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August 12, 2020
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West L.A. Office Portfolio Gets $93 Mil Refi


Playa Vista Creative Portfolio, a two-building, 180.4k sf office portfolio in Playa Vista, on Los Angeles’ westside, was refinanced with a new loan for $93.4 mil. The transaction was arranged by CBRE Capital Markets’ Debt & Structured Finance group and funded by an east coast-headquartered life insurance company on behalf of the owner, a global real estate investment manager.

The portfolio is comprised of two Class A office buildings that are 70.3% leased. The building located at 12901 W. Jefferson Blvd is fully leased to Deutsch’s Steelhead division, an internationally recognized advertising agency; “The Annex” building, located at 5340 Alla Rd, is currently 59.5% leased to a diverse tenant roster of tech, advertising and media companies.

Brad Zampa, Greg Grant, Steve Roth and Megan Woodring of CBRE arranged the five-year, non-recourse floating rate financing with full-term interest-only payments at a very competitive spread priced over 30-day LIBOR. The loan will refinance ownership’s existing loan and fund future leasing expenses to finalize the business plan and stabilize the project.

“The depth of capital available to institutional borrowers continues to surprise our team, particularly on our larger west coast executions. There was significant interest from Life Co’s, Banks, CMBS lenders and Debt Funds due to the strategic location, strong sub-market fundamentals and best in class Sponsorship,” said Zampa.

“West Los Angeles is one of the most supply-constrained office markets in the country,” said Greg Grant of CBRE. “Lenders are eager to put money to work in Playa Vista in particular, which is arguably the most coveted submarket in all of Silicon Beach.”

According to CBRE Research, West Los Angeles is experiencing leasing demand from high-profile entertainment, media and technology companies. In the last 24 months, West LA saw over 5 msf of new leasing activity, fueled by large commitments from a number of large, well-known tech and media companies. Additionally, there is currently more than 4.5 msf of active requirements from similar tenants.

The Playa Vista Creative portfolio sits off the Marina (I-90) Freeway and the Lincoln Blvd and is located within two miles of the San Diego (I-405) Fwy. The area offers office users excellent amenities with proximity to best-in-class shopping and retail centers, as well as an abundance of executive housing.

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