Square Mile Capital Finances $145M For Construction Of Menlo Gateway
Square Mile Capital Management will provide $145M in financing for construction of the first phase of Menlo Gateway, a 16-acre master planned project in Menlo Park. The site will include 705K SF of office across three eight-story buildings, REBUSINESS Online reports. Bohannon Development Co. is developing the project designed by Heller Manus Architects.
Phase 1 of Menlo Gateway includes the construction of a 210K SF office building at 100 Independence Drive. A 1,040 SF parking deck and a 41K SF fitness center with a sauna and café also will be built. The phase is expected to be completed late summer or early fall 2017.
As part of Phase 2, two eight-story buildings will be built, adding 500K SF of office at 101 and 150 Constitution Drive. Both buildings will offer large workspaces, and green initiatives to promote efficient air, water and lighting use. The buildings will target LEED Gold certification. A timetable for this phase has not been decided.
A Marriott Autograph Collection Hotel also will be on-site. The 250-room, 11-story hotel will include a pool with cabanas and a poolside bar, a spa, a restaurant, a coffee market and 20K SF meeting space. The hotel is expected to be completed later this year.
Northmarq Capital senior vice president and senior director John Kerslake and investment analyst III Briana Smith arranged the financing.