Synopsis, a software program firm, is the constructing’s sole tenant.
Dollinger Properties has secured $97 million in everlasting financing to retire building debt for 675 Almanor Street, a 152,000-square-foot workplace constructing in Sunnyvale, Calif. Gantry organized the development takeout mortgage on behalf of the proprietor. In accordance with CommercialEdge knowledge, the mortgage was originated by AXA Equitable Life Insurance coverage Co. The property is leased by software program firm Synopsys, which occupies three different buildings close by.
The non-recourse, everlasting interest-only stability sheet mortgage was structured with versatile fee and time period extension choices. The borrower’s fee was locked at 90 days prematurely of closing and encompasses a sub 4.4 % fee with interest-only phrases and choices to increase. As acknowledged in ready remarks by Director Tony Kaufmann of Gantry, this choice was influenced by the present workplace market, rising after the pandemic.
The Class A workplace constructing accomplished in 2020 contains 2,500 sq. toes of retail area. The property is LEED Gold licensed and options on-site electrical car charging stations, eating services and a roof deck. Floorplates vary between 36,315 and 38,112 sq. toes.
The constructing is a part of Sunnyvale’s Perry Park workplace district, 10 miles from downtown San Jose and 40 miles from San Francisco. Different notable firms within the space embody Google, Fb, Apple and Amazon.
Gantry not too long ago secured one other mortgage for Dollinger Properties, from United Omaha Life Insurance coverage, for the refinancing of a Silicon Valley tech park.
