East Bay Office Asset Scores $113M in Financing

The nine-story Perkins + Will-designed property that recently came online is fully leased to a life sciences tenant roster including six companies.
EmeryStation West. Image courtesy of Barry Slatt Mortgage Co.

Barry Slatt Mortgage Co. has closed on a $113 million permanent loan for EmeryStation West, a 267,926-square-foot life science office asset located in Emeryville, Calif. The property, which was completed last year and is owned by Wareham Development, previously benefited from a $108 million loan originated at the beginning of 2017 by U.S. Bank, Yardi Matrix data shows. The current refinancing was placed as a participation between two correspondent insurance company lenders, according to Barry Slatt Mortgage Co.

Located at 5959 Horton St. and designed by Perkins + Will, the nine-story building is part of the 2 million-square-foot, transit-oriented EmeryStation campus, which includes more than a dozen properties. Offering direct access to Amtrak trains from the Emeryville station, as well as to several other transportation options, the property is also close to Interstate 580, which links the East Bay to the peninsula via the San Francisco-Oakland Bay Bridge.

Full tenant roster

Designed to meet LEED Gold standards, EmeryStation West includes seven stories of laboratory, medical, office spaces above a two-story transit and parking podium. Floorplates range between 36,000 and 38,000 square feet. EmeryStation West is fully leased to a tenant roster including Dynavax, Novartis, Zogenix, Gritstone Oncology, Catalent and Profusa.

The Barry Slatt Mortgage Co. team that closed on the deal included CEO Daniel Friedeberg, Vice Presidents Sarah Bernhisel and Andrew Macleod, as well as Analyst Jason Wang.

According to a CBRE report, the San Francisco Bay Area remains one of the country’s top life sciences markets, second only to Boston-Cambridge, with rapidly growing San Diego coming in third.