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Investor Duo Obtains $270M Refi on 387K-SF Culver City Office Property
Blackstone and LBA Realty are ready to close on a $270 million CMBS refinancing for One Culver, an 8-story office building in Culver City, a town teeming with prominent companies. The 378,377-square-foot office property is near Apple’s 536,000-square-foot office building.
Nomura Holdings originated the loan. Commercial Search reports that the loan proceeds will retire $310 million of prior debt and pay $5.8 million in closing costs. The venture is expected to retain $248.1 million in equity at closing.
Blackstone holds a 90 percent stake in One Culver, making it the property’s majority owner. The firm joined LBA Realty through a $500 million recapitalization in 2022. LBA had acquired the 1986-completed asset for $159 million in 2014. Sony, the building’s sole tenant at the time, vacated the premises in 2016. Subsequently, LBA kicked off a $45 million renovation and repositioning project that reached completion in 2018.
One Culver reached full occupancy by June 2021.
- ◦Financing
