CVS selling off former Longs office buildings

WALNUT CREEK, Calif. CVS Caremark is looking to shed two office buildings that it inherited through its purchase of Longs Drug Stores, according to published reports.

On the market are two office buildings, the former Longs headquarters in downtown Walnut Creek and a Longs subsidiary office complex in Antioch, according to local reports. In addition, CVS is looking to sublease an old Longs building in the Shade-lands business park.

Commercial property brokers with Jones Lang LaSalle are handling the sale.

Brokers declined to discuss prices but, according to reports, some market watchers believe the two buildings could fetch $135 to $140 per square foot.

That would put a value of $11 million on the Walnut Creek office and $7 million for the Antioch building.

Larry Bell, a broker with Jones Lang, was quoted as saying that an offer has been made on both offices.

"We are getting interest from residential developers, commercial developers, we even had some retail development interest," stated Bell.