April 9, 2019
Meridian Capital Group, America’s most active dealmaker, arranged $55 million in acquisition financing for 131 Albright, a class-A office building in Los Gatos, CA.
The 10-year loan, provided by a CMBS lender, features a fixed rate and full-term interest-only payments. This transaction was negotiated by Meridian Senior Managing Director, Seth Grossman, and Vice Presidents, Kovi Elkus and Jackie Tran, who are based in the company’s Southern California offices.
Located at 131 Albright Way, the three-story class-A office building was constructed in 2015 and spans 113,500 square feet. The property is fully leased to Netflix, the world’s leading entertainment service with more than 130 million paid subscribers in over 190 countries. The property is one of four buildings that make up the company’s worldwide headquarters in Los Gatos, CA. 131 Albright Way is occupied by Netflix’s critical engineering division and features proprietary audio and visual testing laboratories, a state-of-the-art theater, a cafeteria, basketball court, and ample on-site parking. The property is prominently situated on Highway 85 and provides excellent highway visibility.
Los Gatos, CA is located approximately 60 miles south of San Francisco in the southwestern portion of Santa Clara County. The area is home to 30,000 residents, 3,000 primarily locally-owned businesses, and benefits from its immediate access to Silicon Valley and other neighboring cities. Los Gatos is also regarded as one of the premier housing communities in the Bay Area, boasting numerous high-end restaurants, shops, and parks.
Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors. In 2018, Meridian closed over $37 billion in financing through more than 3,500 transactions across more than 250 unique lenders and sold nearly $1 billion in commercial property. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, and healthcare and senior housing properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida, and California.