L.A. Office Portfolio Sent to Special Servicing
Woodland Hills-based Realty Bancorp Equities owns the five-building portfolio, records show
By Nick Trombola June 18, 2025 2:10 pm
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A commercial mortgage-backed securities (CMBS) loan tied to five office properties in Los Angeles County has transferred to special servicing due to imminent default.
The properties are located across the cities of Agoura Hills, Calabasas and Woodland Hills. Affiliates of Realty Bancorp Equities own the 348,400-square-foot portfolio, according to property records. J.P. Morgan Chase and Deutsche Bank issued the $69 million financing package in 2020.
The portfolio includes 29903 Agoura Road, a 103,394-square-foot property leased to the likes of Pennymac and Nationwide Medical Direct; 29901 Agoura Road, a 37,541-square-foot building leased to companies such as Vitu and DMVdesk; 29899 Agoura Road, a 78,590-square-foot building leased to the likes of the L.A. Rams and OWM Insurance Services; 5855 Topanga Canyon Boulevard, a 50,019-square-foot, glass-exterior building leased to firms like Grossman Law Offices and Tina Odjaghian Law Group; and 5230 Las Virgenes Road, a 78,847-square-foot complex leased to CPAPnation, Nationwide Medical and Cedars Business Services.
About $67.5 million of the financing is outstanding, according to a Morningstar Credit report. Average occupancy across the properties had dropped to 73 percent as of December, down from 98 percent at the time of the loan’s origination.
A representative for Realty Bancorp did not immediately respond to a request for comment. Both J.P. Morgan Chase and Deutsche Bank declined to comment.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
