PARSIPPANY, NJ-CBRE Group Inc. has completed a $38 million refinancing of the fully-leased office building at 399 Jefferson Road here.
Pinnacle Foods and Biomet Spine & Healing Technologies are both tenants with long-term leases at the 206,155-square-foot building.
Prism Capital Partners acquired the building in 2010 when it was vacant, and later expanded it by 28,000 square feet to suit Biomet.
Pinnacle Foods originally leased space for its headquarters at the facility in 2011 and now occupies 104,000 square feet.
Biomet, which manufactures medical devices and implants, originally signed a lease for 102,000 square feet, and subsequently took occupancy of a 50,000-square-foot built-to-suit office space.
Last year, the 28,000-square-foot addition was completed, to house Biomet's executive offices, a conference center and meeting rooms for sales presentations. The completed addition expanded the buildings total square feet to 206,000.
The deal that consummated the Biomet headquarters relocation, rehabilitation and expansion of 399 Jefferrson was a finalist for NAIOP's Creative Deal of the Year last year. Cushman & Wakefield was the broker on that deal.
The CBRE team of James Gunning, Donna Falzarano and Evan Kleppe, secured the 10-year, $38 million refinance loan at a 5% interest rate through Relius Financial, on behalf of Prism affiliate, Jeffroad Green LLC.
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