{"id":1004364254,"date":"2019-10-30T06:06:15","date_gmt":"2019-10-30T14:06:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004364254"},"modified":"2019-10-30T06:35:41","modified_gmt":"2019-10-30T14:35:41","slug":"landmark-san-francisco-tower-draws-350m-loan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/landmark-san-francisco-tower-draws-350m-loan\/","title":{"rendered":"Landmark San Francisco Tower Draws $350M Loan"},"content":{"rendered":"
\"\"<\/a>

Jordan Angel, Managing Director, JLL. Image courtesy of JLL<\/em><\/p><\/div>\n

The iconic office building at 225 Bush St. in San Francisco’s Financial District gets refinanced. Acting on behalf of owner Kylli Inc<\/a>., JLL arranged a $350 million loan for the approximately 580,000-square-foot property.<\/p>\n

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READ ALSO<\/strong>: San Francisco Office Report \u2013 Spring 2019<\/a><\/p>\n

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The 22-story tower at 225 Bush St. first opened its doors as the Standard Oil Building and was home to Chevron’s headquarters for more than 50 years. The George W. Kelham-designed property, which expanded to its current size in 1950, underwent nearly $13 million in renovations over a three-year period ending in 2013. In 2014, 225 Bush came under new ownership when Kylli, a wholly owned subsidiary of China’s Genzon Investment Group Co. Ltd., acquired a 95 percent stake<\/a> in the asset for $350 million. Kylli and minority owner Flynn Properties repositioned the office destination before Kylli purchased Flynn Properties’ 5 percent interest to become sole owner.<\/p>\n

“This building represents one of the best examples of a historic renovation of a core San Francisco office building to encompass both traditional and open floorplan tech-friendly office space,”<\/em> Jordan Angel, managing director with JLL, told Commercial Property Executive<\/em>. JLL’s Taylor Gimian and Andie Fezell worked with the Angel-led Capital Markets team representing Kylli.<\/p>\n

\"\"<\/a>

225 Bush St. Image courtesy of JLL<\/em><\/p><\/div>\n

Today, 225 Bush is 100 percent leased to a diverse roster of 31 tenants in the tech, media, business services, consulting and finance industries. JLL secured the fixed-rate loan for the office tower through Deutsche Bank.<\/p>\n

“The lending community bid this refinance very aggressively given the quality of the asset, diverse rent roll, and strong sponsorship,”<\/em> Angel said. “The sponsor had many different debt options from all types of lenders to select from. Lenders see downtown San Francisco assets with a diverse rent roll and under market rents as a very appealing place to put out their money.”<\/em><\/p>\n

A lender favorite<\/strong><\/h2>\n

It’s not just downtown San Francisco that lenders find appealing; the entire city’s office market boasts hearty fundamentals that make it a magnet for capital. Strong tenant demand is just growing stronger, outpacing supply even in the face of soaring rents that have exceeded those recorded during the dot-com boom, according to a third quarter report by JLL. Positive net absorption reached 2.4 million square feet year-to-date, and just one contiguous block of space exceeding 100,000 square feet was available and ready for delivery by year’s end.<\/p>\n

Office assets across the San Francisco Bay Area have been reeling in major commitments from lenders. Earlier this year, Harvest Properties and Invesco Real Estate secured $313.8 million in acquisition and construction financing<\/a> for the approximately 588,000-square-foot Catalyst portfolio in Sunnyvale. And Kylli landed $515 million in financing for Burlingame Point, a new 800,000-square-foot office campus in Burlingame.<\/p>\n","protected":false},"excerpt":{"rendered":"

On behalf of Kylli Inc., JLL arranged the refinancing of a historic 580,000-square-foot office property in the city’s Financial District.<\/p>\n","protected":false},"author":969,"featured_media":1004364287,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21742,21747,1609,15],"tags":[32791,37186,43754,32796,43757],"class_list":["post-1004364254","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-latest","category-office","category-san-francisco","category-west","tag-deutsche-bank","tag-flynn-properties","tag-genzon-group","tag-jll","tag-kylli-inc"],"acf":[],"yoast_head":"\nLandmark San Francisco Tower Draws $350M 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\/landmark-san-francisco-tower-draws-350m-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Landmark San Francisco Tower Draws $350M Loan\" \/>\n<meta property=\"og:description\" content=\"On behalf of Kylli Inc., JLL arranged the refinancing of a historic 580,000-square-foot office property in the city's Financial District.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/landmark-san-francisco-tower-draws-350m-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=\"2019-10-30T14:06:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-10-30T14:35:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/225-Bush-St.-San-Francisco-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/landmark-san-francisco-tower-draws-350m-loan\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/landmark-san-francisco-tower-draws-350m-loan\/\",\"name\":\"Landmark San Francisco Tower Draws $350M Loan - 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