Glendale Plaza, a 24-story highrise office building (familiar to anyone driving the 134) has secured $145 million of refinancing in a new deal. DivcoWest closed the refinancing, while CBRE helped negotiate the five-year, floating-rate note on behalf of the borrower, according to a news release.
The financing will retire a $120 million loan that AXA Equitable Life Insurance Co. provided in 2017, per data via CommercialEdge.com.
Glendale Plaza’s history goes back to its construction in 1999. DivcoWest acquired the 591,958-square-foot asset from PGIM Real Estate in 2017. The company paid $179 million has invested more than $17 million in renovations.
The highrise is 77 percent leased, with one client DreamWorks Animation Television – a studio that saw one of its own headquarters move off the market in 2021.
The CBRE Debt & Structured Finance team included Executive Vice President Brad Zampa and Senior Vice Presidents Michael Walker and Greg Grant.