TriStar Capital (Tricap) landed a $ 245 million refinance for its 15-acre office campus in Sunnyvale, Calif., which is fully leased to Apple, learned Commercial Observer.
Natixis Capital Immobilier provided the variable rate loan over five years as part of an operation led by the CEO of Natixis Michel magner.
Cooper-Horowitz‘s Richard horowitz and Justin horowitz organized the funding.
The 350,000 square foot property comprises three three-story office buildings and is located at 410–430 Mary Avenue North in Sunnyvale, in the heart of Silicon Valley and close to the Mountain View city border. Built in 1989 and also known as Crossroads III campus, it is currently 100 percent net leased to Apple.
David Edelstein‘s Tricap acquired the campus of Rockwood CaptainI in 2017, paying $ 290 million, according to the Silicon Valley Business Journal. The purchase marked Manhattan-based Tricap’s first foray into the Silicon Valley region and was funded by a $ 233 million loan from Natixis, also hosted by the Cooper-Horowitz team.
The asset is part of Tricap’s growing portfolio of Class A trophy office assets headquartered by large technology tenants in central urban locations. Tricap also owns the Facebook headquarters building as well as the Amazon Apollo, Brazil and Amelie offices in Seattle’s South Lake Union neighborhood, plus the Amazon Everest office in Bellevue, Wash.
The Sunnyvale campus is easily accessible via US Highway 101 as well as the Bayshore Highway. In addition, the Santa Clara light rail station is 800 meters away and San José International Airport is 10 miles away.
Elsewhere in Silicon Valley, Google just announced his plans for a new five-point office campus in Silicon Valley, Environment, which will be next to a hub for Google’s hardware activities, according to CNBC.
Natixis and Cooper-Horowitz officials declined to comment. Tricap officials could not immediately be reached for comment.