Irvine Company Lands $150M SoCal Office Refi
By Nick Trombola May 10, 2024 4:57 pm
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The Irvine Company has secured a $150 million fixed-rate loan from Bank of America (BAC) to refinance Westwood Gateway II, a 549,000-square-foot office tower on Los Angeles’ Westside, according to The Real Deal, which cited property records.
The 10-year financing for the property at 11100 Santa Monica Boulevard was packaged into a commercial mortgage-back securities loan. Newport Beach, Calif.-based Irvine Company paid off $112 million in debt before landing the new loan, per TRD.
Built in the late 1980s, Gateway Westwood II was recently valued at $330 million and as of Feb. 7 was 96 percent leased, according to TRD. Tenants include Capital Group, Crescent Capital and B. Riley Securities, along with Brentwood Associates, Balmoral Funds and Aristotle Capital Management.
Despite Southern California office woes, Irvine Company’s loan follows a few other notable financing deals there in recent weeks.
Chicago-based JMB Realty scored a $575 million construction loan from an affiliate of U.K.-based Cale Street Partners in early April for a 37-story, 730,000-square-foot office tower in Century City. That project is expected to finish construction in 2026.
About the same time last month, an affiliate of Lincoln Property Company received a $65 million refinancing loan from Deutsche Bank toward a 583,580-square-foot office and retail campus, dubbed Wateridge, on L.A.’s Westside.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
