Allianz Real Estate and Barings have provided $319m in debt financing to support the acquisition of 650 Townsend office building in San Francisco.

The six-storey property was reportedly sold by online game developer Zynga to real estate investment firm Beacon Capital Partners for $600m.

The property, which is being acquired through a sale-leaseback arrangement, features 685,000sqft of flexible office space, multiple atriums and tenant amenities.

Allianz and Barings said they have co-committed a total of $319.1m in debt financing under a co-lending agreement to fund the acquisition. 

Barings arranged the financing on behalf of an institutional investor and will be the lead lender and administrative agent for the transaction, with Allianz co-investing.

Dan Hartley, head of real estate debt origination in the US at Barings, said: “The debt financing of 650 Townsend demonstrates Barings’ ability to identify attractive debt investment opportunities across all property sectors and reflects our confidence in the long-term growth of San Francisco, especially as new development opportunities remain limited.”

Christoph Donner, CEO, Allianz Real Estate of America, said: “This new transaction also enables us to deepen our existing relationships with prime partners such as California State Teachers’ Retirement System, Beacon Capital Partners and another institutional investor.”