Carlton closes Bank Center deal.

Carlton Advisory Services' Chairman Howard L. Michaels has announced that Carlton, acting as exclusive advisor to an entity controlled by Pacific Gold Equities, LP, arranged and closed a joint venture equity partnership and mortgage as part of a recapitalization of The Bank of America Center.

The Class-AAA trophy office asset is located in the heart of the San Francisco, California business district. The Bank of America Center is one of the most recognizable and prestigious office assets in the United States and is comprised of three buildings totaling approximately 1.8 million square feet.

The Center is 92.2% leased to a roster of predominantly credit and credit quality tenants.

The Carlton institutional equity team has continued its success in a series of major office asset closings by quietly securing a major international joint venture equity partner to co-invest in this off-market transaction.

In addition, Carlton assisted the joint venture in arranging a seven-year, fixed-rate, interest only mortgage on favorable terms. Carlton's client, an investment group led by Mark Karasick, was represented by Steven I. Holm, Esq. of Holm & Drath, LLP. Carlton professionals Michael J. Campbell and Matthew Meek assisted Mr. Michaels with the equity placement and financing for this transaction.