The asset involved in the transaction is a five-building office portfolio located at 2750, 2850, 2950, 3050 & 3150 South Delaware Street in San Mateo, California. This portfolio encompasses a total square footage of 1,011,488 and is fully leased, with Roblox occupying a significant portion of the space.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $700,000,000
• Lender: J.P. Morgan Chase, German American Capital, Wells Fargo
• Landlord: Terry Fancher - Stockbridge Capital
• Loan Type: Refinance
• Loan Terms: floating-rate
• Existing Debt Retired: $600,000,000
• Funds for Reserves: $56,400,000
• Return to Sponsor: $33,600,000

The refinancing was secured by Stockbridge Capital, with the financing arrangement facilitated by three lenders, aiming to effectively manage the financial structure of the real estate portfolio and support its ongoing operations. The transaction reflects strategic financial management within the competitive San Mateo market.