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July 9, 2020
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Bay Area Office Campus Lands $126 Mil Refi Loan


In financing news out of Northern California, CBRE Capital Markets has arranged $126.2 mil in refi money on Dublin Corporate Center, a 447.8k sf, Class A office complex in Dublin. The campus, located at 4120, 4140 and 4160 Dublin Blvd, is owned by a joint venture between funds managed by Oaktree Capital Management L.P. and Hines.

Dublin Corporate Center is situated on 19 acres and includes three, state-of-the-art, four-story buildings with expansive window lines that maximize natural light and views of the Dublin/Pleasanton Hills market. It is currently 83% leased.

The property offers tenants 1,000 feet of frontage along the I-580 Fwy with exceptional building and pylon signage opportunities. Additionally, the campus benefits from proximity to several walkable amenities, including numerous dining and shopping options.

CBRE’s Brad Zampa, Mike Walker and Megan Woodring secured financing for the owners, who acquired the asset in 2017. Since then, they have improved the campus by investing more than $3 mil in capital improvements, which has included the creation of a 9.7k sf state-of-the-art, super tenant-amenity facility called the “HUB”.

“After this transformation Dublin Corporate Center is now the highest quality Class A campuses in the East Bay Area’s Dublin/ Pleasanton submarket,” noted Zampa. “This was an extremely compelling financing opportunity of scale, which was reflected in the deep pool of lenders that pursued the refinance.”

The Tri-Valley office market has been one of the fastest growing regions in the entire San Francisco Bay area. Tenant activity in the market has increased significantly in recent years from both tech and traditional office users and fundamentals reflect that. Vacancy rates are at 18-year historic lows – 5.6% as of Q3 2019 – while rental rates have increased more than 28% since the beginning of 2014.

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