Kylii’s Burlingame Point Obtains $750MM Refinancing

Kylii, Burlingame Point, Cushman & Wakefield, Goldman Sachs, J.P. Morgan, Deutsche Bank, Athene Annuity & Life Company, Apollo Global Management, Silicon Valley, San Francisco, Peninsula

BURLINGAME, Calif., April 6, 2021 – Cushman & Wakefield announced today that the real estate services firm served as the exclusive advisor to affiliates of Kylli, Inc. in the procurement of $750,000,000 for the refinancing of Burlingame Point. The 9.3-year fixed-rate financing was provided by affiliates of Goldman Sachs, J.P. Morgan, Deutsche Bank and Athene Annuity & Life Company (via Apollo Global Management).

Burlingame Point is a brand new, state-of-the-art office campus located on the San Francisco Peninsula. The LEED Gold-certified property features four Class A office/R&D/life science buildings totaling approximately 771,000 rentable square feet, a 33,000-square-foot amenity building and more than 2,300 on-site covered and surface parking spaces.

“We are proud to have delivered this outstanding project during such unprecedented times and we look forward to seeing Burlingame Point fully activated,” said Ou Sun, CEO of Kylli.

A Cushman & Wakefield Equity, Debt & Structured Finance team of Steve Kohn, Chris Moyer, Terry Daly, Rob Rubano, Keith Padien, Alex Lapidus and Meredith Donovan represented the borrower. Cushman & Wakefield also advised Kylli on the construction financing of the asset in April of 2019. Mike Moran and Clarke Funkhouser of Cushman & Wakefield provided leasing market support.

“Kylli developed a world-class office campus, the quality of which resulted in a highly attractive leasing and financing execution,” said Kohn.

Centrally located between Silicon Valley and downtown San Francisco, Burlingame Point is the newest, best-in-class office development on the San Francisco Peninsula waterfront. Situated on 18.13 acres, the property provides tenants with an abundance of waterfront, common area and open green space.

“Strong tenancy paired with favorable capital markets conditions allowed for favorable long-term capital for Kylli. The return-to-work tailwinds alleviated any lender concerns around the pandemic,” added Moyer.

Burlingame Point offers unparalleled access to the dynamic business environment that thrives in the Bay Area. Its location is within miles of Silicon Valley technology, Bay Area Life Science research and the world’s greatest collection of venture capital fund managers. With immediate access to Highway 101, Caltrain, BART and the San Francisco International Airport, Burlingame is perfectly positioned for the next generation of diverse, innovative businesses.

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.  

About Kylli, Inc.
Kylli is a full-service investment holding firm focusing on the development, operation and management of institutional quality real estate assets in the San Francisco Bay Area. Kylli’s current portfolio includes 225 Bush in San Francisco CA, Burlingame Point in Burlingame, CA and Mission Point in Santa Clara, CA.

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