Koll/PER has arranged the senior secured revolving credit line from a lending group headed by KeyBank Real Estate Capital, which served as the lead arranger and administrative agent with US Bank as participant. Spurgiasz calls the credit line a significant achievement in light of credit markets that "are at a near standstill." He attributes the JV's success in arranging the credit line to Koll's long history in real estate investment and its strategy of acquiring a mix of multi-tenant office and industrial properties in key markets in the Central and Western US." Koll was founded in 1962 and has developed more than 90 million square feet of office, industrial and retail space.

According to John Woo, senior vice president and head of acquisitions for the Koll Co., the new credit line will enhance Koll/PER's capabilities in acquiring multi-tenant office and industrial properties in Koll's target regions—California, Washington, Oregon, Arizona, Nevada, Colorado and Texas. The line of credit enables the joint venture to close transactions quickly to meet deadlines and also provides flexibility in structuring debt for the deals, he says.

In addition to the 5.4 million square feet of existing multi-tenant, light industrial and suburban/garden office space that Koll owns and manages, it has an additional 1.15 million square feet in various stages of development, including two industrial and three office projects. In addition to its industrial and office properties, the company is developing Hacienda, an oceanfront community of 239 full-ownership homes in Cabo San Lucas, Mexico.