SAN DIEGO, CA (March 29, 2018) – HFF announces the $384.86 million refinancing of Genesis North and South Towers, two office and life science buildings totaling 717,883 square feet in South San Francisco, California.
The HFF team worked on behalf of the borrower, Phase 3 Real Estate Partners, Inc., to secure a $199.86 million, three-year loan through one of its life company relationship lenders for the recently completed Genesis North Tower. The team secured a $185 million, five-year, floating-rate loan through a national commercial bank for the fully stabilized Genesis South Tower, the campus’s first phase.
Genesis North and South Towers are located at One and Two Tower Place immediately adjacent to and visible from Highway 101 in South San Francisco’s life science hub. This location is less than 10 minutes from the San Francisco Airport and proximate to the Bart/Caltrain lines of the San Bruno and South San Francisco stations. Due for completion in 2018, Genesis North Tower is a 21-story, 390,000-square-foot life science building. Genesis South Tower was completed in 2016 and has 12 stories of laboratory and office space. The project will include additional tenant and community amenities and offers panoramic views of the San Francisco Bay.
The HFF debt placement team representing the borrower included senior managing director Tim Wright, managing director Todd Sugimoto, senior director Zack Holderman and senior associate Olga Walsh.
Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About Phase 3 Real Estate Partners, Inc.
Phase 3 Real Estate Partners, Inc. (P3RE) is a progressive real estate company dedicated to fostering the growth of the life science community by providing premiere, Class A environments that meet the needs of companies today and in the future. P3RE’s properties are located in the epicenters of the life science markets in San Diego and San Francisco. These are innovative urban centers for the life sciences, and represent two of the top three life science clusters in the world.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.