The new funding comes after a booming Third Quarter for Spieker. The company specializes in industrial and office properties located primarily in Seattle, Portland, OR and California markets. At the end of the quarter, funds from operation amounted to $85.3 million, or $1.00 per share. During the same time period last year, Spieker posted an FFO of $0.87 per share.

The $400 million credit line replaces Spieker's existing facility of $250 million. The deal was arranged through 11 banks. The deal was put together by Wells Fargo Bank, with Bank of America handling syndication. The other participating institutions included Commerzbank AG, Bank One, U.S. Bank, Union Bank of California, Bankers Trust, Morgan Guaranty Trust Company of New York, PNC Bank, The Chase Manhattan Bank, and AmSouth Bank.

Locally, Spieker's recent development projects have included the 344,000-sf Watergate Office Towers IV in Emeryville, the 580,000-sf Skyport project in San Jose and several other projects on the peninsula.