 307,533 1,950 23,347 23,347 $1.30-2.10 Office Flex* 45 1,744,179 25.51% 25.51% 445,009 445,009 0 (3,328) (3,328) $0.75-1.00 Report s 416 18,055,990 18.44% 17.19% 3,329,595 3,103,878 225,717 3,094 3,094 $0.75-3.75 1 Office Flex rental rates are quoted on a NNN basis. All other rental rates are quoted on a Fully Serviced basis. 2 In Q2 2012 the total inventory was reduced by 10,829 RSF due to remeasurement of 1450 Treat Blvd. as part of John Muir full building lease. 3 In Q4 2012 the total inventory was reduced by 137,647 RSF due to demolition of 141 N. Civic Drive and 1500 Newell Avenue. 4 In Q4 2013 the total inventory was increased by 41,109 RSF due to addition of 2 Theater Square to the base inventory. Note: Owner-User properties included in the Rentable Square Footage and the Direct and Vacancy Rates. Concord: 550,360 SF Pleasant Hill: 274,230 SF Pleasant Hill BART: 483,000 SF Walnut Creek Downtown: 100,000 SF Walnut Creek Shadelands: 436,700 SF 3
Office Market Highlights Significant First Quarter 2014Lease Transactions Tenant Landlord/Sublessor Address Submarket Size (SF) Del Monte Food PMI 3003 Oak Road Pleasant Hill BART 27,663 AmTrust Financial Swift Real Estate Group 1655 Grant Street Concord 24,408 Accelrys True North Management Group 3480 Buskirk Avenue Pleasant Hill 20,164 Old Republic Title Sierra Pacific Properties Inc. 1855 Gateway Blvd. Concord 10,787 Legacy Insurance Sierra Pacific Properties Inc. 1850 Mt. Diablo Blvd. Downtown Walnut Creek 9,620 Buchman Provine Brothers Smith LLP Archer Norris 2033 N. Main Street Walnut Creek BART (S) 8,303 Systems Integrated Solutions Metropolitan Life Insurance Co. 1255 Treat Blvd. Pleasant Hill BART (R)(E) 8,057 Great American Insurance Metropolitan Life Insurance Co. 1255 Treat Blvd. Pleasant Hill BART 7,427 (R) = Renewal (E) = Expansion (S) = Sublease Significant First Quarter 2014Sale Transactions Buyer Seller Address Submarket Size (SF) Montgomery Advisors Westcore Core/American Realty 1320 1390 Willow Pass Rd. Concord 347,439 Prosper Holdings LLC NUCP Fund 1 LLC 1465 1485 Enea Circle Concord 64,266 Easy Place LLC M & A Gabaee 150 190 N. Wiget Lane Shadelands 56,400 Mark & Andrew O Brien Solomon Family Trust 2055 N. Broadway Downtown Walnut Creek 11,818 Corporate Centre, Concord Montgomery Advisors purchased Corporate Centre, a Class A office project in Concord. The approximately 345,000 RSF, 2-Building Office sale closed in late March. Swift Plaza, Concord Amtrust relocated and consolidated offices in San Francisco and San Ramon to 24,408 SF at Swift Plaza, 1655 Grant Street, in Concord. Hookston Square, Pleasant Hill Accelrys relocated and consolidated offices in San Ramon and Fairfield into 20,164 RSF at Hookston Square, 3480 Buskirk Avenue, in Pleasant Hill. 4
Historical Office Market Statistics Historical Vacancy Rates (%) Submarket Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Concord 19.42% 19.37% 19.30% 22.95% 23.57% 21.39% 22.00% 20.87% 20.33% 20.55% 18.76% 21.90% 22.67% 21.73% Pleasant Hill 11.29% 10.53% 10.59% 11.22% 11.23% 11.51% 11.88% 12.18% 10.28% 10.06% 13.52% 13.98% 13.68% 12.54% Pleasant Hill BART 26.18% 24.93% 22.52% 21.48% 20.92% 20.57% 12.35% 11.98% 13.32% 14.70% 14.84% 15.56% 13.76% 14.43% Walnut Creek BART 17.69% 20.19% 18.16% 17.19% 17.12% 17.91% 17.93% 16.93% 15.61% 16.89% 16.92% 16.02% 16.74% 16.53% Walnut Creek Downtown 20.95% 20.13% 18.42% 18.21% 18.96% 18.44% 18.43% 17.22% 14.55% 13.59% 13.96% 13.39% 12.79% 12.46% Walnut Creek Shadelands 22.91% 23.56% 22.88% 24.80% 23.59% 26.42% 26.89% 26.67% 24.00% 27.56% 27.21% 26.16% 25.07% 26.67% Lamorinda 9.28% 9.45% 8.77% 8.63% 9.86% 10.06% 10.00% 8.81% 8.62% 8.94% 10.38% 10.67% 8.52% 11.27% Overall North I-680 19.54% 19.58% 18.68% 20.04% 20.21% 19.85% 19.29% 18.46% 17.35% 18.09% 17.80% 18.71% 18.46% 18.44% Historical Vacancy Rates (%) 5
Historical Office Market Statistics Historical Net Absorption (SF) All Classes Submarket Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Concord 35,199 3,473 4,398 (235,538) (45,942) 140,762 (39,269) 72,953 34,718 (14,315) 115,626 (202,540) (49.940) 60,477 Pleasant Hill 10,033 9,008 (680) (7,548) (162) (3,302) (7,577) (3,609) 22,659 2,627 (41,279) (5,439) 3,545 13,616 Pleasant Hill BART (25,653) 24,051 46,404 1,991 10,756 6,722 148,503 7,030 (25,578) (26,315) (2,694) (13,909) 34,469 (12,844) Walnut Creek BART 13,837 (47,717) 38,790 18,435 1,439 (15,173) (356) 19,070 25,231 (24,507) 2,846 17,236 (13,714) 3,991 Walnut Creek Downtown 12,943 24,073 49,507 6,065 (21,731) 15,207 164 35,344 14,254 26,432 (10,334) 15,723 16,375 9,019 Walnut Creek Shadelands (12,083) (17,459) 18,138 (51,236) 32,456 (75,537) 8,840 5,039 73,761 (82,119) 9,692 28,113 28,866 (42,651) Lamorinda (4,589) (1,863) 7,651 1,612 (14,000) (2,265) 739 13,462 2,203 (3,602) (16,452) (3,241) 16,977 (28,514) 29,687 (6,434) 164,208 (248,219) (37,184) 66,414 111,044 149,289 147,248 (121,799) 57,405 (164,057) 36,578 3,094 Historical Net Absorption (SF) All Classes 6
Historical Office Market Statistics Downtown Walnut Creek/Walnut Creek BART/Pleasant Hill BART Period Rentable SF Vacancy Rate % Available SF Direct Available SF Sublease Available SF Annual Absorption Median Rental Rate Q1 2014 6,560,147 14.22% 932,909 811,616 121,293 $3.08 Q4 2013 6,560,147 14.22% 933,075 817,525 115,550 21,608 $3.08 Q2 2013 6,560,147 15.08% 989,255 930,456 58,799 $3.08 Q4 2012 6,560,147 14.50% 951,213 908,585 42,628 230,418 $2.93 Q2 2012 6,727,794 16.56% 1,114,211 1,209,046 85,165 $2.61 Q4 2011 6,738,623 19.00% 1,280,107 1,177,699 102,408 170,063 $2.59 Q2 2011 6,738,623 19.52% 1,315,062 1,185,860 129,202 $2.53 Q4 2010 6,738,623 21.52% 1,450,170 1,376,986 73,184 47,565 $2.53 Q2 2010 6,738,623 22.40% 1,509,729 1,415,293 94,436 $2.60 Q4 2009 6,738,623 21.98% 1,480,814 1,321,296 159,518 (128,374) $2.71 Q2 2009 6,483,535 19.46% 1,261,894 1,150,359 111,535 $2.76 Q4 2008 6,483,535 16.87% 1,093,650 931,286 162,364 (318,083) $2.90 Q2 2008 6,483,535 13.67% 885,980 802,138 83,842 $3.03 Q4 2007 6,483,535 12.18% 789,577 736,041 53,536 117,516 $3.05 Q2 2007 6,533,535 12.31% 804,208 714,408 89,800 $2.97 Q4 2006 6,533,535 13.88% 907,093 694,070 213,023 (147,393) $2.79 Q2 2006 6,533,535 12.81% 836,657 681,755 154,902 $2.82 Q4 2005 6,533,535 11.63% 759,700 608,569 151,131 91,495 $2.68 Q2 2005 6,561,535 11.90% 781,003 650,313 130,690 $2.67 Q4 2004 6,561,535 13.37% 877,196 720,650 156,546 33,247 $2.52 Q2 2004 6,561,535 15.97% 1,048,032 777,859 270,173 $2.60 Q4 2003 6,561,535 13.77% 903,545 725,227 178,318 (31,474) $2.66 Q2 2003 6,561,535 12.73% 835,531 724,108 111,423 $2.70 Q4 2002 6,561,535 13.37% 876,994 699,986 177,008 (81,542) $2.80 Median Rental Rate ($/SF/Month) vs. Vacancy Rate (%) 7
Historical Office Market Statistics Concord/Pleasant Hill/Walnut Creek Shadelands Period Rentable SF Vacancy Rate % Available SF Direct Available SF Sublease Available SF Annual Absorption Median Rental Rate Q1 2014 10,317,114 21.94% 2,269,791 2,171,233 92,558 $2.01 Q4 2013 10,317,114 22.25% 2,295,975 2,186,710 109,265 (207,163) $1.94 Q2 2013 10,317,114 20.34% 2,098,580 1,915,537 183,043 $1.94 Q4 2012 10,317,114 20.12% 2,075,516 1,951,606 123,910 229,438 $1.93 Q2 2012 10,317,114 22.09% 2,279,444 2,060,552 218,892 $1.88 Q4 2011 10,317,114 22.15% 2,285,044 2,121,023 164,021 (291,092) $1.88 Q2 2011 10,317,114 19.22% 1,982,794 1,785,696 197,098 $1.89 Q4 2010 10,317,114 19.38% 1,999,672 1,837,695 161,977 (225,595) $1.89 Q2 2010 10,317,114 18.62% 1,921,235 1,739,846 174,792 $1.96 Q4 2009 10,317,114 17.23% 1,777,477 1,560,259 219,405 (455,817) $1.98 Q2 2009 10,317,114 14.30% 1,475,593 1,339,860 135,733 $2.02 Q4 2008 10,298,814 12.77% 1,315,566 1,161,633 153,933 (76,007) $2.00 Q2 2008 10,298,814 11.33% 1,166,744 1,064,351 102,393 $2.13 Q4 2007 10,298,814 12.04% 1,239,553 1,094,769 144,784 (228,265) $2.26 Q2 2007 10,280,639 10.24% 1,052,930 901,114 151,816 $2.21 Q4 2006 10,280,639 9.84% 1,011,288 910,727 100,561 185,843 $2.13 Q2 2006 10,280,639 9.78% 1,005,941 909,873 96,068 $2.08 Q4 2005 10,412,862 11.29% 1,175,695 1,018,319 157,376 (53,353) $1.98 Q2 2005 10,412,862 12.58% 1,310,183 1,103,919 206,264 $1.97 Q4 2004 10,412,862 10.77% 1,121,692 972,544 149,148 62,171 $1.93 Q2 2004 10,412,862 11.62% 1,210,137 992,295 217,842 $1.95 Q4 2003 10,412,862 11.41% 1,187,893 978,839 209,054 (95,326) $2.02 Q2 2003 10,398,862 11.09% 1,153,173 945,299 207,874 $2.09 Q4 2002 10,398,862 10.16% 1,056,397 819,947 236,450 127,428 $2.09 Median Rental Rate ($/SF/Month) vs. Vacancy Rate (%) 8
Agent Roster Walnut Creek Office 1333 N. California Boulevard, Suite 343 Walnut Creek, CA 94596 Tel: 925.974.0100 Fax: 925.974.0123 www.ccareynkf.com Mark McNally Senior 925.974.0101 mmcnally@ccareynkf.com Patrick Reilly 925.974.0233 preilly@ccareynkf.com Investment Division Sean Cooley Senior 925.974.0107 scooley@ccareynkf.com Industrial Division Graden Travis Senior 925.974.0104 gtravis@ccareynkf.com Retail Division Gwen White 925.974.0244 gwhite@ccareynkf.com Danielle Bromstead 925.974.0235 dbromstead@ccareynkf.com Fernando Cuebas Senior Associate 925.460.9290 fcuebas@ccareynkf.com Trent Calder Associate 925.974.0231 tcalder@ccareynkf.com Office Division Breck Lutz Senior 925.974.0109 blutz@ccareynkf.com Rick Steffens Senior 925.974.0110 rsteffens@ccareynkf.com Curtis Berrien 925.974.0129 cberrien@ccareynkf.com Julaine Johnson Associate 925.974.0119 jjohnson@ccareynkf.com Mike Zylstra 925.974.0106 mzylstra@ccareynkf.com Tyler Epting 925.974.0238 tepting@ccareynkf.com Cece Vohs Cimino 925.974.0239 cvcimino@ccareynkf.com Adria Giacomelli 925.974.0234 adria@ccareynkf.com Stephen Rusher Senior Associate 925.974.0115 srusher@ccareynkf.com Tom Fehr Sr. & Managing Director 925.974.0242 tfehr@ccareynkf.com Alex Grell Senior 925.974.0108 agrell@ccareynkf.com Knute Bucklew 925.974.0240 kbucklew@ccareynkf.com Forrest Gherlone 925.974.0237 fgherlone@ccareynkf.com Jeff Fritch Associate 925.974.0118 jfritch@ccareynkf.com Keith Marr 925.974.0112 kmarr@ccareynkf.com Jim Shepherd 925.974.0105 jshepherd@ccareynkf.com Meghan Centerwall Basso Associate 925.974.0117 mbasso@ccareynkf.com Staff Zachary LeBeouf Market Research Coordinator 925.974.0128 zlebeouf@ccareynkf.com 9
NORTHERN CALIFORNIA EXPERTISE W I T H I N A D Y N A M I C G L O B A L P L A T F O R M A Global Leader in Commercial Real Estate Newmark Grubb Knight Frank is one of the world's leading commercial real estate advisory firms. We provide a fully integrated platform of services to prominent multinational corporations and institutional investors across the globe, as well as to owners and users of real estate on a local, regional and national level. Headquartered in New York, Newmark Grubb Knight Frank and Londonbased partner Knight Frank operate from more than 340 offices in established and emerging property markets on five continents. Our global platform enables us to effectively serve the property requirements of tenants, landlords, investors and developers worldwide. Strategic Thinking, Effective Execution Newmark Grubb Knight Frank's integrated services platform provides clients with a single-source solution for every phase of occupying or owning a property - from strategic planning, site selection, design, construction and initial occupancy to ongoing cost-effective operations and dispositions. Taking a consultative approach and leveraging our global reach, we assist corporations, investors and owners in effectively managing real estate operations and portfolios, creating and executing long and short term strategic plans that deliver reduced occupancy costs, increased efficiency and, ultimately, maximized value. Our full range of services includes leasing advisory, global corporate services, investment sales and financial services, property and facilities management, program and project management, consulting, and appraisal and valuation services. 10
SANTA ROSA OFFICE Tel: 707.583.8400 Fax: 707.583.8499 SAN RAFAEL OFFICE Tel: 415.526.7676 Fax: 415.526.7679 EMERYVILLE OFFICE Tel: 510.923.6200 Fax: 510.923.6260 SAN FRANCISCO OFFICE Tel: 415.445.8888 Fax: 415.445.8885 HAYWARD OFFICE Tel: 510.300.0200 Fax:510.300.0201 PLEASANTON OFFICE Tel: 925.467.0900 Fax: 925.467.0911 ROSEVILLE OFFICE Tel: 916.367.7000 Fax:916.367.6362 SANTA CLARA OFFICE Tel: 408.727.9600 Fax: 408.988.6340 PALO ALTO OFFICE Tel: 650.322.2600 Fax: 650.321.0719 SAN MATEO OFFICE Tel: 650.341.5800 Fax: 650.341.7024 LEASED INVESTMENT GROUP Tel: 415.373.4060 Fax:415.373.4060 SACRAMENTO OFFICE Tel: 916.920.4400 Fax:916.920.0854 WALNUT CREEK OFFICE Tel: 925.974.0100 Fax:925.974.0123 www.ccareynkf.com