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There will be several chapters to the story of the office sector's next recovery, says global chief investment officer David Steinbach.
When there is a dearth of capital for a sector, that could signal a time to look at the asset class more closely, said Peter Gordon, head of US commercial real estate debt.
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Monday Properties and Pacific Elm Properties this week also lined up financing for high-quality office assets. 
A narrative is emerging for high-quality offices that sit between behemoths like New York’s One Vanderbilt and commodity properties.
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The roughly 670,000-sq-ft trophy office is about 90% leased.
The financing is notable given the paucity of capital allocated to the office sector as well as a decline in construction lending over the past year to 18 months.
The loan on One Market Plaza, a San Franciso office tower, was one of the largest CMBS loans slated to mature in 2024.
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The Ares-RXR venture comes at a time when transaction activity in the city has started to tick upward and capital is starting to move.
Sustainable office properties are gaining favor with tenants, but financing the conversions remains difficult for small- and mid-market owners.
Reven Office REIT will originate first mortgages, mezzanine debt and preferred equity investments.

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