The development company will keep a minority interest in the property at 420-575 Broadway due to a $70-million stake in the project it holds with Farallon Capital. In addition, TMG will continue to manage the business park.
Midpoint Technology Park, which got its name because it is located midway between San Francisco and San Jose, is a 950,000-sf project that was once home to ExciteAtHome Corp. However, the 44-acre park is nearly empty now due to the dot-com crash.
In the revised deal, Credit Lyonnais has committed to financing brokers' commissions and tenant improvements. According to sources, TMG Partners has outsourced the leasing of the park to BT Commercials in an effort to reposition the project and attract new tenants. The average rental rate in the park is $2.35 per sf.
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