Cushman and Wakefield have put together US$750 million for the refinancing of Burlingame Point Office Block, an A-class office block, R&D, and life sciences campus located on the San Francisco Peninsula in Burlingame. The site will include four buildings totaling approximately 771,000 rentable square feet, along with a 33,000-square-foot amenity building and more than 2,300 onsite parking spaces. The waterfront property is centrally located between Silicon Valley and downtown San Francisco. The LEED Gold-certified asset is situated on 18 acres and provides tenants with common areas and open green space. Mike Moran and Clarke Funkhouser of Cushman & Wakefield served as leasing agents for the property, which is fully leased to Facebook. Gensler is the project architect.
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The amenities building will include a child care facility, an exercise facility, and a cafe/break room. Parking will be provided in a five-story parking structure, in a podium level parking area below the four office buildings, and in smaller parking lots scattered throughout the site. Airport Boulevard will be realigned through the project site. The Burlingame Point Office Block also includes public access improvements along the San Francisco Bay frontage and along Sanchez Channel. The site is currently vacant, and formerly contained the Burlingame Drive-In Theater, which was demolished about fifteen years ago.
Affiliates of Goldman Sachs, J.P. Morgan, Deutsche Bank, and Athene Annuity & Life Co. (via Apollo Global Management) provided the 9.3-year, fixed-rate financing. Steve Kohn, Chris Moyer, Terry Daly, Rob Rubano, Keith Padian, Alex Lapidus, and Meredith Donovan of Cushman & Wakefield represented the borrower, Kylli Inc. The new financing retires construction financing that Cushman & Wakefield arranged on behalf of Kylli in April 2019. Kylli is a full-service investment holding firm focused on the development, operation and management of institutional-quality real estate assets in the San Francisco Bay Area.
