HFF announced that it has secured $150 million in financing for 1625 Plymouth, a built-to-suit Mountain View office development. The firm acted on behalf of Broadreach Capital Partners to arrange a fixed-rate permanent loan with the New York State Teachers Retirement System. The loan closing coincided with the completion of the building’s warm shell and its delivery to the tenant, for their tenant improvement buildout.
Located in the attractive North Bayshore submarket, in the heart of Silicon Valley, 1625 Plymouth is a LEED Platinum-certified, Class A office building. Designed by award-winning architects WRNS, the entire 245,738-square-foot asset is pre-leased to tech giant Google, Inc. Featuring multiple outdoor deck spaces for activities, the state-of-the-art project will feature a healthy work environment. The property also includes a five-story parking garage.
According to the Commercial Observer, the competition for the deal was fierce. Commercial banks and CMBS lenders, including TH Real Estate, Northwestern Mutual, AIG, Société Générale, Deutsche Bank, Goldman Sachs and J.P. Morgan, were interested in financing the development.
The HFF team representing the borrower consisted of Senior Managing Director Bruce Ganong and Analyst Bercut Smith. “Working with the team at Broadreach Capital Partners and assisting them in securing a new relationship with NYSTRS was a tremendous opportunity and we are excited to watch the continued progress on site as the tenant completes their work and occupies this best-in-class office building,” Ganong said in a statement.