November.02.2018
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.
The team was led by Jack and included Ronny Clausner, Cristine LeVasser, Zachary Huey and Mike McAndrews.