Jamison Properties’ CMBS Loan Sent Back to Special Servicing, Again
A $31.5 million commercial mortgage-backed securities loan secured by 600 South Commonwealth in Los Angeles failed to pay off at maturity — again
By Brian Pascus February 14, 2025 12:42 pm
reprints
One year later and the same story keeps playing out for Jamison Properties.
A $31.5 million commercial mortgage-backed securities (CMBS) loan secured by 600 South Commonwealth, a nearly 350,000-square-foot office building owned by Jamison Properties in Los Angeles’s Koreatown, has been sent back to special servicing after missing a maturity payment last month, one year after failing to pay off its initial maturity, according to an alert from Morningstar Credit.
The $31.5 million loan — which makes up 16.3 percent of COMM 2014-CR15 conduit deal — failed to pay off at its January 2025 maturity. The loan had been granted a one-year modification extension last year when it had originally matured in January 2024.
Standing 19 stories tall and boasting a mirrored-glass facade, the 348,048-square-foot office building opened in 1970 and was last renovated in 1991. The property includes 200 on-site parking spaces and has long housed the Los Angeles Superior Court, earning the nickname L.A. Superior Court Tower. The building was formerly known as CNA Park Place Tower.
The building’s occupancy stood at only 38 percent for much of the last year, and is likely to fall to zero in the near future, as the lease of the tenant accounting for the building’s remaining occupancy expires next week, according to Morningstar Credit.
Previous tenants have included the Central Civil West courthouse of Los Angeles Superior Court and the Los Angeles County Department of Public Health.
Jamison is Koreatown’s largest landlord, and the firm acquired the property in 2014 for $50 million, according to The Real Deal. Jamison announced last year that it planned to convert the office building into 428 live-work apartments, in a proposal currently being reviewed by the Los Angeles Department of Building and Safety.
This is not the only Jamison property to fall into special servicing. Last year, CO reported that an $87.5 million CMBS loan secured by Jamison’s Equitable Plaza, a prominent 34-story office tower on Wilshire Boulevard, had been sent to special servicing due to an imminent maturity default.
Jamison did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com.
