SAN MATEO, CA—A thriving job market is fueling debt availability for high-quality office assets in the Bay Area. An example of the type of debt availability finding its way into the office market is a seven-year, non-recourse loan totaling $48 million. This financing was obtained for 777 Mariners Island Blvd . and provided by New York Life. Wafra Investment Advisory Group Inc. purchased the 187,372-square-foot asset from Cornerstone Real Estate Advisers . Located on the Peninsula, 777 Mariners Island Blvd. is in one of the Bay Area's most in-demand submarkets with major tech tenants nearby and vacancy rates of 4.3% (Palo Alto, CA) and 2.3% (Mountain View, CA). JLL 's capital markets experts secured the acquisition financing for Wafra. Executive vice president Alex Witt and managing directors Alexandra Bryant and John Manning led the JLL team on the deal. “With rents nearly 30% below market rates and Bay Area office vacancy near historic lows, 777 Mariners Island Blvd. represented a prime opportunity for Wafra,” said Witt. “We anticipate financing to continue to be available for strong sponsors such as Wafra as market fundamentals remain strong and tenant demand remains high.” The property is within walking distance from the Bridgepointe Shopping Center , two miles from a CalTrain station, five miles from San Francisco International Airport, and just 20 miles from downtown San Francisco. The building includes an updated fitness center and auditorium as well as a community rooftop space. Witt tells GlobeSt.com: “Despite some uncertainty in the market resulting from a possible Fed rate hike and global issues such as Brexit, JLL is still seeing strong lending demand from commercial banks, debt funds, CMBS lenders and life insurance companies. This continues to be a favorable time for borrowers to lever their positions with floating rate or fixed rate debt.” SAN MATEO, CA—A thriving job market is fueling debt availability for high-quality office assets in the Bay Area. An example of the type of debt availability finding its way into the office market is a seven-year, non-recourse loan totaling $48 million. This financing was obtained for 777 Mariners Island Blvd . and provided by New York Life. Wafra Investment Advisory Group Inc. purchased the 187,372-square-foot asset from Cornerstone Real Estate Advisers . Located on the Peninsula, 777 Mariners Island Blvd. is in one of the Bay Area's most in-demand submarkets with major tech tenants nearby and vacancy rates of 4.3% (Palo Alto, CA) and 2.3% (Mountain View, CA). JLL 's capital markets experts secured the acquisition financing for Wafra. Executive vice president Alex Witt and managing directors Alexandra Bryant and John Manning led the JLL team on the deal. “With rents nearly 30% below market rates and Bay Area office vacancy near historic lows, 777 Mariners Island Blvd. represented a prime opportunity for Wafra,” said Witt. “We anticipate financing to continue to be available for strong sponsors such as Wafra as market fundamentals remain strong and tenant demand remains high.” The property is within walking distance from the Bridgepointe Shopping Center , two miles from a CalTrain station, five miles from San Francisco International Airport, and just 20 miles from downtown San Francisco. The building includes an updated fitness center and auditorium as well as a community rooftop space. Witt tells GlobeSt.com: “Despite some uncertainty in the market resulting from a possible Fed rate hike and global issues such as Brexit, JLL is still seeing strong lending demand from commercial banks, debt funds, CMBS lenders and life insurance companies. This continues to be a favorable time for borrowers to lever their positions with floating rate or fixed rate debt.”