{"id":1004101131,"date":"2014-07-25T06:24:25","date_gmt":"2014-07-25T14:24:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004101131"},"modified":"2022-12-08T01:53:37","modified_gmt":"2022-12-08T09:53:37","slug":"jll-secures-152m-in-debt-for-1-msf-california-center-office-campus-in-east-bay-area","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jll-secures-152m-in-debt-for-1-msf-california-center-office-campus-in-east-bay-area\/","title":{"rendered":"JLL Secures $152M in Debt for 1 MSF California Center Office Campus in East Bay Area"},"content":{"rendered":"<p><em>By Barbra Murray, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/07\/California-Center.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004101140\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/jll-secures-152m-in-debt-for-1-msf-california-center-office-campus-in-east-bay-area\/california-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/07\/California-Center.jpg\" data-orig-size=\"800,534\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"California Center\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/07\/California-Center.jpg?w=800\" class=\"alignleft size-medium wp-image-1004101140\" alt=\"California Center\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/07\/California-Center.jpg\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/07\/California-Center.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/07\/California-Center.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/07\/California-Center.jpg?resize=768,513 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>JLL knows how to reel in the big bucks. The commercial real estate services firm recently obtained $152 million in debt financing from Starwood Property Trust for Swift Real Estate Partners\u2019 acquisition of the 1 million-square-foot California Center office campus in Pleasanton, Calif., in the heart of San Francisco\u2019s East Bay.<\/p>\n<p>The financing consisted of a five-year, floating-rate loan, $106.5 million of which was funded at the closing of the acquisition.\u00a0 California Center is a premier\u00a0value-add\u00a0property that came with the premier price tag of $159.7 million when Swift snapped it up from Deutsche Asset &amp; Wealth Management, formerly RREEF, in June in a sale spearheaded by JLL.<\/p>\n<p>Sited on 61 acres along Rosewood Dr., California Center was originally developed in 1989<b>\u00a0<\/b>to serve as the western regional headquarters of AT&amp;T. The complex features six Class A office buildings and two additional structures containing a 300-seat, stat-of-the-art conference center and a 600-seat cafeteria.<\/p>\n<p>According to JLL, the property turned the heads of lenders with its sponsorship and upside potential in the form of an 8.4-acre site that is already entitled for a 305-unit residential development.<\/p>\n<p>Swift has not revealed any plans for residential development at California Center\u00a0\u00a0in the near future; however, the remaining $45.5 million of the financing JLL secured on Swift\u2019s behalf is available for capital improvements.<\/p>\n<p>Additionally, the lending community took notice of California Center\u2019s large blocks of office space in a market where such accommodations are scarce. According to the property\u2019s website, four of the six office buildings are vacant and available for lease. And therein lies more upside potential.<\/p>\n<p>Per a second quarter report by JLL, tenant demand in the Tri-Valley area&#8211;which is comprised of Pleasanton, Dublin and San Ramon&#8211;is strong and there are more than 1 million square feet of active requirements, with five tenants seeking 100,000 square feet or more. As noted in the report, \u201cIn the latter half of 2014, the Tri-Valley should experience robust leasing activity as one of these large corporate users lease up the six large blocks available, and in turn, signal other touring users to follow.\u201d<\/p>\n<p>JLL has navigated the friendly capital markets for many a buyer. In June, the firm obtained $200 million in acquisition financing from HSBC for RXR Realty\u2019s purchase of the 787,000-square-foot office tower at 61 Broadway in Manhattan. And earlier this year, JLL secured $200 million in debt refinancing for a five-property hotel on behalf of Ashford Hospitality Trust.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JLL has obtained $152 million in debt financing from Starwood Property Trust for Swift Real Estate Partners\u2019 acquisition of the 1 million-square-foot California Center office campus in Pleasanton, Calif.<\/p>\n","protected":false},"author":969,"featured_media":1004101140,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747,15],"tags":[],"class_list":["post-1004101131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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