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August 13, 2020
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Spec Office Project in the Bay Area to Move Forward with $65 Mil in Construction Financing


Acclaim Companies has secured $65.7 mil in non-recourse construction financing for 855 Main Street, a 100k sf, spec office development in downtown Redwood City. Menlo Park-based Acclaim received entitlement approvals for the project this past June and will be developing the project together with a team that includes W.L. Butler and DES Architects.

The state-of-the-art, neoclassical, mixed-use office and retail building will provide prospective tenants with vibrant office space within a short walking distance of downtown multifamily housing, amenities and public transit opportunities, highlighted by Redwood Cityís Caltrain Station just a few blocks away.

Located Redwood Cityís downtown core, the asset is situated in an area that has undergone a revitalization over the last decade as part of the Downtown Precise Plan (DTTP). Among other new regulations, the DTTP imposed a 500k sf cap on new office development that has now been reached. All five projects entitled under DTTP were 100% leased prior to completion, a testament to the marketís strong leasing demand.

Newmark Knight Frankís Ramsey Daya, Chris Moritz and Travis Bailey arranged the financing, which was funded through Square Mile.

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