SUNNYVALE, CA-Los Angeles-based Mesa West Capital has provided an affiliate of Palo Alto, CA-based Dostart Development Co. LLC with senior debt financing for its off-market acquisition and planned renovation of a vacant 95,000-square-foot technology-oriented office building in Sunnyvale, CA. The loan was secured by 222 Caspian Dr., formerly occupied by Veritas Software Corp., which vacated the property soon after merging with Symantec in 2007.
A portion of the loan proceeds will be used by the borrower to undertake a significant capital improvement plan to reposition the asset as a “first-to-lease building” in a strong, supply-constrained submarket, according to Mesa West principal Ronnie Gul, who originated the financing.
Gul tells GlobeSt.com that “Owners in Silicon Valley are being rewarded for investing substantial capital into older R&D buildings on a spec basis and repositioning those assets by adding more glass-line, natural light and open office environments.” He explains that “A disproportionate share of the leasing activity has gone to those buildings in the Valley whose owners have embarked on this strategy and those buildings are also generating better rents to justify the cost.”
The building is located a half-block from a VTA light rail station in the Moffett Park submarket of Sunnyvale, which houses corporate campuses for major technology tenants including HP, Microsoft, Google, Network Appliance and Juniper Networks.
The transaction also included non-recourse mezzanine financing from Los Angeles-based Karlin Real Estate Lending. “We were excited to participate with Mesa West in the financing,” says Karlin managing director Larry Grantham. “Together we brought certainty of execution to deliver a complementary solution for the borrower.”
Once repositioned, Caspian will be one of the highest quality tech-office buildings in Moffett Park and one of the few buildings in the Sunnyvale and northern Silicon Valley submarkets able to target 100,000-square-foot users seeking their own contiguous class A collaborative office campus, explains Gul.
The financing was arranged by Jonathan Soffer and Ramsey Daya of Regency Capital Partners.
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