SAN FRANCISCO and NEWPORT BEACH, CA—Buchanan Street Partners has funded a $14 million mezzanine loan for an 1-story, 140,657-square-foot office building at 1155 Market Street in downtown San Francisco.
An entity controlled by Laurus Corporation, a Los Angeles-based investor, has owned the building since 2011. The City of San Francisco Public Utilities Commission (PUC) previously leased the entire building, and Laurus has overseen the re-tenanting of the building to several City of and County of San Francisco agencies.
Buchanan Street structured the loan as subordinate financing due to the first lien position of a pre-existing CMBS loan that was in place when Laurus acquired the property. The new loan will be used to fund leasing costs as the City and County of San Francisco occupy nine of the eleven floors in the building, or 82% of the total leasable area, over the next several months. Loan proceeds will also be applied toward tenant improvements for the remaining two floors and for property upgrades.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
