JLL arranges $42.2M financing for the Telephone Building
The authentic creative office asset is in Downtown Santa Monica, California
LOS ANGELES, February 4, 2020 – JLL Capital Markets announced today that it has arranged $42.2 million in acquisition financing for a 58,851-square-foot condominium interest in the Telephone Building, a premier six-story creative office building located in Santa Monica, California.
JLL worked on behalf of the borrower, Rockwood Capital, to place the five-year, floating-rate acquisition loan through a national portfolio lender. Additionally, JLL brokered the sale of the property in a previously announced transaction. The remaining condominium interest houses a telephone switching hub, which was not included in the sale or financing.
Located in the heart of Downtown Santa Monica, the Telephone Building is an iconic, 1930’s-era creative office building that is fully leased to a strong lineup of quality tenants. The historic Telephone Building boasts roof-top ocean views; spacious open floor plates; and award-winning, ground-floor dining amenities, including Esters Wine Shop & Bar and Cassia, which was named Restaurant of the Year by LA Weekly Magazine and one of the top 12 new restaurants in America by GQ Magazine.
The JLL Capital Markets debt placement team that led the financing transaction included Managing Director Todd Sugimoto and Director Steven Paskover.
“The Telephone Building has an outstanding location in the heart of Downtown Santa Monica that drives significant tenant demand to the property,” Paskover said. “The financing provided lenders the opportunity to finance one of the top creative office buildings in a core West Coast submarket.”
The JLL Capital Markets team that represented the seller was led by Managing Director Andrew Harper, Senior Managing Directors Michael Leggett and Doug Bond and Associate Matt McRoskey.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc. a licensed real estate broker, California RE Broker License No. 01856260.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Rockwood Capital, LLC
Rockwood Capital is a real estate investment management firm founded in 1995 that provides debt and equity capital combined with real estate operating expertise for the repositioning, development, redevelopment and recapitalization of residential, office, retail and hotel space in key markets throughout the United States. Rockwood is a 72-person organization with offices in New York, New York; San Francisco, California; and Los Angeles, California. Since inception, Rockwood and its principals have invested in approximately $31.4 billion of real estate and real estate-related assets (gross asset value). As of Q3 2019, Rockwood manages a portfolio of approximately $9.0 billion (gross asset value). Rockwood’s international investor base includes sovereign wealth funds, public and private pension funds, endowments, foundations, insurance companies, funds of funds, high net worth individuals and family offices.