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JLL secures $48 million in acquisition financing for 777 Mariners Island Boulevard
A strong job market is fueling debt availability for high-quality office assets in the San Francisco area. On behalf of Wafra Investment Advisory Group, Inc., JLL’s Capital Markets experts today announced the firm secured $48 million in acquisition financing for 777 Mariners Island Boulevard in San Mateo, California. New York Life provided the seven-year, non-recourse loan. Wafra purchased the 187,372-square-foot asset from Cornerstone Real Estate Advisers.
Executive Vice President Alex Witt and Managing Directors Alexandra Bryant and John Manning led the JLL team on the deal.
“With rents nearly 30 percent below market rates and Bay Area office vacancy near historic lows, 777 Mariners Island Boulevard represented a prime opportunity for Wafra,” said Witt. “We anticipate financing to continue to be available for strong sponsors such as Wafra as market fundamentals remain strong and tenant demand remains high.”
Located on the San Francisco peninsula, 777 Mariners Island Boulevard is in one of the Bay Area’s most in-demand submarkets with major tech tenants nearby and vacancy rates of 4.3 percent (Palo Alto) and 2.3 percent (Mountain View). The property is within walking distance from the Bridgepointe Shopping Center, two miles from a CalTran station, five miles from San Francisco International Airport, and just 20 miles from downtown San Francisco. The building includes an updated fitness center and auditorium as well as a community rooftop space.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
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JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $59.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
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