Blackstone, LBA to Land $270M for LA Office Asset
Apple is one of the major tenants of the fully leased property.
Blackstone and LBA Realty seek to obtain a $270 million CMBS refinancing loan for One Culver, a 378,377-square-foot office property in Culver City, Calif., according to an S&P Global presale report.
Nomura Holdings will originate and sell the two-year debt in a deal expected to close October 15. The floating-rate note features three one-year extension options.
Loan proceeds, along with $45.8 million in equity, are set to retire $310 million in previous debt and pay $5.8 million in closing costs. The venture is expected to retain $248.1 million in equity at closing.
Blackstone holds a 90 percent stake in One Culver, making it the property’s majority owner. The firm joined LBA Realty through a $500 million recapitalization in 2022.
READ ALSO: Largest Commercial Lenders
LBA had acquired the 1986-completed asset for $159 million in 2014, Yardi Matrix shows. Sony, the building’s sole tenant at the time, vacated the premises in 2016. Subsequently, LBA kicked off a $45 million renovation and repositioning project that reached completion in 2018.
Capital improvements included the lobby’s revamp and the creation of a media wall, as well as significant exterior and facade upgrades. In addition, the ground floor underwent conversion and now features 64,760 square feet of retail space.
The newly reimagined One Culver reached full occupancy by June 2021 and attained LEED Gold certification. The eight-story building features a gym, tenant meeting rooms, a multi-story lobby, a lounge and outdoor gathering areas, as well as a 1,175-space subterranean parking garage.
As of September 2026, the property’s overall weighted average remaining lease term clocked in at 5.3 years. However, the building’s two largest tenants, Apple and WeWork, account for 72.8 percent of the total net rentable area.
While the mid-rise currently serves as Apple’s largest office in Culver City, and the tech giant has invested more than $40 million to improve its space, the company is also building a new 536,000-square-foot campus within walking distance of One Culver.
The property is at 10000 W. Washington Blvd. in downtown Culver City, where several other retail, entertainment and dining venues can be found.
Office capital markets thaw
Lenders have issued 20 percent more office-backed debt during the first half of 2026 compared to the same period of last year, according to the quarterly Mortgage Bankers Association origination index.
Solid office market fundamentals across Los Angeles, such as low vacancy rates and strong rent growth, helped lenders underwrite debt well into the third quarter. In one of the deals, Waterfall Asset Management and Delaware Life provided a $64.7 million refinancing loan for The Torrance, a 301,000-square-foot property in Torrance, Calif., owned by Related Cos.
You must be logged in to post a comment.