All but a few million of the proceeds will be used to pay off what is now a $111-million loan from Prudential Insurance that carries an interest rate of 6.56% and was to mature next week. The new loan appears to be secured by more and somewhat different square footage than the loan being paid off. Mission West CEO Carl Berg did not return a Wednesday phone call seeking comment.

As of October 1, 2008, the Company's total debt amounted to approximately $362.2 million, giving it a 35% debt to asset ratio. Fixed rate mortgage debt, at an average weighted interest rate of 5.74%, represents 95% of the total debt. The weighted average loan term is approximately 11.1 years.

"We are very pleased with the terms of the refinancing which positions the Company well in light of current credit market conditions," Berg said in a prepared statement. "We believe we will be in a perfect position to take advantage of any major acquisition opportunity that may occur due to the market distress."