{"id":1004746896,"date":"2025-02-12T05:12:40","date_gmt":"2025-02-12T13:12:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004746896"},"modified":"2025-02-12T07:23:51","modified_gmt":"2025-02-12T15:23:51","slug":"uber-jv-lands-500m-for-san-francisco-hq","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/uber-jv-lands-500m-for-san-francisco-hq\/","title":{"rendered":"Uber JV Lands $500M for San Francisco HQ"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/Uber-HQ-1.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1800\" height=\"1350\" data-attachment-id=\"1004746897\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/uber-jv-lands-500m-for-san-francisco-hq\/uber-hq-1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/Uber-HQ-1.jpg\" data-orig-size=\"1800,1350\" data-comments-opened=\"0\" 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;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Uber HQ (1)\" data-image-description=\"&lt;p&gt;Properties at 1655 and 1725 Third Street, San Francisco&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;JPMorgan Chase holds the naming rights for the Golden State Warriors arena next to the Uber headquarters. Image courtesy of CBRE&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/Uber-HQ-1.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/Uber-HQ-1.jpg\" alt=\"Aerial shot of Uber's headquarters in San Francisco, located next to Golden State Warriors' arena.\" class=\"wp-image-1004746897\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/Uber-HQ-1.jpg 1800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/Uber-HQ-1.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/Uber-HQ-1.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/Uber-HQ-1.jpg?resize=1024,768 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/Uber-HQ-1.jpg?resize=1536,1152 1536w\" sizes=\"auto, (max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption class=\"wp-element-caption\">Uber&#8217;s headquarters is adjacent to the Golden State Warriors arena. <em>Image courtesy of CBRE<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Alexandria Real Estate Equities, Uber Technologies and basketball team Golden State Warriors have secured a $500 million refinancing loan for two office buildings in San Francisco that serve as Uber&#8217;s headquarters. The trophy duo encompasses 586,208 square feet in the Mission Bay neighborhood.<\/p>\n\n\n\n<p>Goldman Sachs and Barclays provided the five-year, fixed-rate, single-asset, single-borrower <a href=\"https:\/\/www.commercialsearch.com\/news\/whats-ahead-for-cmbs-in-2025\/\">CMBS note<\/a> in a deal arranged by CBRE. To secure the loan, the joint venture made a down payment of $100 million on the existing debt, a $600 million financing package originated by JPMorgan Chase &amp; Co. in 2020, public records show. Wells Fargo served as trustee.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/san-francisco-office-construction-rebounds-amid-high-vacancy\/\">San Francisco Office Construction Rebounds Amid High Vacancy<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Uber and Warriors each have a 45 percent stake in the two office buildings, while Alexandria owns the remaining 10 percent. The duo is at 1655 and 1725 Third St., next to the Chase Center arena and about 3 miles south of downtown San Francisco. <\/p>\n\n\n\n<p>Completed in 2021, the 11-story buildings feature 45,911-square-foot floorplates, as well as LEED Gold certifications. Amenities consist of a caf\u00e9, a smoothie bar, as well as landscaped roof decks, to name a few.<\/p>\n\n\n\n<p>Rounding up Uber&#8217;s Mission Bay campus are the office assets at 1455 and 1515 Third St., which measure a combined 486,600 square feet and bring the property\u2019s total square footage to 1 million. Uber subleased these buildings to OpenAI in 2023.<\/p>\n\n\n\n<p>CBRE Executive Vice Presidents Brad Zampa and Michael L. Walker arranged the financing on behalf of the venture. According to the firm&#8217;s research, the non-agency <a href=\"https:\/\/www.commercialsearch.com\/news\/cre-lending-activity-sees-strong-recovery\/\">loan closings for banks rose to 43 percent<\/a> in December, up from the 18 percent registered in September. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-san-francisco-s-office-market-sees-better-days\">San Francisco&#8217;s office market sees better days<\/h2>\n\n\n\n<p>San Francisco\u2019s office scene sees signs of improvement. Although the market\u2019s vacancy rate rose 240 basis points year-over-year, landing at 34.2 percent in December, the last quarter of 2024 marked the first three-month period of positive absorption recorded since 2019, according to a report by Cushman &amp; Wakefield.<\/p>\n\n\n\n<p>This shift toward 2024\u2019s tail-end spurred lending revival in the metro. In January, a joint venture between Bain Capital Real Estate and Phase 3 Real Estate Partners Inc. <a href=\"https:\/\/www.commercialsearch.com\/news\/genesis-lands-484m-for-san-francisco-life-science-campus\/\">obtained $484 million to refinance<\/a> a three-building life science complex totaling 566,661 square feet in Brisbane, Calif.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The partners paid down the property\u2019s existing debt by $100 million before securing the new financing.<\/p>\n","protected":false},"author":3471,"featured_media":1004746897,"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":[52068,32934,32789,33435,35274,34586],"class_list":["post-1004746896","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-alexandria-real-estate-equities","tag-barclays","tag-cbre","tag-goldman-sachs","tag-jpmorgan-chase","tag-uber"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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