JLL secures $33.8M construction loan for spec office project

SAN FRANCISCO, June 10, 2020 – JLL Capital Markets announced today that it has arranged $33.8 million in construction financing after arranging a joint venture equity partnership for the speculative development of 250 California, a 44,605-square-foot office property in Burlingame, California.

JLL worked exclusively on behalf of Dewey Land Company and DivcoWest to capitalize the project through a joint venture partnership and construction loan.

Due for completion in 2022, 250 California will feature four stories of best-in-class office space, ground-floor retail and a three-level subterranean parking facility. The transit-oriented building has a premier location in downtown Burlingame immediately adjacent to the Burlingame Caltrain station and just minutes away from Highway 101 and State Routes 82 and 92. Additionally, 250 California is surrounded by a rich amenity base of restaurants and retailers and has direct access to the executive housing corridor off of Interstate 280 that includes Hillsborough, Woodside, Portola Valley and Los Altos Hills.

The JLL Capital Markets team representing the borrower was led by Managing Directors Jordan Angel and Chris Gandy.

”250 California represents an extraordinary opportunity to work with two of the best developers in the Bay Area to bring to market an incredibly located building that will provide an unparalleled office experience for high end tenants in downtown Burlingame,” Angel said.

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 investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

DivcoWest, founded by Stuart Shiff, is a vertically-integrated operator, owner, developer and real estate partner to the innovation economy. DivcoWest employs approximately 140 employees across corporate offices in San Francisco, Los Angeles, Boston, Washington, DC and New York as well as numerous property management locations across the United States. Since its inception, DivcoWest and its predecessor have acquired approximately 48 million square feet of commercial space - primarily throughout the United States. DivcoWest has a longstanding history of investing primarily in properties that serve the innovation markets of the economy, seeking to capitalize on DivcoWest’s extensive network of relationships within the markets for which the company has served over the last 25+ years. DivcoWest’s real estate portfolio currently includes existing and development properties consisting of office, R&D, lab, industrial, retail and multifamily.

Headquartered in San Mateo, California, Dewey Land Company, Inc. and its affiliates have acquired and developed in excess of 4.5 million square feet of commercial and multi-family projects in the Western United States.