Mission West owns and operates eight million square feet in 111buildings located primarily in the Silicon Valley, which bordersthe south end of San Francisco Bay. The total includes 854,000square feet in 16 buildings that are in the process of beingrezoned for residential development.
Last month , the company closed on a $15-million mortgageloan from Hartford Life Insurance Co., Hartford Life and AccidentInsurance Co. and Hartford Life and Annuity Insurance Co. The loanwas secured by 20 properties totaling 1.6 million square feet. Italso reported its third quarter results , which included a 180 basis pointjump in its occupancy rate to 66.7% and a 15% decline in theaverage monthly rental rate per square foot.
Last week, the company sold two R&D buildings in Morgan Hill, CA in which itheld a 50% stake. The two buildings, which total 311,000 squarefeet, sold $65 million.
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