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8/14/17
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A Five Point Holdings LLC entity has obtained $339 mil of new financing for Five Point Gateway, a four-building office/R&D campus in Irvine. Five Point Holdings, which holds a majority of the equity interest in the property in a limited liability venture with two other investors, is acquiring the assets through a partial sale leaseback with investment-grade tenant, Broadcom Corporation. Broadcom is the project developer after it acquired the land in order to build a corporate campus.
The newly named Five Point Gateway, which is nearing the completion of construction, will comprise more than 1 msf of office/R&D space. Designed by renowned architecture firm Gensler, the buildings are located at 15101, 15131, 15161 and 15191 Alton Pkwy and are part of the larger 72-acre Great Park Neighborhoods® master-planned community in the Irvine Spectrum submarket.
Broadcom plans to leaseback 15101 and 15191 Alton Pkwy, which total 640.9k sf, or 64% of the total portfolio, on a triple-net basis. Confirmed tenants of the other two buildings at 15131 and 15161 Alton kwy will include Lennar Corporation and Five Point, with the remaining 232.2k sf currently available for lease. The campus will feature a generous amount of open park space with attractive landscaping, best-in-class new construction and extensive amenities.
The five-year, floating-rate loan was arranged by Kevin MacKenzie, Lee Redmond and Peter Thompson with HFF. The financing was provided through Starwood Property Trust Inc.
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