Done Deals: JLL arranges $33.8 million construction financing for spec office development in Burlingame, CA

Wednesday, June 10, 2020

JLL arranges $33.8 million construction financing for spec office development in Burlingame, CA

250 California, a 44,605-SF office property in Burlingame, CA

SAN FRANCISCO, CA, June 10, 2020 – JLL Capital Markets announced today that it has arranged $33.8 million in construction financing after arranging a joint venture equity partnership for the speculative development of 250 California, a 44,605-square-foot office property in Burlingame, California.

JLL worked exclusively on behalf of Dewey Land Company and DivcoWest to capitalize the project through a joint venture partnership and construction loan.

Jordan Angel

Due for completion in 2022, 250 California will feature four stories of best-in-class office space, ground-floor retail and a three-level subterranean parking facility.

The transit-oriented building has a premier location in downtown Burlingame immediately adjacent to the Burlingame Caltrain station and just minutes away from Highway 101 and State Routes 82 and 92.

Additionally, 250 California is surrounded by a rich amenity base of restaurants and retailers and has direct access to the executive housing corridor off of Interstate 280 that includes Hillsborough, Woodside, Portola Valley and Los Altos Hills.

The JLL Capital Markets team representing the borrower was led by Managing Directors Jordan Angel and Chris Gandy.

”250 California represents an extraordinary opportunity to work with two of the best developers in the Bay Area to bring to market an incredibly located building that will provide an unparalleled office experience for high end tenants in downtown Burlingame,” Angel said.