CBRE facilitated a $500 million financing deal for 1655 and 1725 Third St. in San Francisco on behalf of a joint venture between affiliates of Alexandria Real Estate Equities, Inc., Uber Technologies, Inc., and the Golden State Warriors. The JV successfully refinanced the office development, which is fully leased to Uber as its global headquarters, with a five-year fixed-rate CMBS/SASB loan.
Brad Zampa and Mike Walker from CBRE’s Debt and Structured Finance team in San Francisco secured the non-recourse loan from Goldman Sachs and Barclays – both headquartered in New York.
Zampa stated that there has been an increase in investor activity within the San Francisco office market over recent quarters. He also mentioned that their team is currently marketing multiple value-add and stabilized West Coast office assets with an increased amount of liquidity for both debt and equity – particularly for high-quality trophy assets like Uber’s headquarters.
The two Class A properties are located in Mission Bay neighborhood of San Francisco. They consist of 11 stories each with a combined total area of 586,208 square feet.
