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Clarion Scores $296M for 10-Property Office Portfolio

Bank of America Provides Office Financing
January 3, 2013
Clarion Partners, a New York-based institutional investment manager with more than $25 billion in total assets under management, recently secured $296 million in financing for a 10-property office portfolio totaling 1.6 million square feet through Bank of America.

The loan provided a combination of acquisition financing, forward financing and refinancing for a term of seven years, with a combination of fixed and floating-rate tranches covering a geographically diverse pool of core-quality office assets.

The properties in the portfolio are: 600 California Street in San Francisco; the three-building Morrocroft Centre in Charlotte; Westchase Park in Houston; 1111 19th Street in Washington, D.C.; and the recetly acquired Fort Point office portfolio in Boston’s Seaport District, which includes 33-41 Farnsworth Street, 34 Farnsworth Street, 44 Farnsworth Street, 332 Congress Street, 374 Congress Street and 263 Summer Street.

An HFF team represented Clarion Partners in securing the financing. According to HFF senior managing director Bruce Ganong, Bank of America provided a creative structure and flexible terms that enabled Clarion Partners to match interest rate contracts with individual asset strategies with the additional flexibility of asset substitutions.
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