Wells Fargo Provides $256M Construction Loan for Fourth Office Building at Moffett Place in California

by Christina Cannon

SUNNYVALE, CALIF. — Wells Fargo Bank has provided a $256 million loan for the construction of a fourth office building in Moffett Place, a 1.9 million-square-foot office campus under development by Jay Paul Co. in Sunnyvale. The loan includes the cost of constructing the building and land financing for the remaining undeveloped portion of the project now in its second phase.

The entire 55-acre Moffett Place campus is leased to Google. The campus is centrally located alongside Silicon Valley’s Highway 237 corridor and near Highway 101 and is a 45-minute drive from San Francisco. Moffett Place will contain a total of six LEED Gold certified buildings when complete.

In addition to obtaining the construction loan from Wells Fargo for the second phase of the project, Jay Paul Co. has received a $501 million loan from Barclays and a $149 million mezzanine loan from a Korean sovereign wealth fund for long-term financing on the three completed buildings in the project’s first phase.

Each building on the sprawling campus will include energy-efficient, floor-to-ceiling windows, while on-site amenities include a café, outdoor meeting spaces, a rooftop garden, 15 acres of green space with various amenities and a fitness club.

The 50,000-square-foot fitness club includes workout areas, fitness classes, a pool and spa, an outdoor training zone, basketball courts and personal trainers.

According to The Registry, a real estate publication in the San Francisco Bay area, the first phase of the project began in late 2013, and the first building was completed in the first quarter of 2015. The second and third buildings were completed earlier this year.

Manatt Phelps & Phillips LLP provided legal services to Jay Paul Co. in the financing transactions.

— Christina Cannon

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