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Uber’s San Francisco Headquarters Refinanced for $500M
CBRE arranged $500 million in financing for 1655 and 1725 Third St. in San Francisco on behalf of the joint venture among affiliates of Alexandria Real Estate Equities, Inc., Uber Technologies, Inc. and the Golden State Warriors. The JV refinanced the office development, fully leased to Uber as its global headquarters, with a five-year, fixed-rate CMBS/SASB loan.
Brad Zampa and Mike Walker on CBRE’s Debt and Structured Finance team in San Francisco secured the five-year, non-recourse loan from Goldman Sachs and Barclays, both headquartered in New York.
“The San Francisco office market is showing significantly stronger leasing fundamentals over the past few quarters and is experiencing a resurgence in investor activity,” said Zampa. “Our team is actively marketing multiple value-add and stabilized West Coast office assets and we’ve seen an increased amount of liquidity for both debt and equity in the office sector — particularly for high-quality, well-leased trophy assets such as the Uber headquarters.”
Located in San Francisco’s Mission Bay neighborhood, 1655 and 1725 Third St. are two Class A, 11-story office properties totaling 586,208 square feet.
- ◦Financing
