Real Estate Trust Increases Line of Credit

Spieker Properties Inc., a Menlo Park-based real estate investment trust, has increased its unsecured line of credit from $250 million to $400 million, the company said. Spieker’s new credit facility is with Wells Fargo Bank as the lead agent for a syndicate of 11 banks and includes a one-year extension option. The new credit line “improves our short-term financing flexibility,” said Stuart Rothstein, chief financial officer. Spieker owns and operates approximately 40 million square feet of commercial property in California and the Pacific Northwest, including a number of buildings in Southern California.