Office Campus Refinancing Boosts LA Stability

Office Campus Refinance

Continental Development Corp. and Mar Ventures have closed on an $80M refinancing deal for Los Angeles’ Del Rey Campus, a 162,031 SF creative office campus, according to the Commercial Property Executive. The five-year, fixed-rate, interest-only loan was arranged by Sonnenblick-Eichner Co. and provided by Goldman Sachs, offering the owners flexibility amid evolving market conditions.

Asset Details and Tenancy

Del Rey Campus sits at 4800 Alla Road, with direct access to Marina Freeway and Culver Boulevard. The complex includes three gated buildings, each two stories tall. Floorplates range from 22,700 to 29,300 SF. It offers shared amenities like a café, rooftop deck, fitness center, and Zen garden. Tenants also get bicycle and surfboard storage. These features cater to creative tenants. The roster includes World Surf League, CENTRL Office, and a video game studio. CBRE handles leasing.

Momentum in Office Campus Refinancing

This office campus refinancing follows other headline-grabbing transactions in greater Los Angeles. At the same time, slower rent growth in nearby multifamily markets points to uneven fundamentals across asset classes, even within the same region. Last week, Omninet Capital secured a $95M loan for a 490,000 SF Long Beach office property, further illustrating robust lender activity in the region’s office sector.