CBRE Capital Markets’ Debt & Structured Finance team has secured $152 million from a domestic bank to refinance Rosewood Commons, a five-building, ±863,000-square-foot Class A office campus in Pleasanton, California.
Michael Walker, Brad Zampa, Megan Woodring, and Taylor Shepard of CBRE’s downtown San Francisco office arranged the floating-rate loan at a competitive spread priced over 30-day LIBOR. The borrower is an entity owned and controlled by Swift Real Estate Partners.
Mike Walker commented, “We are thrilled with the refinance outcome at Rosewood Commons. Attracted by the diversified and high quality tenancy, lenders from around the country aggressively competed for the opportunity to finance this exceptional campus. Swift’s complete repositioning and modernization of the office and amenities resulted in incredible leasing momentum. This project was approximately 10% leased when they acquired it in 2014 and today it is approximately 95% leased. The Pleasanton sub-market has not only hit its stride; it has established itself as a top Bay Area destination for a diversified roster of office occupiers. We are delighted to be a part of this unique opportunity.”
Located at 4400 Rosewood Drive, the amenity rich office campus features a state-of-the-art conference center, cafeteria and sports recreation facilities. Ideally located in the heart of East Bay’s Tri-Valley, Rosewood Commons benefits from highway visibility and immediate access to Interstate 680, 580, and BART. Pleasanton is home to one of the highest profile tenant concentrations in the East Bay due to the region’s exceptional quality of life and abundance of housing and transportation options. Notable companies with a corporate headquarters or major presence include; GAP, Inc., PeopleSoft, Ross Dress for Less, Thoratec, Workday, Clorox, Kaiser Permanente, Safeway, and Oracle.
Since 2006, nearly 1.95 million square feet of owner/user purchases have decreased the available stock of leasable office space, affirming these companies’ commitment to the area. Despite Pleasanton’s outstanding projected rent growth over the next five years, Pleasanton is still expected to provide an attractive average rental rate discount compared to San Francisco CBD, Oakland CBD, Silicon Valley and the Peninsula. In an independent study commissioned by Apartment List, based on metrics measuring cost of living, quality of education, safety and child-friendliness, Pleasanton was recently ranked as the best performing Bay Area city and also a top 20 city nationwide.
Based in San Francisco, Mike Walker and Brad Zampa are partners on CBRE Capital Markets’ Northern California Institutional Properties team, focusing on debt and structured finance transactions throughout the West Coast. The team also includes six investment sales experts in the region; Russell Ingrum, Joe Moriarty, Scott Prosser, Tyler Meyerdirk, Seth McKinnon and Jack DePuy. CBRE Capital Markets’ Northern California team provides investment advisory and debt and structured finance solutions for institutional investors, private capital and corporate owners/users.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
