{"id":1004487454,"date":"2020-10-27T02:00:08","date_gmt":"2020-10-27T10:00:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004487454"},"modified":"2020-10-27T02:23:12","modified_gmt":"2020-10-27T10:23:12","slug":"allianz-real-estate-provides-150m-loan-for-boston-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/allianz-real-estate-provides-150m-loan-for-boston-tower\/","title":{"rendered":"Allianz Real Estate Provides $150M Loan for Boston Tower"},"content":{"rendered":"
\"265<\/a>

265 Franklin. Image courtesy of Allianz Real Estate<\/em><\/p><\/div>\n

Allianz Real Estate has provided a $150 million loan to refinance a downtown Boston office building. The Munich-based company<\/a> signed the agreement with the owner of 265 Franklin Street, a joint venture of Clarendon Properties and a fund managed by BlackRock.<\/p>\n

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READ ALSO<\/strong>: Tech Tenants Remain Biggest Force in Office Leasing<\/a><\/p>\n

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Located in Boston\u2019s Financial District, the 21-story 265 Franklin Street offers multi-tenant and full-floor floorplates. The office spans 350,534 square feet and includes a ground floor with retail stores that occupy the entire block and underground parking.<\/p>\n

The property is 96.5 percent occupied with more than 36 tenants that have long-term leases, Allianz told Commercial Property Executive. <\/em>The office building\u2019s two largest leases belong to a law firm and bank with no other tenant having more than 5 percent of the leasable area.<\/p>\n

According to Allianz, 265 Franklin offered stable long-term cash flow with potential revenue upside and fit within the company\u2019s focus of investing in core assets. Last year, Allianz also made a major investment in downtown Boston when it partnered with Beacon Capital Partners to acquire a 1.2 million-square-foot office property for $845 million<\/a>.<\/p>\n

Belief in Boston\u2019s strength<\/h2>\n

Even though the COVID-19 pandemic has affected the office market throughout the U.S., Mike Cale, co-head of U.S. Debt at Allianz Real Estate, said in prepared remarks that active cities like Boston still offer long-term growth opportunities despite the ongoing crisis.<\/p>\n

Christoph Donner, CEO of Allianz Real Estate of America, added in his prepared statement that 265 Franklin would contribute to the resilience of the Allianz portfolio, especially as the U.S. continues dealing with the COVID-19 pandemic over the next 12 to 18 months. Donner also advocated for Boston\u2019s downtown financial district in his prepared remarks, saying that it would remain relevant as a place to work and an investment opportunity.<\/p>\n","protected":false},"excerpt":{"rendered":"

The borrowers will use the funds to refinance 265 Franklin, a 21-story office building in the city\u2019s Financial District. <\/p>\n","protected":false},"author":883,"featured_media":1004487493,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21808,21825,21742,10,21747],"tags":[36612,33106],"class_list":["post-1004487454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-featured","category-finance","category-latest","category-northeast","category-office","tag-allianz-real-estate","tag-blackrock"],"acf":[],"yoast_head":"\nAllianz Real Estate Provides $150M Loan for Boston Tower - 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\/allianz-real-estate-provides-150m-loan-for-boston-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Allianz Real Estate Provides $150M Loan for Boston Tower\" \/>\n<meta property=\"og:description\" content=\"The borrowers will use the funds to refinance 265 Franklin, a 21-story office building in the city\u2019s Financial District.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/allianz-real-estate-provides-150m-loan-for-boston-tower\/\" \/>\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=\"2020-10-27T10:00:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-10-27T10:23:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/265_Franklin00016.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=\"Jackson Chen\" \/>\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\/allianz-real-estate-provides-150m-loan-for-boston-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/allianz-real-estate-provides-150m-loan-for-boston-tower\/\",\"name\":\"Allianz Real Estate Provides $150M Loan for Boston Tower - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/allianz-real-estate-provides-150m-loan-for-boston-tower\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/allianz-real-estate-provides-150m-loan-for-boston-tower\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/265_Franklin00016.jpg\",\"datePublished\":\"2020-10-27T10:00:08+00:00\",\"dateModified\":\"2020-10-27T10:23:12+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/8d4607aca26f3427c49fe54ddc82ddf1\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/allianz-real-estate-provides-150m-loan-for-boston-tower\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/allianz-real-estate-provides-150m-loan-for-boston-tower\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/allianz-real-estate-provides-150m-loan-for-boston-tower\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/265_Franklin00016.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/265_Franklin00016.jpg\",\"width\":800,\"height\":620,\"caption\":\"265 Franklin. 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