{"id":1004567965,"date":"2022-02-17T04:27:12","date_gmt":"2022-02-17T12:27:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004567965"},"modified":"2022-12-08T17:25:18","modified_gmt":"2022-12-09T01:25:18","slug":"divcowest-lands-145-refi-for-la-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/divcowest-lands-145-refi-for-la-tower\/","title":{"rendered":"DivcoWest Lands $145M Refi for LA Tower"},"content":{"rendered":"
\"\"<\/a>

655 N. Central Ave.<\/p><\/div>\n

DivcoWest<\/strong> has closed a $145 million refinancing deal for Glendale Plaza, a 24-story office tower in Glendale, Calif., according to ReBusiness Online<\/em>. CBRE<\/strong> helped negotiate the five-year, floating-rate note on behalf of the borrower. The financing will retire a $120 million loan that AXA Equitable Life Insurance Co. provided in 2017, CommercialEdge data shows.<\/span><\/p>\n

DivcoWest acquired the 591,958-square-foot asset from PGIM Real Estate<\/strong> in 2017. The company paid $179 million for the 1999-built tower<\/a> and has invested more than $17 million in renovations. Building upgrades included the addition of an outdoor event space, gym and conference center. The property offers 23,000-square-foot floorplates and a parking ratio of 3 spaces per 1,000 square feet. Last year, the property received LEED Gold recertification.<\/span><\/p>\n

Located in the Vineyard neighborhood at 655 N. Central Ave., just off Ventura Freeway, Glendale Plaza is 2 miles from Griffith Park and some 10 miles north of downtown Los Angeles.<\/span><\/p>\n

Glendale Plaza is currently 77 percent leased to a tenant roster that includes DreamWorks Animation Television, flex workspace provider Regus, ATC Trading Corp., UNUM, a life insurance company and law firm Lewis Roca Rothgerber Christie, among others.<\/span><\/p>\n

The CBRE Debt & Structured Finance team included Executive Vice President Brad Zampa and Senior Vice Presidents Michael Walker and Greg Grant.<\/p>\n

Active on all fronts<\/span><\/h2>\n

DivcoWest has started the year with a series of investments in residential properties and redevelopment sites. Last month, the company also inked a lease with Meta<\/strong>\u2014former Facebook\u2014for 33 floors in <\/span>Sixth and Guadalupe<\/span><\/a>, an upcoming 66-story skyscraper that DivcoWest is developing in Austin in partnership with Lincoln Property Co. and Karioi Residential, the Austin Business Journal<\/em> reported. <\/span><\/p>\n

The transactions follow a fairly active 2021 for the company. <\/span>In September of last year, DivcoWest expanded its Los Angeles footprint to nearly 1 million square feet with the acquisition of Lankershim Plaza<\/a>, a 180,000-square-foot building in North Hollywood\u2019s Arts District. The company paid $92 million to J.H. Snyder Co. for the asset. Glandale Plaza is still the largest office property DivcoWest owns in Southern California, according to CommercialEdge data.<\/span><\/p>\n

A few months later, DivcoWest closed a major refinancing deal for two of its life science and office buildings in Boston. In November, the company received $1.23 billion to refinance 350 Water St. and 450 Water St. in Cambridge, Mass. A team of investors including Deutsche Bank<\/strong>, Bank of America<\/strong>, JPMorgan Chase<\/strong> and 3650 REIT<\/strong> provided the 15-year CMBS loan, according to the Commercial Observer<\/em>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

This property is the investor\u2019s largest office asset in Southern California.<\/p>\n","protected":false},"author":1366,"featured_media":1004567969,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,22251,1594,21742,21747,15],"tags":[32789,32841,34714],"class_list":["post-1004567965","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-in-focus","category-los-angeles","category-latest","category-office","category-west","tag-cbre","tag-divcowest","tag-pgim-real-estate"],"acf":[],"yoast_head":"\nDivcoWest Lands $145M Refi for LA Tower - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"CBRE negotiated the $145 million refinancing of Glendale Plaza, DivcoWest's largest office property in Los Angeles.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/divcowest-lands-145-refi-for-la-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DivcoWest Lands $145M Refi for LA Tower\" \/>\n<meta property=\"og:description\" content=\"CBRE negotiated the $145 million refinancing of Glendale Plaza, DivcoWest's largest office property in Los Angeles.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/divcowest-lands-145-refi-for-la-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-17T12:27:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T01:25:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/655-n-central-ave-e1645096692166.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ioana Muresan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/divcowest-lands-145-refi-for-la-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/divcowest-lands-145-refi-for-la-tower\/\",\"name\":\"DivcoWest Lands $145M Refi for LA Tower - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/divcowest-lands-145-refi-for-la-tower\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/divcowest-lands-145-refi-for-la-tower\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/655-n-central-ave-e1645096692166.jpg\",\"datePublished\":\"2022-02-17T12:27:12+00:00\",\"dateModified\":\"2022-12-09T01:25:18+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/03646a053de86ceb3a62b2e43105f49d\"},\"description\":\"CBRE negotiated the $145 million refinancing of Glendale Plaza, DivcoWest's largest office property in Los Angeles.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/divcowest-lands-145-refi-for-la-tower\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/divcowest-lands-145-refi-for-la-tower\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/divcowest-lands-145-refi-for-la-tower\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/655-n-central-ave-e1645096692166.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/655-n-central-ave-e1645096692166.jpg\",\"width\":640,\"height\":480,\"caption\":\"655 N. 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