Marina Del Rey Offices Get Goldman Sachs Financing

A creative office campus in Marina Del Rey received $80 million in refinancing from Goldman Sachs.

Continental Development and Mar Ventures, owners of the Del Rey Campus property, secured an $80 million first mortgage loan from Goldman Sachs, Commercial Observer reported. Goldman Sachs’ five-year, fixed-rate, interest-only loan refinances the development’s construction loan.

The 162,031-square-foot complex spans three buildings and was completed roughly six years ago. The World Surf League has its headquarters at the Del Rey Campus, and video game giant Electronic Arts also has an outpost at the property at 4800 Alla Road. Centrl Office, a Portland, Oregon-based co-working operator, also has a location here.

Del Rey Campus offers tenants both full-floor and multi-tenant buildouts across all three buildings. In addition to offices, the property also houses a cafe, a fitness center with men’s and women’s locker rooms as well as secured bicycle and surfboard storage areas.

Sonnenblick-Eichner arranged the financing, which principal David Sonnenblick said is “indicative of the availability in today’s market of fixed-rate capital for institutional-quality office buildings,” according to Commercial Observer.

In the fourth quarter, the Westside of Los Angeles led the region with the most office leasing activity in Greater L.A. The area accounted for more than 27 percent of total leases, according to CBRE’s fourth-quarter report. The submarket notched a 22.6 percent vacancy rate, outdoing most other submarkets in the region, especially downtown Los Angeles.

On the other side of Los Angeles International Airport from Marina Del Rey, El Segundo is emerging as a preferred destination for office tenants looking for space.

Media marketing agency Canvas Worldwide, for example, is relocating its headquarters from Playa Vista to El Segundo, expanding the agency’s office space by 48 percent, from 36,000 square feet to 68,300 square feet. Last summer, food robotics startup Shinkei Systems agreed to double its headquarters space in the Westside city with a 15,000-square-foot lease at the Standard Works industrial campus. KPMG leased 50,000 square feet at the Plaza at Continental Park office complex at 2101 Rosecrans Avenue as part of its office shakeup last month.— Chris Malone Méndez