CBRE Capital Markets has arranged refinancing for Dublin Corporate Center, a 447,771-sq. ft., Class A office complex located at 4120, 4140 and 4160 Dublin Boulevard in Dublin, California.
CBRE’s Brad Zampa, Mike Walker and Megan Woodring secured the $126.2 million refinancing on behalf of ownership, a joint venture between funds managed by Oaktree Capital Management, L.P. and Hines.
“Since purchasing Dublin Corporate Center in 2017, ownership drastically improved the campus by investing more than $3 million in capital improvements, creating a 9,700-sq. ft. state-of-the-art, super tenant-amenity facility called the “HUB,” said Brad Zampa. “After this transformation Dublin Corporate Center is now the highest quality Class A campuses in the East Bay Area’s Dublin/ Pleasanton submarket. This was an extremely compelling financing opportunity of scale, which was reflected in the deep pool of lenders that pursued the refinance.”
Dublin Corporate Center is currently 83 percent leased and situated on 19 acres and includes three, state-of-the-art, four-story buildings with expansive window lines that maximize natural light and views of the Dublin/Pleasanton Hills market. The property offers tenants 1,000 feet of frontage along the I-580 freeway with exceptional building and pylon signage opportunities. Additionally, the campus benefits from proximity to several walkable amenities, including numerous dining and shopping options.
The Tri-Valley office market has been one of the fastest growing regions in the entire San Francisco Bay area. Tenant activity in the market has increased significantly in recent years from both tech and traditional office users and fundamentals reflect that. Vacancy rates are at 18-year historic lows – 5.6 percent as of Q3 2019 – while rental rates have increased more than 28 percent since the beginning of 2014.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.