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Real estate industry

HFF Arranges $76.6 Million in Financing for Ten Almaden Office Building

Strategic Insights

— 1 min read

Holliday Fenoglio Fowler, Inc. (HFF) arranged $76.6 million in financing for Ten Almaden, a 309,255-square-foot, transit-oriented office building in downtown San Jose, California. The three-year, floating-rate loan was placed with Bank of America on behalf of KBS Capital Advisors for KBS REIT III. The loan proceeds were used to acquire the property from Equity Office Properties, which was arranged by HFF. Completed in 1988 and renovated in 2010, Ten Almaden is a 17-story, LEED Certified Gold office tower that is 89 percent leased to prominent tenants.

Key Takeaways:

  • HFF arranged $76.6 million in financing for Ten Almaden, a 309,255-square-foot office building in downtown San Jose, California.
  • The three-year, floating-rate loan was placed with Bank of America on behalf of KBS Capital Advisors for KBS REIT III.
  • The property was acquired from Equity Office Properties, which was arranged by HFF.
  • Ten Almaden features a 17-story, LEED Certified Gold office tower with a 89% occupancy rate.
  • Tenants at the property include Citibank, Comcast, Robert Half International, Rosetta Marketing Group, and Turner Construction Company.
  • The property has a range of amenities, including a three-story atrium, lobby, fitness center, outdoor pool, sauna, and showers, as well as a six-level parking structure and cafe.
  • KBS Capital Advisors is KBS REIT III's external advisor and an affiliate of KBS Realty Advisors, a private equity real estate company founded by Peter Bren and Charles J. Schreiber in 1992.
  • HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services, offering a fully integrated national capital markets platform.

Statistics:

  • $76.6 million: The amount of financing arranged by HFF for Ten Almaden.
  • 309,255 square feet: The size of the Ten Almaden office building.
  • 3 years: The term of the floating-rate loan placed with Bank of America.
  • 89%: The occupancy rate of Ten Almaden.
  • 17 stories: The height of the Ten Almaden office tower.
  • $31 billion: The total transactional activity of KBS and its affiliated companies since its inception.

Sources:

  • Al Bawaba (Albawaba.com)
  • SyndiGate Media Inc. (Syndigate.info)

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