Tech Continues to Demand and Get Space

SUNNYVALE, CA—The second phase is going forward in the development of Jay Paul‘s Moffett Place campus, a 1.9 million-square-foot office campus which will consist of six office buildings, a health club and related common area improvements on 55 acres when completed. The entire campus is leased to Google, which took initial occupancy in the fourth quarter of last year.

Manatt Phelps & Phillips LLP closed an aggregate $906.5 million financing transaction for the phase on behalf of Jay Paul Company. The phased nature of the development presented particular challenges in the context of the financing. The largest loan comprises a single asset CMBS securitization, and as such was closely scrutinized by the rating agencies, and origination and securitization counsel.