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DTLA’s City National Plaza Refinanced for $550M

City National Plaza, an iconic two-tower office complex in DTLA, has been refinanced. The 2.5-million-square-foot property owned by CommonWealth Partners and JV partner CalPERS secured $550 million from Morgan Stanley and Goldman Sachs Group Inc.

In a CMBS transaction reportedly closed May 19, the 10-year, interest-only loan is made up of $330 million of senior trust notes and $220 million in nontrust notes, according to credit rating agency Fitch Ratings Inc.

The pair of 52-story buildings are located at 515. S. Flower and 555 S. Flower in the Financial District. City National Plaza was built in 1971 and renovated in 2018. CommonWealth has completed roughly $193 million in capital improvements to the property since acquiring it in 2013.

Eastdil Secured‘s Philip McKnight, Mark Williams and Greg Stampley represented the borrower in the transaction.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as 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, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.