September 16, 2016
PCCP, LLC provided a $26.6-million senior loan to The Carlyle Group for the acquisition of a 139,372-square-foot, Class A office building in South San Francisco. The three‐story, multi-tenant asset is located at 6000 Shoreline Ct., and is 80% occupied, including its largest tenant, Veracyte, which occupies 42% of the building.
The property was built in 2001, and is situated on a 6.92-acre site within a prime life sciences submarket. The Carlyle Group plans to add value to the asset by converting some of the vacant space into higher value lab spaces, in order to attract new life science tenants.
PCCP’s Erik Flynn says, “This loan will provide The Carlyle Group with the funding for the acquisition of this quality asset, as well as a portion of the costs to make strategic value-add improvements.”
For comments, questions or concerns, please contact Dennis Kaiser