Dealmaker: JLL Secures $247M for Offices in San Francisco, Boca Raton

JLL Capital Markets, Chicago, arranged $246.5 million for office properties in California and Florida.

In San Francisco’s SOMA submarket, JLL Senior Managing Director Bruce Ganong, Associate Lillian Roos and Analyst Spencer Bergthold arranged a $190 million refinancing for 633 Folsom Street, a fully leased, 271,000-square-foot Class A office building.

Bank of China provided a seven-year fixed-rate loan to borrower The Swig Co., San Francisco.  

Developed in 1967, 633 Folsom Street completed a significant renovation and expansion completed this year that added five new floors, all new building systems, a new exterior façade and an outdoor plaza. The property now houses the corporate headquarters for Asana, a cloud-based application for workplace management and team collaboration.

Ganong noted JLL also arranged the construction loan just over three years ago.

JLL also arranged $56.5 million in financing for Fountain Square, a 242,690-square-foot Class A office campus in Boca Raton, Fla. Senior Managing Director Chris Drew, Director Maxx Carney and Associates Reid Carleton and Jimmy Calvo represented the borrower, a joint venture between IP Capital Partners LLC and Edge Principal Advisors. CIBC Bank USA provided the floating-rate acquisition loan.

Occupying nearly 15 acres at 2600–2700 N. Military Trail, Fountain Square is surrounded by two million square feet of retail amenities including top 25 regional mall Town Center at Boca Raton. The asset is part of the Boca Raton West office submarket, which experienced 50 percent rent growth between 2011 and first-quarter 2021.