PUBLICATION: COMMERCIAL PROPERTY EXECUTIVE
DivcoWest has closed a $145 million refinancing deal for Glendale Plaza, a 24-story office tower in Glendale, Calif., according to ReBusiness Online. CBRE 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.
DivcoWest acquired the 591,958-square-foot asset from PGIM Real Estate in 2017. The company paid $179 million for the 1999-built tower 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.
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.
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.
The CBRE Debt & Structured Finance team included Executive Vice President Brad Zampa and Senior Vice Presidents Michael Walker and Greg Grant…READ MORE.