Cornerstone Advisors, on behalf of subsidiary MassMutual, has provided an affiliate of Chicago-based Metropolis Investment Holdings with a $150m loan to refinance the 345 California Center office tower in San Francisco, California.
The 10-year loan carries a 3.5% fixed interest rate.
The 48-story, 600,000 sq ft tower is located in San Francisco’s financial district. At 695 feet, the building is the city’s third tallest.
The Skidmore, Owings & Merrill-designed tower features distinctive twin spires and several glass skybridges that offer views of the San Francisco Bay area.
“The sponsor was able to capitalize on the debt capital market’s low interest rates while San Francisco’s steadily climbing office rents and low vacancy rates were huge draws for the lending community,” said John Manning, a JLL managing director whose team arranged the deal, in a statement released today.
Metropolis owns and manages about six-million-sq-ft of high-rise office buildings.