BELLEVUE, WA-Cole Real Estate Investments has arranged with Wells Fargo a $156-million mortgage financing secured by City Center Plaza, a 583,179-square-foot, class-A office tower here. The property is the headquarters for Microsoft’s Bing division, and is net leased through 2024 to Microsoft Corp.
Constructed in 2008, the office tower has the distinction of LEED Gold Certification with substantially above-standard building systems. The 50% loan-to-cost financing has a 3.99% fixed interest rate per annum with a maturity date of 2015.
“This high-quality asset, occupied by a single tenant with exceptional credit under a long-term net lease, created a highly competitive atmosphere for the debt on City Center Plaza, enabling us to achieve very favorable rates and terms,” says Matthew Donnelly, senior vice president of structured finance. “We expect it to have a positive impact on the property’s investment return.”
Jon Albertell, senior commercial mortgage originator of Wells Fargo Real Estate Capital Markets points out that “The quality of the asset, the conservative nature of the loan, and the strength of Cole as the sponsor facilitated a smooth and efficient closing process.”
Rob Rubano, senior vice president of Eastdil brokered the transaction.
The Microsoft Bing headquarters was recently acquired from Beacon Capital Partners in an all-cash, $310 million acquisition, as GlobeSt.com previously reported.
The all-cash acquisition was considered one of the largest real estate transactions in the US in 2010, and according to Tom Roberts, head of real estate for Cole, it was a “rare opportunity for a property such as this to become available.” At the time of purchase, GlobeSt.com reported that Cole was in discussions with a lender for the $156-million loan.
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Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
