SAN FRANCISCO, CA – APRIL 28, 2017 – CBRE Capital Markets has arranged approximately $70 Million in balance sheet financing for 2150 Webster Street, a 10-story, 236,033-square-foot office building located in the heart of the flourishing Uptown district in Oakland, California.
Brad Zampa, Mike Walker and Megan Woodring of CBRE’s San Francisco office arranged the five-year, non-recourse, full-term interest only, floating-rate bridge financing at a very competitive spread priced over 30-day LIBOR on behalf of Lane Partners. The financing was provided by a leading global investment-management fund.
“2150 Webster represents a unique opportunity to reposition a meaningful block of extremely well located office space into a Class A, creative buildout. When Lane Partners is finished, it will be one of the premier office venues for tenants in the most dynamic submarket of Oakland. We are thrilled with the debt terms and execution we were able to secure on their behalf,” said Mike Walker, Senior Vice President, CBRE.
2150 Webster is ideally located in Oakland’s highly sought after Uptown district, which provides convenient access to BART and the neighborhood’s plentiful high-end and casual dining options. The Uptown district is also home to Pandora, Uber’s Uptown Station and a growing number of other prominent Bay Area employers.
The building is currently 100% vacant, allowing for a complete re-branding, repositioning and renovation of the exterior façade and infrastructure to maximize market momentum. The influx of tenants has driven the vacancy rate down to below 4.5% as of the first quarter of 2017, among the lowest levels since CBRE began tracking the market in 1983. This is the lowest CBD vacancy rate in the nation. The creative office building inventory in the Oakland CBD is even tighter than the overall market with an approximate 2% vacancy rate.
About Lane Partners
The expertise of the company lies within the ability to add value in a cost effective way including physical rehabilitations, lease up and re-structuring, entitlements and general repositioning of assets. Through smart acquisition, development and management, Lane Partners turned over two million square feet of Silicon Valley into properties that perform. Since 2006, Lane Partners has been the local force that makes global waves.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.