BELLEVUE, WA-Cole Real Estate Investments has arranged withWells Fargo a $156-million mortgage financing secured by CityCenter Plaza, a 583,179-square-foot, class-A office tower here. Theproperty is the headquarters for Microsoft’s Bing division, and isnet leased through 2024 to Microsoft Corp.

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Constructed in 2008, the office tower has the distinction ofLEED Gold Certification with substantially above-standard buildingsystems. The 50% loan-to-cost financing has a 3.99% fixed interestrate per annum with a maturity date of 2015.

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“This high-quality asset, occupied by a single tenant withexceptional credit under a long-term net lease, created a highlycompetitive atmosphere for the debt on City Center Plaza, enablingus to achieve very favorable rates and terms,” says MatthewDonnelly, senior vice president of structured finance. “We expectit to have a positive impact on the property’s investmentreturn.”

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Jon Albertell, senior commercial mortgage originator of WellsFargo Real Estate Capital Markets points out that “The quality ofthe asset, the conservative nature of the loan, and the strength ofCole as the sponsor facilitated a smooth and efficient closingprocess.”

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Rob Rubano, senior vice president of Eastdil brokered thetransaction.

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The Microsoft Bing headquarters was recently acquired fromBeacon Capital Partners in an all-cash, $310 millionacquisition, as GlobeSt.com previouslyreported.

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The all-cash acquisition was considered one of the largest realestate transactions in the US in 2010, and according to TomRoberts, head of real estate for Cole, it was a “rare opportunityfor a property such as this to become available.” At the time ofpurchase, GlobeSt.com reported that Cole was in discussions with alender for the $156-million loan.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, 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.