CBRE facilitated a $500 million financing deal for two office properties, 1655 and 1725 Third St., located in San Francisco. The joint venture between Alexandria Real Estate Equities, Inc., Uber Technologies, Inc., and the Golden State Warriors sought to refinance the development which is fully leased by Uber as its global headquarters. The five-year fixed-rate loan was secured through CMBS/SASB.
Brad Zampa and Mike Walker from CBRE’s Debt and Structured Finance team in San Francisco were responsible for securing the non-recourse loan from Goldman Sachs and Barclays, both based in New York.
According to Zampa, there has been an increase in leasing activity and investor interest within the San Francisco office market over recent quarters. This has led to more liquidity for both debt and equity investments within this sector. High-quality trophy assets such as Uber’s headquarters have seen a surge of interest.
The two Class A office properties are situated in Mission Bay neighborhood of San Francisco with a combined total area of 586,208 square feet spanning across eleven stories each.
