Insurance giant AXA Equitable will provide $106 million in debt to finance Angelo, Gordon & Co. and Lincoln Property Company’s purchase of two office buildings at Woodland Hills’ Warner Center, according to Commercial Mortgage Alert.
The two companies are under contract to pay about $150 million, or $295 per square foot, for the properties, at 21215 and 21255 Burbank Boulevard. They are requesting either a fixed or floating rate over a five-year term, CMA said.
Newmark Grubb Knight Frank’s Kevin Shannon, Laura Stumm and Rob Hannan brokered the sale and the loan agreements.
The seller is Starwood Capital Group of Greenwich, Conn., which claims a portfolio worth $9.5 billion, and is the country’s largest commercial mortgage REIT by market capitalization.
The property comprises two six-story buildings with a total 510,000 square feet at 21255 and 21215 Burbank Boulevard. The buildings are more than 80 percent occupied by tenants including software firm Intuit and the insurance company New York Life.
Dallas-based Lincoln Property has an extensive commercial portfolio in L.A., including the $135.5 million Wateridge complex in West L.A. Angelo recently sold its Cerritos Corporate Center to Black Equities for $62 million in September.
Houston-based real estate firm Hines is also rumored to be selling its five buildings at the Warner Center amid speculation of a potential loan default, TRD reported. [Commercial Mortgage Alert] — Gabrielle Paluch