SAN FRANCISCO, July 22, 2014 – JLL’s Capital Markets experts today announced the firm secured $152 million in debt financing for California Center, a 1,030,266-square-foot office campus located in Pleasanton, California, in San Francisco’s East Bay. Starwood Property Trust provided the five-year, floating-rate loan in which $106.5 million was funded at closing with an additional $45.5 million for future capital improvements.
Managing Director John Manning and Senior Vice President Alex Witt led the JLL team on the transaction.
“California Center is a high-quality office asset that offers large blocks of office space – a rare opportunity in the San Francisco Bay Area,” said Manning. “The asset is backed by best in class sponsorship and offers near-term upside potential, both of which are huge draws for the lending community.”
The six building campus was acquired by Swift Real Estate Partners in June in a sale transaction led by JLL’s investment sales team including Managing Directors Michael Seifer and Rob Hielscher and Vice President Aaron Herter. It features a state-of-the-art conference center, a 600-seat cafeteria, a fully equipped fitness center and an 8.4 acre site that is fully entitled for 305 residential units. The property is a short walk to BART, and there are also numerous retail and dining options within walking distance of the property.
About Capital Markets
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2013 alone, JLL Capital Markets completed $99 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
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JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4 billion, JLL has more than 200 corporate offices and operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $48.0 billion of real estate assets under management. For further information, visit www.jll.com.