Lawrence Station is a five-story class-A spec office building with 173,474 rentable square feet.
SANTA CLARA, CA—Most new Bay Area projects look to position near a transit element, but one development has several tenant-attracting elements up its sleeve. Lawrence Station is a five-story class-A spec office building with 173,474 rentable square feet and a neighboring parking garage.
The project, due for completion in 2020, is located at 3607 Kifer Rd. on the corner of Lawrence Expressway, which offers visibility between US Highway 101 and State Route 82. This location positions it near numerous high-profile corporations, including Apple, Google, Microsoft and Intuitive Surgical. In addition, the site will be near Lawrence Caltrain Station and expanding retail offerings in the surrounding area.
“Future tenants are going to benefit from the unique combination of being just a five-minute walk from Caltrain while remaining within the city limits of Santa Clara, which will allow them to access Silicon Valley Power so they will be able to save 35% on their energy costs,” said HFF senior director Brandon Roth.
Silicon Valley Power's 2018 strategic plan includes more than 30 initiatives in four areas: utility performance excellence, customer engagement and satisfaction, progress and innovation focus, community and environmental stewardship. Customers can purchase 100% zero-emission certified renewable solar energy from the Santa Clara Green Power program, GlobeSt.com learns.
HFF arranged the financing for the development. It worked on behalf of the developer, Bayview Development Group, to secure the three-year $91.7 million construction loan through Broad Street Real Estate Credit Partners III, a fund managed by the Goldman Sachs merchant banking division. The HFF debt placement team representing the borrower consisted of senior managing director Charles Halladay, senior directors Roth and Ben Bullock, and analyst Taylor Gimian.
“The capital markets are incredibly liquid for well-located spec office developments,” Roth tells GlobeSt.com. “This is true for all components of the capital stack (senior loans, mezzanine/preferred, LP equity and co-GP capital). We're also seeing an increasingly diverse mix of players, including investment advisors, insurance companies, pension funds, debt funds, banks and foreign capital.”
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
