JLL arranges $30M refinancing for Exposition 2 in West LA
New York-based life company provides 10-year, fixed-rate loan
LOS ANGELES, December 10, 2019 – JLL announced today that it has arranged a $30 million refinancing for Exposition 2, a best-in-class creative office development totaling 56,000 square feet at the intersection of Crenshaw and Exposition in Los Angeles, California.
Working on behalf of the borrower, The Luzzatto Company, JLL placed the 10-year, fixed-rate loan with an New York-based life company.
Located at 3339 Exposition Boulevard, the property is positioned in the heart of the West Adams district, one of the fastest growing submarkets for creative companies in Los Angeles. This location has abundant transportation options, including the Bundy Expo Line station, Interstates 405 and 10 and convenient access to the Santa Monica Airport. Renovated in 2019, 3339 Exposition Boulevard is fully leased to GOAT, an online sneaker marketplace.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Paul Brindley, Senior Director Jeff Sause and Associate Spencer Richley.
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 the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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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.
The Luzzatto Company, Inc. and its affiliates ("TLC") invest in real estate and real estate related debt, with a national portfolio that includes retail, office, multi-family, industrial and film and television studio properties. TLC has a long history of success in creative conversions and development with a focus on distressed, underdeveloped, poorly designed, inefficient, vacant or otherwise impaired properties. TLC has developed and managed space for tenants like Red Bull, Yahoo!, NPR, The Honest Company, FedEx, Quixote Studios, CAA and other industry leaders. Today, TLC remains one of the premier creative office operators in the nation.
TLC ensures that all of its investments perform well despite market fluctuations through its property management, asset management and brokerage services as well as its in-house legal expertise.