LOS ANGELES– HFF announced today that it has arranged a $53.9 million financing for a four-property, Class A office portfolio totaling 440,708 square feet in Salt Lake City, Utah.
HFF worked on behalf of a venture between a subsidiary of a fund managed by Oaktree Capital Management, L.P. and Hines, to secure the five-year, floating-rate loan through California Bank & Trust. The loan proceeds were used to acquire the portfolio.
Built between 2001 and 2012, the four buildings are located in downtown Salt Lake City within the Gateway development, a mixed-use urban lifestyle center that includes a total of 760,000 square feet of Class A office space and approximately 130 retail, dining and entertainment venues including the Clark Planetarium, Megaplex 12 at The Gateway, and the Discovery Gateway Children’s Museum. The portfolio is 93percent leased to tenants such as Ernst & Young, Barrick Gold of North America, Energy Solutions, and various government agency tenants.
The HFF team representing the borrower was led by senior managing director Paul Brindley and senior real estate analyst Jeff Sause.
Oaktree is a leader among global investment managers specializing in alternative investments, with $76.4 billion in assets under management as of June 30, 2013. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has more than 750 employees and offices in 14 cities worldwide. For additional information, please visit Oaktree’s website at www.oaktreecapital.com.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,273 properties representing more than 514 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 406 properties totaling 148.5 million square feet, which includes 78.3 million square feet for third parties. With offices in 113 cities in 18 countries, and controlled assets valued at approximately $24.3 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems. Visit www.hines.comfor more information.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.