PLEASANTON, CA—Since 2006, nearly 1.95 million square feet of owner/user purchases have decreased the available stock of leasable office space, affirming these companies' commitment to the area. Despite Pleasanton's outstanding projected rent growth during the next five years, the city is still expected to provide an attractive average rental rate discount compared to the San Francisco CBD, Oakland CBD, Silicon Valley and the Peninsula, says CBRE research.
In an independent study commissioned by Apartment List, based on metrics measuring cost of living, quality of education, safety and child-friendliness, Pleasanton was recently ranked as the best-performing Bay Area city and also a top 20 city nationwide. It is home to one of the highest-profile tenant concentrations in the East Bay due to the quality of life, multifamily and for-sale housing and transportation. Notable companies with a corporate headquarters or major presence include GAP Inc., Ross Dress for Less, Thoratec, Workday, Clorox, Kaiser Permanente, Safeway and Oracle.
“The Pleasanton submarket has not only hit its stride; it has established itself as a top Bay Area destination for a diversified roster of office occupiers,” says Michael Walker, senior vice president of CBRE Capital Markets.
CBRE's debt and structured finance team recently secured $152 million from a domestic bank to refinance one of Pleasanton's key assets, Rosewood Commons, a five building 863,000-square-foot class-A office campus located at 4400 Rosewood Dr. The borrower is an entity owned and controlled by Swift Real Estate Partners.
“Swift's complete repositioning and modernization of the office and amenities resulted in incredible leasing momentum,” says Walker. “This project was approximately 10% leased when they acquired it in 2014 and today it is approximately 95% leased.”
Walker, Brad Zampa, Megan Woodring and Taylor Shepard of CBRE's downtown San Francisco office arranged the floating-rate loan at a competitive spread priced over 30-day LIBOR.
“We received numerous quotes from banks, life companies and debt funds, some as high as $175 million,” Walker tells GlobeSt.com. “Attracted by the diversified and high-quality tenancy, lenders from around the country aggressively competed for the opportunity to finance this exceptional campus.”
Ultimately, the choice came down to an entity that offered flexibility and was an expert in office campus real estate, Walker says.
The Tri-Valley location has freeway visibility and immediate access to Interstates 680 and 580, and BART. The office campus features a conference center, cafeteria and sports recreation facilities.
“The campus has first-class amenities and a one-of-a-kind type vibe,” Walker tells GlobeSt.com. “It has similar amenities to a Google or college campus.”
PLEASANTON, CA—Since 2006, nearly 1.95 million square feet of owner/user purchases have decreased the available stock of leasable office space, affirming these companies' commitment to the area. Despite Pleasanton's outstanding projected rent growth during the next five years, the city is still expected to provide an attractive average rental rate discount compared to the San Francisco CBD, Oakland CBD, Silicon Valley and the Peninsula, says CBRE research.
In an independent study commissioned by Apartment List, based on metrics measuring cost of living, quality of education, safety and child-friendliness, Pleasanton was recently ranked as the best-performing Bay Area city and also a top 20 city nationwide. It is home to one of the highest-profile tenant concentrations in the East Bay due to the quality of life, multifamily and for-sale housing and transportation. Notable companies with a corporate headquarters or major presence include
“The Pleasanton submarket has not only hit its stride; it has established itself as a top Bay Area destination for a diversified roster of office occupiers,” says Michael Walker, senior vice president of CBRE Capital Markets.
CBRE's debt and structured finance team recently secured $152 million from a domestic bank to refinance one of Pleasanton's key assets, Rosewood Commons, a five building 863,000-square-foot class-A office campus located at 4400 Rosewood Dr. The borrower is an entity owned and controlled by Swift Real Estate Partners.
“Swift's complete repositioning and modernization of the office and amenities resulted in incredible leasing momentum,” says Walker. “This project was approximately 10% leased when they acquired it in 2014 and today it is approximately 95% leased.”
Walker, Brad Zampa, Megan Woodring and Taylor Shepard of CBRE's downtown San Francisco office arranged the floating-rate loan at a competitive spread priced over 30-day LIBOR.
“We received numerous quotes from banks, life companies and debt funds, some as high as $175 million,” Walker tells GlobeSt.com. “Attracted by the diversified and high-quality tenancy, lenders from around the country aggressively competed for the opportunity to finance this exceptional campus.”
Ultimately, the choice came down to an entity that offered flexibility and was an expert in office campus real estate, Walker says.
The Tri-Valley location has freeway visibility and immediate access to Interstates 680 and 580, and BART. The office campus features a conference center, cafeteria and sports recreation facilities.
“The campus has first-class amenities and a one-of-a-kind type vibe,” Walker tells GlobeSt.com. “It has similar amenities to a
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