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SUNNYVALE — An office complex at a choice site in Sunnyvale has undergone a wide-ranging facelift that’s aimed at making it more appealing and viable at a time of coronavirus-linked social distancing.

Embarcadero Capital Partners bought the office center in 2016 and completed a major renovation and revamp of the complex, which is located in Sunnyvale near the interchange of U.

S. Highway 101 and Lawrence Expressway.

The office complex, which totals 181,200 square feet, is a long and narrow structure that now offers plenty of flexibility to be leased to one or multiple tenants.

The renovation completely modernized the interiors and spruced up the exterior of the office center, which previously consisted of four closely situated buildings.

The redevelopment effort resulted in a complex that could become a single building. Embarcadero Capital Partners enclosed multiple breezeways in a fashion to unify the four buildings into a single structure.

The enclosures create enough flexibility to allow for one tenant to occupy the entire complex or to enable multiple tenants in the facility.

With coronavirus-linked health concerns on the minds of many office workers, the renovated office center includes multiple sites for open-air collaboration or the ability to distance socially.

In 2016, Embarcadeo Capital Partners paid $12.7 million for the property, documents filed with Santa Clara County property officials show.

The property has addresses ranging from 1230 through 1290 Oakmead Parkway and also fronts on Lakeside Drive, county assessment records show.

In 2017, Embarcadero Capital obtained $38.5 million in financing from lender Loancore Capital Credit REIT, public records show. That capital infusion would have occurred prior to the renovation.

“We are excited to introduce Horizon to the market and provide companies with an elegant solution to today’s creative workplace needs,” said John Hamilton, principal executive of Embarcadero Capital Partners.

 

News Source: mercurynews.com

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Fintech firm Klarna is raising $1 billion at a $31 billion valuation, sources say

The logo of Swedish payment provider Klarna is shown on the display of a smartphone on April 22, 2020 in Berlin, Germany.Thomas Trutschel | Photothek | Getty Images

LONDON — Klarna is close to finalizing a $1 billion funding round that would give the Swedish fintech company a valuation of $31 billion, two sources familiar with the matter told CNBC.

The Stockholm-based firm is one of the world's largest providers of "buy now, pay later" services, which allow shoppers to spread out the cost of their purchases over a period of interest-free instalments.

The company is raising a bumper round ahead of a potential blockbuster stock market listing that would be a boon to some of its earliest venture capital investors, like Atomico and Sequoia. Klarna is also backed by big-name investors like Snoop Dogg and Ant Group.

The deal could close within days, the sources said, preferring to remain anonymous as the details haven't yet been made public. The fresh capital injection was oversubscribed and raised in just a week, one of the sources said.

Klarna declined to comment when contacted by CNBC.

Klarna is now Europe's top tech unicorn, surpassing payments software firm Checkout.com, which hit a $15 billion valuation last month.

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