JLL arranges debt for 345 California Center in the nation’s top performing office market
SAN FRANCISCO, Nov. 4, 2014 – JLL’s Capital Markets today announced the firm has secured $150 million in refinancing for 345 California Center, a San Francisco skyline landmark. Cornerstone Advisers on behalf of MassMutual provided the loan to an affiliated entity of Chicago-based Metropolis Investment Holdings Inc. Growing rental rates resulting from the rising technology sector and a strong, diversified employer base have increased investor interest in San Francisco’s office market to an all-time high.
Managing Directors Keith Largay and John Manning, Senior Vice President Alex Witt and Vice President Fiorentina Malko led the JLL team on the transaction.
“Many lenders were drawn to a trophy office tower in San Francisco’s competitive market,” said Largay. “Premiere sponsorship, a strong tenant roster and an extensive amenity base position the property to perform well.”
Added Manning, “The sponsor was able to capitalize on the debt capital market’s low interest rates while San Francisco’s steadily climbing office rents and low vacancy rates were huge draws for the lending community.”
The 48-story building totals 600,000 square feet and is located in San Francisco’s financial district, near a variety of dining and retail options. It is easily accessible from the area’s public transportation and near major roadways connecting it to the greater Bay Area. Metropolis owns and manages 345 California Center, as part of its 6 million square feet portfolio of iconic high-rise office buildings.
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.
For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.
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 $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $50.0 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.