Dealmaker: HFF Arranges $280M for Office Properties

MBA NewsLink Staff

July 05, 2018


HFF arranged sales and financing for office projects in California, northern Virginia, Texas and Florida.

101MissionThe company's San Francisco office announced sale and financing of 101 Mission Street in San Francisco of 101 Mission Street, a 206,455-square-foot, 21-story, Class A office tower, for $116.5 million.

The HFF team represented the seller and procured the buyer, Vanbarton Group LLC. Additionally, the HFF team worked on behalf of the buyer to secure acquisition financing for the property.

101 Mission Street is located in San Francisco's South Financial Transbay District, a few blocks from Transbay Transit Center, Embarcadero Station with access to both BART and San Francisco Muni trains, The Ferry Building and the Embarcadero waterfront. The LEED Gold property features views of San Francisco Bay, column-free office space and 10,500-square-foot typical floor plates. It is currently 86 percent leased to a tenant roster that includes Wells Fargo, Forbes and Pearson.

The HFF investment advisory team representing the seller included senior managing directors Gerry Rohm and Michael Leggett, senior directors David Dokko and Ben Bullock and director Thomas Foley. The HFF debt placement team that arranged the financing was led by senior managing director Peter Smyslowski.

In Virginia, HFF arranged $104 million in financing for Greensboro Park, a two-building office portfolio totaling 505,085 square feet in Tysons Corner. The HFF team worked on behalf of the borrower, Velocis and Altus Realty, to secure the five-year, floating-rate loan through JP Morgan Chase & Co. Loan proceeds were used to acquire the property.

Greensboro Park is at 8180 and 8200 Greensboro Drive with connectivity to the entire Washington, D.C. metropolitan area via the Greensboro and Tysons Corner Metro stations as well as Leesburg Pike and the Dulles Access Toll Road. Renovated in 2015, the 11- and 14-story towers feature a fitness center, conference facilities, tenant lounges, on site café and concierge service. Greensboro Park is anchored by BB&T and is collectively 83 percent leased to 59 tenants.

The HFF debt placement team representing the borrower consisted of managing director Cary Abod and director Robert Carey.

CityCentreVIn Houston, HFF arranged $48.51 million in refinancing for CITYCENTRE Five, a 201,437-square-foot, Class A office building within the CITYCENTRE mixed-use urban development.

The HFF team worked on behalf of the borrower, Midway Companies, to secure the loan through New York Life Real Estate Investors.

CITYCENTRE Five is at 825 Town & Country Lane at the southeast corner of Interstate 10 and Beltway 8 in Houston's Energy corridor. Its location within the 50-acre CITYCENTRE development provides tenants with access to a diverse mix of restaurants and retailers, a Life Time Athletic club, three luxury apartment communities and the 265-room Hotel Sorella.

The HFF debt placement team representing the borrower included senior managing director Colby Mueck.

100EastPineIn Orlando, HFF arranged $10.6 million to refinance 100 East Pine Street, an 80,036-square-foot office property. The HFF team worked on behalf of the borrower, Denholtz Associates, to secure the five-year, fixed-rate loan through JCR Capital.

100 East Pine Street is at East Pine Street and Magnolia Avenue in downtown Orlando, with access to Interstate 4 and State Route 408 and retail, dining and entertainment options within walking distance. The six-story office building was most recently renovated in 2017 and features typical floor plates of 13,500 square feet and 9,776 square feet of ground floor retail. Currently 94 percent leased, tenants at the property include Protean Design Group, Venture X, DLR Group, Inc. and Cite Partners.

The HFF debt placement team representing the borrower included managing director Michael Klein, senior managing director Michael Weinberg and managing director Rebecca Van Reken.

"Denholtz' successful lease-up of this asset is a prime example of the attractive fundamentals within the downtown Orlando office market--nation-leading job growth has generated increased corporate demand, driving office vacancy rates to below 9 percent for the first time in over a decade," Van Reken said.

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