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California  + Los Angeles  + Office  | 

Hines, JP Morgan Chase Refi Century Plaza Towers for $1.2B

Houston-based Hines and JP Morgan Chase & Co. secured $1.2 billion in refinancing for Century Plaza Towers, a two-building, 2.4-million-square-foot office property in Century City. The 10-year, fixed-rate loan for the twin 44-story assets at 2029 and 2049 Century Park East was provided by Deutsche Bank, Wells Fargo & Co. and Morgan Stanley Bank.

The 1975-built towers were renovated in 2008, though are currently undergoing a common area renovation. The buildings were bought by JPMorgan Asset Management’s Strategic Property Fund and affiliates of Hines in 2014 as part of a larger three-building roughly $1.6-billion deal. The 2000 Avenue of the Stars asset was not included in the collateral for the new debt.

The three banks are securitizing a $700 million piece of the debt through a stand-alone CMBS transaction. Proceeds of the financing will be used to pay off an existing $800 million loan from Morgan Stanley.

Stroock’s Mike McCarthy and Ankush Israni represented the borrower in the loan negotiation.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Financing
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