PLEASANTON, CA—JLL's Capital Markets experts said today that the firm has secured $152 million in debt financing for California Center, a 1,030,266-square-foot office campus located in Pleasanton, in San Francisco's East Bay. Starwood Property Trust provided the five-year, floating-rate loan in which $106.5 million was funded at closing with an additional $45.5 million for future capital improvements.
Managing director John Manning and senior vice president Alex Witt led the JLL team on the transaction.
“California Center is a high-quality office asset that offers large blocks of office space – a rare opportunity in the San Francisco Bay Area,” said Manning. “The asset is backed by best in class sponsorship and offers near-term upside potential, both of which are huge draws for the lending community.”
The six-building campus was acquired by Swift Real Estate Partners in June in a sale transaction led by JLL's investment sales team including managing directors Michael Seifer and Rob Hielscher and vice president Aaron Herter. It features a state-of-the-art conference center, a 600-seat cafeteria, a fully equipped fitness center and an 8.4 acre site that is fully entitled for 305 residential units. The property is a short walk to BART, and there are also numerous retail and dining options within walking distance of the property.
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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.
