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October 27, 2020
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Watt Investment Partners-Led Venture Secures $70 Mil on Two Office Buildings in the Culver City Area

10/14/20

In a recent office financing transaction, a venture between Watt Investment Partners and an unidentified institutional investor has obtained a $70 mil refi loan on two recently renovated office properties in the Culver City area. One building, 6101 W. Centinela Ave, is in the city, while the other structure, 3000 S. Robertson Blvd, is in the city of Los Angeles, at the border with Culver City.

6101 W Centinela, Culver City
6101 W Centinela, Culver City
The slightly larger of the two buildings, 6101 W. Centinela Ave, was completely renovated in 2020. The three-story, 111.5k sf property was 60 percent leased to a diverse mix of tenants at the time of financing. The property is positioned adjacent to the I-405 Fwy, at the steps of Playa Vista, and draws tenants from the broader Silicon Beach market. The non-recourse loan was placed with a life insurance company, which provided a competitive interest rate and additional funding for future leasing costs.

The 3000 S. Robertson Blvd property sits adjacent to the I-10 Fwy, just north of Culver City. The four-story, 111.4k sf building was 92% leased at the time of financing and anchored by a large coworking company. The loan was placed with a regional bank at a fixed interest rate, on a non-recourse basis.

Greg Grant of CBRE Debt and Structured Finance in Los Angeles arranged the financing, with support from CBRE’s Todd Tydlaska, Sean Sullivan and Mike Longo.

“These are two incredibly well-located assets and the recently completed renovations have broadened their appeal to a wide range of tenants,” said Grant. “While some lenders are being more conservative in the office space due to our current circumstances, we saw significant interest for these financings given the strength of the borrower and quality of the properties.”

The COVID-19 pandemic has had a profound impact on the national and regional economies, but CBRE Econometric Advisors (CBRE EA) is projecting a robust recovery beginning in 2021, with office markets projected to fully recover by Q4 2021. Base rates in the Greater Los Angeles region remained stable quarter-over-quarter at $3.60 per month per square foot, according to a CBRE research report.






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