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11/28/18
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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 City’s Caltrain Station just a few blocks away.
Located Redwood City’s 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 market’s strong leasing demand.
Newmark Knight Frank’s Ramsey Daya, Chris Moritz and Travis Bailey arranged the financing, which was funded through Square Mile.
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