DivcoWest Lands $36M Refi for San Francisco Office Property
- May 20, 2020
DivcoWest has received a $36 million loan for 180 Townsend, a 40,917-square-foot office building in San Francisco. JP Morgan Asset Management provided the refinancing package for the property, which is fully leased to Andreessen Horowitz.
Located at 180 Townsend St., the three-story building was originally completed in 1906 and 1921.
In 2000, the then-owner converted the industrial building into an office asset, according to Yardi Matrix data. DivcoWest is undertaking capital improvements on the building on its brick façades, windows and ceiling clear heights. Situated close to interstates 80 and 280, the transit-oriented building is 2 miles east of downtown San Francisco and 12 miles from the city’s international airport.
Newmark Knight Frank Vice Chairman Ramsey Daya and Senior Managing Director Chris Moritz facilitated the funds for the borrower.
In February, DivcoWest finalized the $610 million acquisition of an 11-building office portfolio totaling 297,826 square feet in Menlo Park, Calif. Bank of America provided the firm with $320.2 million in financing.