CBRE Secures $19.25MM Acquisition Financing for 928-930 East Arques Office/R&D Portfolio in Sunnyvale

Sunnyvale, CBRE, Silicon Valley, San Francisco, Bay Area, Ascent

SAN FRANCISCO –JANUARY 3RD, 2016 – CBRE Capital Markets’ Debt & Structured Finance team has secured $19,250,000 in balance sheet bank financing for 928-930 East Arques, a two-building office and R&D campus representing approximately 83,000 square feet of prime commercial office and R&D space in Silicon Valley’s Sunnyvale submarket.

CBRE arranged the five-year, non-recourse, floating-rate acquisition financing at a very competitive spread and overall market competitive terms. The financing was provided by a West Coast bank who is actively seeking exposure to core Silicon Valley markets with well-heeled commercial real estate investors.

Michael Walker, Brad Zampa, and Megan Woodring of CBRE’s San Francisco office arranged the financing on behalf of the borrower, an entity owned and managed by Ascent Real Estate Advisors, LLC, headquartered in New York.

“When we brought this opportunity to market, we received a number of competitive bids. Ultimately, the bank lender who won the opportunity provided the best combination of price, proceeds and flexibility,” said Mr. Walker, Senior Vice President, CBRE Debt & Structured Finance.“ For top tier sponsors with well-located assets, the banks remain very aggressive. The bank who won this assignment focuses on building relationships with a very specific subset of sponsors and the Ascent team fit that profile. Ascent is a very sophisticated owner and operator of commercial real estate with a long track record investing in similar properties around Silicon Valley.”

Located in the highly sought after Sunnyvale market, 928-930 East Arques is situated near the intersection of Highways 101, 85 and 237 and is less than two miles from the VTA Light Rail and the Lawrence Caltrain station, providing convenient access to one of the main transportation hubs serving Silicon Valley, San Francisco and the Peninsula. The two-building campus, totaling 82,963 square feet on 5.34 acres is 100% leased by two top technology firms, including Cambrios Advanced Materials, an industry-leading nanotechnology provider. The two one-story buildings offer a mix of high quality office, research and laboratory space.

About Ascent
Ascent is an entrepreneurial investment firm that combines the extensive real estate development, management finance and capital market expertise of its principals. The firm was formed in 2003 and is controlled by John Porges and Dean Benjamin. Ascent acts as real estate owners, developers and investors who seek to match potential investment opportunities with investor demand and always co-invests alongside their investors to create an appropriate alignment of interests.

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 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 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.

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