PLEASANTON — An office building in Pleasanton was bought in a deal that cut the property’s value nearly in half, records show.

Real estate firms Cannae Partners and Realm teamed up to pay $8.5 million to buy the building at 4696 and 4698 Willow Rd., documents filed on Sept. 30 with the Alameda County Recorder’s Office show.

Deerfield Realty was the seller and provided the buying group with $4.25 million in financing at the time of the purchase, county records show.

The building in Hacienda Business Park totals 43,200 square feet, according to commercial real estate database Property Shark.

The deal, along with other transactions in the region, follows a pattern of office property purchases made at a discounted price.

In 2022, the building was sold for $11.5 million, Property Shark reported.

As of January, it had a value of $15.7 million, according to an estimate calculated by the Alameda County Assessor’s Office.