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3/18/15
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HFF has arranged $260 mil in refi money for The Water Garden Phase I, two six-story, Class A, office buildings totaling 673.7k sf located in the heart of Santa Monica. The property is owned by institutional investors advised by J.P. Morgan Asset Management, with New York Life Real Estate Investors.
Designed by McLarand, Vasquez & Partners Inc, the Phase I property is situated on 9.1 acres at 2425 Olympic Blvd and 1620 26th St. Tenants of Phase I include Amazon, Edmonds.com, Group M Worldwide, Sony Computer Entertainment and AMC Networking Entertainment.
The Phase I property makes up roughly half of the Water Garden office complex, consisting of four buildings totaling 1.27 msf and built in two phases. The asset is 14 miles west of downtown Los Angeles in the Westside office market. In 2016, a light rail station will open catty-corner from the property.
Mike Tepedino, Paul Brindley and Jennifer Keller of HFF placed the 12-year, fixed-rate loan.
“The Water Garden has always been one of the top office assets in Los Angeles,” Brindley said. “Its position as the leading office asset in Santa Monica will be enhanced further by the sponsor’s careful consideration of strategic capital improvements to meet the evolving demands of the creative tenants that call Santa Monica home. Furthermore, with the future opening of the Bergamot/26th Street Expo Station across the street, the asset will offer the best combination of institutional ownership, improvements and mass transit options of any major asset in West Los Angeles.”
Tenants at the Water Garden include Premier Business Centers, the leading executive suites firm based out of Orange County.
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