Starwood Property Trust has provided a $480m construction loan to real estate developer Jay Paul Company for the construction of the tallest mixed-use tower on the West Coast of the United States.
Plans for the property at 181 Fremont Street in San Francisco, California call for a 684,000-square-foot, 55-story class A office and luxury condominium building that will rise 802 feet.
The tower will feature 411,000 square feet of office space on 33 lower floors and 67 ultra-luxury residences – dubbed Park 181 – across floors 37 through 55.
The property is situated on 0.35 acres in San Francisco’s South Financial District, adjacent to the new business district dubbed Transit Center District.
The LEED Platinum-certified building (under the U.S. Green Building Council) will feature an exoskeleton design with column-free floor plates, panoramic city and bay views and a direct connection via sky-bridge to the Transbay Transit Center – a 5.4-acre rooftop city park.
Founded in 1975, Jay Paul Company has developed more than eight million square feet of commercial real estate throughout California with a focus on large scale workplace campuses. The firm purchased the property at 181 Fremont in March of 2013 from the original developer, SKS Investments.
An HFF debt placement team represented Jay Paul Company. That firm’s managing director, Peter Smyslowski, wrote in a statement that the building will become “one of the most iconic office towers in the nation.”