San Francisco, CA – July, 2014 – CBRE Capital Markets’ Debt & Structured Finance team recently arranged $22.4 million in non-recourse financing for the acquisition of 303 Ravendale Drive, a 67,000-square-foot, single-tenant office building, leased to Tintri, Inc. The asset is located in Mountain View, CA within close proximity to many of the largest tech companies in business today, including Google, Mozilla Foundation, Symantec and Intuit.
John Nelson of CBRE’s San Francisco office arranged the acquisition financing on behalf of the borrower, a Sand Hill Property Company affiliate. The financing was provided by a Wall Street lender.
Of the financing, Mr. Nelson said, “This was a very favorable financing given the strong location, tenancy, sponsorship and conservative financing metrics.”
The San Francisco Peninsula office market continued its positive momentum through the second quarter, absorbing an additional 234,286 sq. ft. of vacant space. This marked the third consecutive quarter of occupancy gains, during which time market-wide occupancy has increased by nearly 500,000 sq. ft. As the improving local economy continues to foster growth for companies on the Peninsula, renewal and expansion activity have had a strong presence through recent quarters. A healthy mixture of organic growth and an expanding base of new tenants entering the market has driven consistent levels of leasing activity in the office market quarter-over-quarter.
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 (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com