{"id":1004182385,"date":"2017-06-29T04:36:29","date_gmt":"2017-06-29T12:36:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004182385"},"modified":"2022-12-08T16:26:47","modified_gmt":"2022-12-09T00:26:47","slug":"silicon-valley-project-lands-79m-construction-loan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/silicon-valley-project-lands-79m-construction-loan\/","title":{"rendered":"Silicon Valley Project Lands $79M Construction Loan"},"content":{"rendered":"<p>By Scott Baltic, Contributing Editor<\/p>\n<div id=\"attachment_1004182390\" style=\"width: 398px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Lane_Partners_Homepage_2075Broadway.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004182390\" data-attachment-id=\"1004182390\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/silicon-valley-project-lands-79m-construction-loan\/lane_partners_homepage_2075broadway\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Lane_Partners_Homepage_2075Broadway.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;steelblue&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;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Lane_Partners_Homepage_2075Broadway\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Lane_Partners_Homepage_2075Broadway.jpg?w=800\" class=\"wp-image-1004182390\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Lane_Partners_Homepage_2075Broadway.jpg\" alt=\"Broadway Station\" width=\"388\" height=\"291\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Lane_Partners_Homepage_2075Broadway.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Lane_Partners_Homepage_2075Broadway.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Lane_Partners_Homepage_2075Broadway.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 388px) 100vw, 388px\" \/><\/a><p id=\"caption-attachment-1004182390\" class=\"wp-caption-text\">Broadway Station<\/p><\/div>\n<p>San Francisco-based PCCP LLC has provided a $78.6 million construction loan to Lane Partners for Broadway Station, a 114,859-square-foot, Class A office building in downtown Redwood City, Calif.<\/p>\n<p>Lane Partners, of Menlo Park, Calif., has already preleased all of the four-story building\u2019s office space to the Chan Zuckerberg Initiative. CZI was founded in 2015 by Facebook founder Mark Zuckerberg and his wife Priscilla Chan, with the mission to <em>\u201cadvance human potential and promote equality in areas such as health, education, scientific research and energy.\u201d<\/em><\/p>\n<h2>Property\u00a0Details<\/h2>\n<p>In addition to the office space, Broadway Station will have about 12,800 square feet of ground-floor retail space with frontage on both Broadway and Jefferson.\u00a0The building\u00a0will feature\u00a0two outdoor terraces totaling 6,000 square feet, two levels of underground parking, 15-foot clear heights between upper floors and 20-foot clear height for ground floor office and retail.<\/p>\n<p>The site is less than a mile from Interstate 101 and three blocks from the Redwood City Caltrain Station, one of four Silicon Valley \u201cbaby bullet\u201d stops that provide public transportation between San Francisco and San Jose.<\/p>\n<p>\u201c<em>We really believe in this project as it has a strong local developer that is building a well-located, <a href=\"https:\/\/www.commercialsearch.com\/news\/cbre-secures-152m-bay-area-office-refi\/\">transit-oriented office product<\/a> in the Bay Area<\/em>,\u201d Erik Flynn, a managing director with PCCP, said in a prepared statement.\u00a0With this loan in place, construction will start in the third quarter and is expected to be completed in summer 2019.<\/p>\n<p>Neither PCCP nor Lane Partners replied to <em>Commercial Property Executive<\/em>\u2019s requests for additional information.<\/p>\n<h2>Office Market Insights<\/h2>\n<p>Though the Greater San Francisco Peninsula office market started the year\u00a0in an excellent position, some signs suggest that \u201c<em>a modest slowdown in record growth could be in the future<\/em>,\u201d according to a first-quarter report by Colliers International.<\/p>\n<p>San Mateo County\u2019s average vacancy crept up slightly towards the end of the first quarter to\u00a07.1 percent, its highest point since the end of 2015 and somewhat higher than the Peninsula\u2019s overall average of 6 percent. Another possible sign of a slowing market is San Mateo County\u2019s total gross absorption of 533,220 square feet, which is well below the average over the past two years, the Colliers report added. Further, sublease space now represents 25.60 percent of available office space in San Mateo County.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Development on Broadway Station will start in the third quarter, with delivery expected in the summer of 2019. Chan Zuckerberg Initiative already preleased the entire building.<\/p>\n","protected":false},"author":882,"featured_media":1004182390,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21783,21742,21747,1609,15],"tags":[36477,32763,33053,33439],"class_list":["post-1004182385","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-investment","category-latest","category-office","category-san-francisco","category-west","tag-broadway-station","tag-colliers-international","tag-pccp-llc","tag-san-mateo-submarket"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Silicon Valley Project Lands $79M Construction Loan - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/silicon-valley-project-lands-79m-construction-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Silicon Valley Project Lands $79M Construction Loan\" \/>\n<meta property=\"og:description\" content=\"Development on Broadway Station will start in the third quarter, with delivery expected in the summer of 2019. Chan Zuckerberg Initiative already preleased the entire building.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/silicon-valley-project-lands-79m-construction-loan\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-06-29T12:36:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T00:26:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Lane_Partners_Homepage_2075Broadway.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/silicon-valley-project-lands-79m-construction-loan\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/silicon-valley-project-lands-79m-construction-loan\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Silicon Valley Project Lands $79M Construction Loan\",\"datePublished\":\"2017-06-29T12:36:29+00:00\",\"dateModified\":\"2022-12-09T00:26:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/silicon-valley-project-lands-79m-construction-loan\\\/\"},\"wordCount\":393,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/silicon-valley-project-lands-79m-construction-loan\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2017\\\/06\\\/Lane_Partners_Homepage_2075Broadway.jpg\",\"keywords\":[\"Broadway Station\",\"Colliers International\",\"PCCP LLC\",\"San Mateo Submarket\"],\"articleSection\":[\"Development\",\"Featured\",\"Investment\",\"News\",\"Office\",\"San Francisco\",\"West\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/silicon-valley-project-lands-79m-construction-loan\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/silicon-valley-project-lands-79m-construction-loan\\\/\",\"name\":\"Silicon Valley Project Lands $79M Construction Loan - 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