Square Mile Capital Management originated a $167 million loan secured by Salesforce Tower, an office building located in the Buckhead submarket of Atlanta, GA.
The loan was made to a joint venture between KKR and Banyan Street Capital, and it includes acquisition proceeds as well as funds for future leasing and capital improvements.
The financing was arranged by Thomas Traynor and James Million of CBRE’s New York office and Jonathan Rice and C.J. Kelley of CBRE’s Atlanta office.
Square Mile Capital Principal Eric Cohen said, “We are pleased to originate this loan as we expand strong existing lending relationships with KKR, one of the nation’s preeminent private equity firms, and Banyan Street Capital, a best-in-class operator. The property that secures the loan sits within one of Atlanta’s most dynamic submarkets and it will benefit from recent and future renovations, its proximity to MARTA, and Salesforce’s recent expansion.”
The asset recently underwent $14 million in renovations in connection with being rebranded as Salesforce Tower, including building a new, bright lobby interior with several tenant lounges and collaborative areas. The property, which is now the seventh such regional headquarters for the anchor tenant, is well positioned within the Buckhead submarket, which continues to develop as a lively tech hub for the broader southeast region.
