Related Secures $65M Refi for Office Property in L.A.’s South Bay
Waterfall Asset Management and Delaware Life provided the financing for the 301,000-square-foot South Bay asset
By Greg Cornfield September 4, 2026 3:55 pm
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The owners of a 301,000-square-foot Class A office property in Los Angeles’ South Bay have secured refinancing for the property.
Owners Related Companies and Cruzan landed the $64.7 million loan from Waterfall Asset Management and Delaware Life for the eight-story property called the Torrance, named after its home city. The asset at 21250 Hawthorne Boulevard is 93 percent occupied, according to Yardi Matrix, with tenants including All Nippon Airways, Salon Republic, Barrister Executive Suites, Compass California, Unio Health Partners and Morgan Stanley.
Newmark’s Jordan Roeschlaub, Nick Scribani and Chris Lozinak arranged the debt.
The property was built in 1988. Related and Cruzan acquired it from Stream Realty Partners for $106.8 million in 2017, and secured $59.2 million in refinancing in 2022.
The South Bay has benefited from surging demand from aerospace and defense users for both office and industrial space. But the Greater Los Angeles office market remains deeply bifurcated.
Overall vacancy was at 25.3 percent after the second quarter, nearly unchanged from year-end 2025, while trophy properties have a 13.5 percent vacancy rate, according to Newmark research.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
