Orrick recently advised Swift Realty Partners (“Swift”), as the seller and a partner in a joint venture, for the recapitalization of Swift’s equity interest in a portfolio of four Class A office properties across California. The nearly 2 million square-foot portfolio, including Concord Tech Center, Cerritos Corporate Center, @Central and Rosewood Commons, has a total value of $600 million.
The acquisition of the portfolio by subsidiaries of the joint venture was financed through a $400 million mortgage provided by a leading global bank. “This was a complicated and large deal for Swift. In addition to documentation for the sale and financing of the portfolio, the transaction also required a complex restructuring of existing equity interests in one of the seller entities and the negotiation of property management agreements for the portfolio,” said partner Jack Machalow.