Google-Leased Office Building Lands $148M Refi
Nuveen Green Capital provided most of the financing package.
Genesis Commercial Capital and JR Asset Management have secured a $147.5 million financing package for 750 Moffett, a 221,788-square-foot Class A office property in Mountain View, Calif. Google fully occupies the 2020-completed property.
The non-recourse debt includes a $26 million senior debt from UMB Bank and $121.5 million in C-PACE financing from Nuveen Green Capital, public records show. The combined proceeds will refinance existing debt prior to loan maturity. CBRE arranged the deal on behalf of the borrowers.
JR Asset Management purchased the building at 750 Moffett Blvd. in 2021 from Broadreach Capital Partners for $282 million, or roughly $1,273 per square foot, according to Yardi Matrix information. KEB Hana Bank provided a $184 million acquisition loan for the transaction. The land, however, is subject to a 55 year unsubordinated net lease held by the City of Mountain View, which is due in 2060.
The five-story building came online on nearly 7 acres adjacent to The Ameswell Hotel. It is next to California State Route 85 and U.S. Route 101, with NASA Research Park less than 2 miles away. Downtown San Jose is 12 miles southeast.
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Floorplates at 750 Moffett measure 46,679 square feet, while amenities include a fitness center, a multi-level parking structure, on-site vehicle charging, as well as multiple outdoor decks. The property is LEED Platinum-certified.
CBRE Executive Vice Presidents Mike Walker and Brad Zampa, alongside Associate Andy Gross, led the Debt & Structured Finance team overseeing the transaction.
San Jose vacancy rate sees decline in Q2
The office vacancy rate in San Jose dropped 70 basis points quarter-over-quarter to 18.2 percent, the lowest recorded value since 2023, according to a second-quarter Cushman & Wakefield report. The Mountain View submarket had the sharpest decline in vacancy, down 300 basis points to 27.9 percent from first quarter’s 30.9 percent.
The decline in San Jose’s vacancy comes amid improved leasing activity in the area. Recently, AI startup Glean subleased roughly 62,000 square feet in Mountain View, while Google renewed its leases totaling 2.1 million square feet in Sunnyvale.
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