Cole Nails Down $156M Financing for Microsoft’s Bing Headquarters
According to Cole senior vice president of structured finance Matthew Donnelly, there was a highly competitive atmosphere for the debt on the property, allowing for favorable rates and terms.
August 26, 2010
By Allison Landa, News Editor
Courtesy Flickr Creative Commons user betsyweber
Cole Real Estate Investments has arranged a $156 million mortgage financing with Wells Fargo for City Center Plaza. The 583,179-square-foot Class A office tower is located in Bellevue, Washington, and is the headquarters for Microsoft’s Bing division.
The loan has a 3.99 percent fixed-rate interest rate with a maturity date of 2015. It is 50 percent loan-to-cost financing. According to Cole senior vice president of structured finance Matthew Donnelly, there was a highly competitive atmosphere for the debt on the property, allowing for favorable rates and terms.
City Center Plaza is net leased through 2024 to Microsoft. It was built in 2008 and is LEED Gold certified. It was acquired from Beacon Capital Partners in July in an all-cash $310 million acquisition.
Eastdil Secured senior vice president Rob Rubano brokered the transaction.
Cole owns or manages 32 million square feet of commercial real estate in 45 states. The combined acquisition cost totals more than $6 billion.
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