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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
- ◦Financing


