The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 29, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



BAY AREA NEWS
Printer-friendly Version   Email an Associate
Square Mile Capital Management Originates $136 Mil on Two San Francisco Office Assets

7/17/18

Square Mile Capital Management LLC has originated a $136.4 mil first mortgage and mezzanine loan cross-collateralized and secured by 235 Pine Street and 535 Pacific Avenue, a pair of office buildings totaling 196.8k sf in San Francisco.

The loan was made to the Clinton Reilly Organization, who acquired 235 Pine subject to the financing and who has owned 535 Pacific since 1992. Square Mile Capital’s loan includes acquisition proceeds for 235 Pine, refinancing proceeds to repay the existing debt on 535 Pacific, and future proceeds to fund leasing and capital expenditure costs for both properties.

235 Pine is a Class A, 161.4k sf building designed by Skidmore Owings Merrill in 1990 and renovated by CBRE in 2016. The 25-story building features abundant light and air exposure, 8.5k sf, column-free floorplates enabled by side core construction, four levels of parking totaling 110 spots, central air conditioning, a newly renovated lobby and common area, newly modernized elevators, and high-end creative finishes throughout the building.

The property is over 90% leased to a diverse roster of tenants. The building also benefits from the variety of nearby amenities, including various retail/dining options on Market Street located 2 blocks away. Additionally, the property is easily accessible from the Bay Bridge located 5 blocks away as well as public transit which includes the BART, MUNI, trolleys, and buses.

535 Pacific is a recently renovated 35.4k sf boutique building located in the Jackson Square submarket of San Francisco. Constructed in 1907, with renovations completed in 1987 and 1999, it was most recently modernized in 2015 with significant capital improvements.

The Jackson Square submarket is characterized by low-rise office buildings, art galleries, walkable high-end retail, and award-winning restaurants. The area is popular with tenants such as VC companies, boutique law and financial firms, and technology/creative tenants that are drawn to the presence of a full-building identity. As such, the lack of available space and dearth of developable land has kept vacancy below 5% over the past few years. The area is conveniently accessible via BART, MUNI, trolleys, buses, and bicycles.

Square Mile Capital Principal Michael Mestel said, “235 Pine and 535 Pacific have both benefitted from high-quality ownership and significant capital investment over the past few years, as evidenced through the momentum and quality of recent leasing activity. We believe that these well-located, first- class assets will be well positioned for continued success. Overall, we believe that the positive demographic trends and robust market fundamentals will continue to sustain San Francisco’s office market.”





Return to the Archive page


 
 
 
 
 





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media