MENLO PARK, CA—Square Mile Capital Management LLC has originated a $145-million construction loan to finance a development project in Menlo Park, CA. The loan will be secured by an eight-story, 210,000-square-foot office building, a 1,040-space parking structure and a 41,000-square foot fitness center. It is being developed by the Bohannon Cos., a real estate development and management firm with a long history of ownership in San Mateo County.

The financing was arranged by John Kerslake and Briana Smith of NorthMarq Capital.

The project is part of the first phase of Menlo Gateway, a 16-acre master-planned development comprised of a 250-room Autograph Collection hotel currently under construction and a total of approximately 500,000 square feet of office space to be built in phases. The project's site is located at 100 Independence Drive, off the Marsh Road exit of US Route 101. Designed by Heller Manus, the office building capitalizes on the site's excellent visibility from the highway, and is oriented to maximize southern exposure and natural light. The property is expected to achieve a high level of efficiency eligible for LEED Gold certification, and will include cutting-edge “green” features, including enhanced energy, water, air quality and lighting efficiencies.

SAN FRANCISCO—Hudson Pacific Properties Inc. recently revealed that Google Inc. has signed a 10-year lease for 166,460 square feet at the company's Rincon Center II office tower in San Francisco. The lease is anticipated to start in March 2018 and will backfill two of Hudson Pacific's significant 2017 expirations: a 132,600-square-foot lease with AIG and a 22,000-square-foot lease with global law firm Dentons. Located on Spear Street in San Francisco's Financial District, Rincon Center consists of two, five- and six-story class-A office towers with marquee, ground-floor retail space. Rincon Center is one of the city's landmark mixed-use properties, with excellent access to public transit.

BUILDING BLOCKS

SEATTLE—Madison Marquette recently revealed plans to redevelop Pacific Place, downtown Seattle's premier urban street retail destination. Anchored by Barneys New York and Tiffany & Co., Pacific Place is located in one of the fastest growing cities in the Nation. The 339,000-square-foot, four-story retail center will undergo a multimillion-dollar renovation designed by the international architectural firm Gensler. The project is scheduled to begin in the 4th quarter of 2017 with the first phase opening in the fall of 2018. The redevelopment plans include remodeling of the center's common areas along with a new South Lake Union facing grand entrance allowing for additional shop space and dining opportunities to better satisfy the strong global retail and restaurant demand for downtown Seattle. The redevelopment strategy will focus on appealing to best in class retailers looking for a well curated destination adjacent to Nordstrom's flagship.

This week in the North West region, some big things are happening in northern California. Check out all the news you might have missed below.—Natalie Dolce

NEWS & NOTABLES

SAN FRANCISCO—Cushman & Wakefield's Valuation & Advisory platform has expanded its West Coast leadership with three strategic hires. This includes the additions of Steve Henry, MAI, and Melissa Lofing, MAI, who joined the commercial real estate services firm as managing directors in its Orange County and San Diego offices, respectively, and Nancy H. Welsh, MAI, MRICS, a senior director based in San Francisco.

HILLSBORO, OR—Majestic Realty Co.'s Majestic Brookwood Business Park has been named the Industrial Development of the Year by the Commercial Association of Brokers of Oregon and Southwest Washington, SIOR and the NAIOP Oregon Chapter. The award was presented at the organizations' annual “Night of Excellence in Commercial Real Estate.” With its long-term vision for development opportunities in Hillsboro, Majestic had its eye on what is today known as The Majestic Brookwood Business Park since first seeing the site in 2002, according to a prepared release. After more than a decade of window-shopping, Majestic purchased the 73-acre site from the Nike Foundation in 2014.
DEALTRACKER

MENLO PARK, CA—Square Mile Capital Management LLC has originated a $145-million construction loan to finance a development project in Menlo Park, CA. The loan will be secured by an eight-story, 210,000-square-foot office building, a 1,040-space parking structure and a 41,000-square foot fitness center. It is being developed by the Bohannon Cos., a real estate development and management firm with a long history of ownership in San Mateo County.

The financing was arranged by John Kerslake and Briana Smith of NorthMarq Capital.

The project is part of the first phase of Menlo Gateway, a 16-acre master-planned development comprised of a 250-room Autograph Collection hotel currently under construction and a total of approximately 500,000 square feet of office space to be built in phases. The project's site is located at 100 Independence Drive, off the Marsh Road exit of US Route 101. Designed by Heller Manus, the office building capitalizes on the site's excellent visibility from the highway, and is oriented to maximize southern exposure and natural light. The property is expected to achieve a high level of efficiency eligible for LEED Gold certification, and will include cutting-edge “green” features, including enhanced energy, water, air quality and lighting efficiencies.

SAN FRANCISCO—Hudson Pacific Properties Inc. recently revealed that Google Inc. has signed a 10-year lease for 166,460 square feet at the company's Rincon Center II office tower in San Francisco. The lease is anticipated to start in March 2018 and will backfill two of Hudson Pacific's significant 2017 expirations: a 132,600-square-foot lease with AIG and a 22,000-square-foot lease with global law firm Dentons. Located on Spear Street in San Francisco's Financial District, Rincon Center consists of two, five- and six-story class-A office towers with marquee, ground-floor retail space. Rincon Center is one of the city's landmark mixed-use properties, with excellent access to public transit.

BUILDING BLOCKS

SEATTLE—Madison Marquette recently revealed plans to redevelop Pacific Place, downtown Seattle's premier urban street retail destination. Anchored by Barneys New York and Tiffany & Co., Pacific Place is located in one of the fastest growing cities in the Nation. The 339,000-square-foot, four-story retail center will undergo a multimillion-dollar renovation designed by the international architectural firm Gensler. The project is scheduled to begin in the 4th quarter of 2017 with the first phase opening in the fall of 2018. The redevelopment plans include remodeling of the center's common areas along with a new South Lake Union facing grand entrance allowing for additional shop space and dining opportunities to better satisfy the strong global retail and restaurant demand for downtown Seattle. The redevelopment strategy will focus on appealing to best in class retailers looking for a well curated destination adjacent to Nordstrom's flagship.