New York Life Real Estate Investors Originates $100,000,000 Financing of the Quintana Office Campus Located in Irvine, California
New York, September 9, 2015—New York Life Real Estate Investors announced today the financing, on behalf of institutional investors, of the Quintana office campus, a 421,935 square foot, Class A office property located in Irvine, California. The $100,000,000 floating rate debt package has a total available term of five years and will finance the acquisition, redevelopment and re-tenanting of the property. Holiday Fenoglio Fowler (HFF) worked on behalf of Hines, which acquired the asset on August 6, 2015.
Quintana is prominently situated in a high profile location at the intersection of Main Street and Von Karman Avenue in the heart of the Irvine Business Complex, two blocks north of Interstate-405. One of the four buildings that comprise the campus is currently 100 percent leased to StrataCare, a wholly-owned subsidiary of Xerox Corporation. The remaining three buildings are vacant. Each of these buildings are institutional-quality, steel-framed, four and five story buildings in the core Airport Area submarket of Orange County. Quintana represents the largest block of contiguous office space currently available for a large user in Orange County and the only remaining big block in the Airport Area.
“This transaction demonstrates how our strong balance sheet and expanding platform can provide effective, flexible financing for high quality transitional assets,” said John Lippmann, New York Life Real Estate Investors senior director who manages the national bridge and construction debt program.
“We are excited to grow our portfolio in the Airport Area submarket. With the major capital improvement plans focused on providing both business and lifestyle functionality, Quintana will offer significant office opportunities to tenants from across Orange County and Southern California,” said Ray Lawler, Hines’ managing director in Orange County.
“This financing was a creative solution for a strong sponsor, secured by a solid office property in a rapidly improving market. We were very pleased to work with the HFF and Hines,” said Kirk Kniss, New York Life Real Estate Investors senior director who manages the San Francisco regional office.
HFF’s debt placement team was led by Kevin MacKenzie, senior managing director at HFF.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $42 billion in assets under management as of June 30, 2015, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
About New York Life
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/15/15. For methodology, please see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 8/11/15.
***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
Hines is a privately owned global real estate investment firm founded in 1957 with locations in 185 cities in 19 countries. Hines has $84.9 billion of assets under management, including $42.7 billion for which Hines provides fiduciary investment management services, and $42.2 billion for which Hines provides third-party property-level services. In 2014, Hines completed over $8 billion in transactions on behalf of its investment management clients. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired more than 1,000 properties, totaling over 339 million square feet. The firm’s current property and asset management portfolio includes 511 properties, representing over 176 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
HFF and HFFS (HFF Securities) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
New York Life Insurance Company
Kristen M. Murphy