Silicon Valley Office Financing Sparked By Tenant Demand
SAN FRANCISCO, May 9, 2016 – Intense tenant demand for office space and an extremely constrained supply pipeline in the Silicon Valley area continue to draw investor interest. On behalf of Rialto Capital Management, JLL’s Capital Markets experts today announced the firm secured $19.4 million in acquisition financing for 2598 Bayshore Parkway, a 50,600-square-foot office asset located in Mountain View, California. California Bank & Trust provided the loan.
Managing Director John Manning, Executive Vice President Alex Witt, Senior Vice President Pavan Malhotra, and Senior Associate Sarah Bernhisel led the JLL team on the financing.
The property is located in the heart of Mountain View’s tech boom, near the world’s largest tech companies and highest concentration of venture capital. The building is also located within 30 miles of three international airports and is just 2.5 miles from the San Antonio Caltrain Station.
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 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
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About Rialto Capital Management
Founded in 2007, Rialto is a vertically-integrated investment and asset management and operating business with over 435 professionals, including specialists in acquisitions, underwriting, real estate asset management, property management, leasing and development services, loan asset management and workouts, loan origination, finance, reporting, legal and special servicing. Rialto is wholly-owned by Lennar Corporation (NYSE: LEN), one of the largest public homebuilders, multifamily developers, community developers, commercial land developers and providers of financial services to the housing industry in the United States, with over 6,800 professionals operating in 17 states. Rialto’s executive management team includes 18 seasoned professionals averaging 20 years of experience, who have been market leaders in investing in direct property, distressed debt, and securities through multiple cycles. Since the early 1990s, members of Rialto and Lennar’s executive management teams have been among the most active (i) acquirers of portfolios of real estate loans and assets from banks, government entities and other financial institutions; (ii) originators of and investors in structured real estate debt securities, including commercial mortgage-backed securities, and (iii) commercial and residential developers through the Lennar family of companies.
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. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $56.4 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.