{"id":1004772590,"date":"2025-09-25T03:09:20","date_gmt":"2025-09-25T11:09:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004772590"},"modified":"2025-09-25T03:09:22","modified_gmt":"2025-09-25T11:09:22","slug":"ventas-gic-to-secure-475m-for-office-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ventas-gic-to-secure-475m-for-office-portfolio\/","title":{"rendered":"Ventas, GIC to Secure $475M for Office Portfolio"},"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\/09\/Drexel-Health-Sciences-Building-in-Philadelphia.jpg\"><img decoding=\"async\" data-attachment-id=\"1004772592\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ventas-gic-to-secure-475m-for-office-portfolio\/drexel-health-sciences-building-in-philadelphia\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/Drexel-Health-Sciences-Building-in-Philadelphia-e1758790627924.jpg\" data-orig-size=\"409,307\" 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=\"Drexel Health Sciences Building in Philadelphia\" data-image-description=\"&lt;p&gt;Image courtesy of Yardi Research Data.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Drexel Health Science Building is one of the two properties in the office portfolio that will become the subject of a $475 million refinancing loan.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/Drexel-Health-Sciences-Building-in-Philadelphia-e1758790627924.jpg?w=409\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/Drexel-Health-Sciences-Building-in-Philadelphia.jpg\" alt=\"Exterior shot of Drexel Health Science Building, a 455,079-square-foot office building in Philadelphia.\" class=\"wp-image-1004772592\" style=\"width:400px\"\/><\/a><figcaption class=\"wp-element-caption\">The 455,079-square-foot Drexel Health Science Building will be the subject of 52 percent of the total loan amount. <em>Image courtesy of Yardi Research Data<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Ventas Inc. and GIC are in the process of securing a $475 million non-recourse refinancing loan for an 811,025-square-foot office portfolio, according to a <a href=\"https:\/\/www.kbra.com\/publications\/RKhRrHXf\/kbra-assigns-preliminary-ratings-to-vtr-2025-stem\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">KBRA rating report<\/a>. The portfolio consists of the Drexel Health Science Building and The Assembly, both under Ventas\u2019 ownership, located in Philadelphia and Pittsburgh, respectively, Yardi Research Data shows.<\/p>\n\n\n\n<p>Wells Fargo Bank and JP Morgan Chase are expected to issue the fixed-rate note, which bears an interest rate of 5.75 percent and is scheduled to mature in 2029. The deal is slated to close  on Oct. 2. Out of the total amount, the Drexel Building will be subjected to $247 million, while the rest of $228 million will go to The Assembly.<\/p>\n\n\n\n<p>As of September, the two-property office portfolio was 100 percent leased to four tenants, CBRE reports. The roster includes Drexel University and University of Pittsburgh, which constitute the largest tenants at each of the two properties, according to the same source.<\/p>\n\n\n\n<p>The beginning of August saw <a href=\"https:\/\/www.commercialsearch.com\/news\/reit-returns-6\/\">publicly traded U.S. equity REITs<\/a> in the Dow Jones equity all REIT index register a negative 0.59 percent in total returns. While S&amp;P Dow Jones office real estate indexes recorded one-year total returns of -11.28 percent, Ventas Inc. stood out with the highest one-year return of 33.34 percent.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-portfolio-up-close\">The portfolio, up close<\/h2>\n\n\n\n<p>The 455,079-square-foot Drexel Health Science Building came online in 2022 at 60 N 36th St., within 2 miles west of downtown Philadelphia. The 12-story LEED Gold-certified property encloses office and laboratory spaces.<\/p>\n\n\n\n<p>Originally completed in 1915 as an industrial building, The Assembly became an office property in 2022 through a conversion process, Yardi Research Data shows. Totaling 355,946 square feet across three stories, The Assembly encloses laboratory, R&amp;D and office spaces and has two attached life science buildings and an adjacent parking garage. The property is at 5051 Centre Ave., some 3 miles northeast of downtown Pittsburgh.<\/p>\n\n\n\n<p>July saw the national office vacancy stand still at 19.4 percent, unchanged from the previous two months, yet marking a 130-basis-point increase compared to the same time last year, the <a href=\"https:\/\/www.commercialsearch.com\/news\/office-report-discounted-sales-multiply-pressures-persist\/\">latest Yardi Matrix national office report<\/a> shows. During the same month, average rents contracted to $32.72 per square foot across the U.S., down 15 cents from June, but up 3.3 percent year-over-year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wells Fargo Bank and JP Morgan Chase will issue the note.<\/p>\n","protected":false},"author":3619,"featured_media":1004772592,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,11,21742,21747,1494,1602],"tags":[33650,33437,34451,33215],"class_list":["post-1004772590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-midatlantic","category-latest","category-office","category-philadelphia","category-pittsburgh","tag-gic","tag-jpmorgan-chase-bank","tag-ventas-inc","tag-wells-fargo-bank"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ventas, GIC to Secure $475M for Office Portfolio - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Ventas REIT and GIC are in the process of securing a $475 million non-recourse refinancing loan for a 811,025-square-foot office portfolio.\" \/>\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\/ventas-gic-to-secure-475m-for-office-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ventas, GIC to Secure $475M for Office Portfolio\" \/>\n<meta property=\"og:description\" content=\"Ventas REIT and GIC are in the process of securing a $475 million non-recourse refinancing loan for a 811,025-square-foot office portfolio.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ventas-gic-to-secure-475m-for-office-portfolio\/\" \/>\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=\"2025-09-25T11:09:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-25T11:09:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/Drexel-Health-Sciences-Building-in-Philadelphia-e1758790627924.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"409\" \/>\n\t<meta property=\"og:image:height\" content=\"307\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Maria Maruta\" \/>\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\/ventas-gic-to-secure-475m-for-office-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/ventas-gic-to-secure-475m-for-office-portfolio\/\",\"name\":\"Ventas, GIC to Secure $475M for Office Portfolio - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ventas-gic-to-secure-475m-for-office-portfolio\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ventas-gic-to-secure-475m-for-office-portfolio\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/Drexel-Health-Sciences-Building-in-Philadelphia-e1758790627924.jpg\",\"datePublished\":\"2025-09-25T11:09:20+00:00\",\"dateModified\":\"2025-09-25T11:09:22+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/34bf2de3f952f3db52e303344f1799df\"},\"description\":\"Ventas REIT and GIC are in the process of securing a $475 million non-recourse refinancing loan for a 811,025-square-foot office portfolio.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ventas-gic-to-secure-475m-for-office-portfolio\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/ventas-gic-to-secure-475m-for-office-portfolio\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ventas-gic-to-secure-475m-for-office-portfolio\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/Drexel-Health-Sciences-Building-in-Philadelphia-e1758790627924.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/Drexel-Health-Sciences-Building-in-Philadelphia-e1758790627924.jpg\",\"width\":409,\"height\":307,\"caption\":\"Drexel Health Science Building is one of the two properties in the office portfolio that will become the subject of a $475 million refinancing loan.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ventas-gic-to-secure-475m-for-office-portfolio\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Ventas, GIC to Secure $475M for Office Portfolio\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/34bf2de3f952f3db52e303344f1799df\",\"name\":\"Maria Maruta\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/Maria_Maruta.jpeg?w=78\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/Maria_Maruta.jpeg?w=78\",\"caption\":\"Maria Maruta\"},\"description\":\"Maria Maruta is an Associate Editor with Multi-Housing News and Commercial Property Executive. Maria completed a Bachelor's in Art History and a Master's in Film Studies at the University of Groningen, The Netherlands. Currently, she writes commercial real estate news, particularly on the office, retail, coworking and self storage sectors. You may reach her at maria.maruta@cpe-mhn.com\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/maria-maruta\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Ventas, GIC to Secure $475M for Office Portfolio - Commercial Property Executive","description":"Ventas REIT and GIC are in the process of securing a $475 million non-recourse refinancing loan for a 811,025-square-foot office portfolio.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/ventas-gic-to-secure-475m-for-office-portfolio\/","og_locale":"en_US","og_type":"article","og_title":"Ventas, GIC to Secure $475M for Office Portfolio","og_description":"Ventas REIT and GIC are in the process of securing a $475 million non-recourse refinancing loan for a 811,025-square-foot office portfolio.","og_url":"https:\/\/www.commercialsearch.com\/news\/ventas-gic-to-secure-475m-for-office-portfolio\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2025-09-25T11:09:20+00:00","article_modified_time":"2025-09-25T11:09:22+00:00","og_image":[{"width":409,"height":307,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/Drexel-Health-Sciences-Building-in-Philadelphia-e1758790627924.jpg","type":"image\/jpeg"}],"author":"Maria Maruta","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/ventas-gic-to-secure-475m-for-office-portfolio\/","url":"https:\/\/www.commercialsearch.com\/news\/ventas-gic-to-secure-475m-for-office-portfolio\/","name":"Ventas, GIC to Secure $475M for Office Portfolio - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/ventas-gic-to-secure-475m-for-office-portfolio\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/ventas-gic-to-secure-475m-for-office-portfolio\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/Drexel-Health-Sciences-Building-in-Philadelphia-e1758790627924.jpg","datePublished":"2025-09-25T11:09:20+00:00","dateModified":"2025-09-25T11:09:22+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/34bf2de3f952f3db52e303344f1799df"},"description":"Ventas REIT and GIC are in the process of securing a $475 million non-recourse refinancing loan for a 811,025-square-foot office portfolio.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/ventas-gic-to-secure-475m-for-office-portfolio\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/ventas-gic-to-secure-475m-for-office-portfolio\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/ventas-gic-to-secure-475m-for-office-portfolio\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/Drexel-Health-Sciences-Building-in-Philadelphia-e1758790627924.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/Drexel-Health-Sciences-Building-in-Philadelphia-e1758790627924.jpg","width":409,"height":307,"caption":"Drexel Health Science Building is one of the two properties in the office portfolio that will become the subject of a $475 million refinancing loan."},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/ventas-gic-to-secure-475m-for-office-portfolio\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Ventas, GIC to Secure $475M for Office Portfolio"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/34bf2de3f952f3db52e303344f1799df","name":"Maria Maruta","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/Maria_Maruta.jpeg?w=78","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/Maria_Maruta.jpeg?w=78","caption":"Maria Maruta"},"description":"Maria Maruta is an Associate Editor with Multi-Housing News and Commercial Property Executive. Maria completed a Bachelor's in Art History and a Master's in Film Studies at the University of Groningen, The Netherlands. Currently, she writes commercial real estate news, particularly on the office, retail, coworking and self storage sectors. You may reach her at maria.maruta@cpe-mhn.com","url":"https:\/\/www.commercialsearch.com\/news\/author\/maria-maruta\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/Drexel-Health-Sciences-Building-in-Philadelphia-e1758790627924.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004772590","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/3619"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004772590"}],"version-history":[{"count":9,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004772590\/revisions"}],"predecessor-version":[{"id":1004772634,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004772590\/revisions\/1004772634"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004772592"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004772590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004772590"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004772590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}