$190M refinancing secured for Class A office in San Francisco
JLL Capital Markets arranged the loan for the fully leased 633 Folsom St. in the SOMA submarket
SAN FRANCISCO, Oct. 5, 2021 – JLL Capital Markets announced today that it has arranged a $190 million refinancing for 633 Folsom St., a fully leased, 271,000-square-foot, Class A office building in the SOMA submarket of San Francisco, California.
JLL worked on behalf of the borrower, The Swig Company, to secure the seven-year, fixed-rate loan through Bank of China.
Originally developed in 1967, 633 Folsom St. underwent a significant renovation and expansion completed in 2021 that added five new floors, all new building systems, exterior façade and an outdoor plaza. The property is now the new home and corporate headquarters location for Asana, a cloud-based application for workplace management and team collaboration.
633 Folsom St. is located in the heart of the SOMA submarket offering quick access to local public transportation and Interstates 80 and 280. Additionally, the property is surrounded by many dining, entertainment and retail amenities throughout San Francisco’s financial district.
The JLL Capital Markets debt team that represented the borrower was led by Senior Managing Director Bruce Ganong, Associate Lillian Roos and Analyst Spencer Bergthold.
“It was a privilege to work with the Swig team again to help secure a long-term financing solution to refinance the construction loan that we helped arrange over three years ago,” said Ganong.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Swig Company
The Swig Company, LLC is a privately-owned, San Francisco-based real estate operator with an 80-year history of investment, development, partnership and management of commercial real estate properties in major US markets. Founded by Benjamin H. Swig in 1936, The Swig Company is guided by a long-term investment perspective that has proven adept at stewarding investors safely through multiple market cycles. The company’s vertically-integrated operational platform, which includes investment, asset and property management, and leasing expertise, uses flexibility, generational thinking and sensitivity to sustainable practices to stay at the forefront of emerging trends in the commercial real estate industry. For more information, visit: www.swigco.com.