Los Angeles, CA (PRWEB) October 6, 2010
Tishman Speyer announced recently that it has recapitalized its two Continental Grand Plaza office buildings located in El Segundo, Calif.
The debt on the properties, which were separately acquired and financed in 2006, have been restructured with new equity invested in each property and with sufficient capital available to fund new leases and otherwise meet future financial obligations.
The announcement follows several other recent debt transactions completed by Tishman Speyer, including large portfolio debt restructurings in Chicago and Washington, DC, and the restructuring of debt on prominent properties in downtown Seattle and Dublin, Calif. The firm also recently regained control of prime commercial development land in Playa Vista.
Continental Grand Plaza is comprised of two six-story office buildings, each totaling approximately 238,000 rentable square feet along with an adjacent garage. The recapitalization of Continental Grand Plaza I followed a recent restructuring of the largest tenant's lease, due to that company's bankruptcy. Tishman Speyer then paid off the mezzanine loan at a discount. In the case of Continental Grand Plaza II, the firm successfully negotiated an extension of term with the senior loan's special servicer and restructured the mezzanine debt as well.
Tishman Speyer also reported today that TASC, Inc. has signed a five-year 42,000-square- foot lease at Continental Grand Plaza II. TASC provides advanced systems engineering, integration and decision-support systems to the U.S. intelligence community, the Department of Defense and various civilian federal agencies. John Ollen and Jake Mota represented property ownership.
Commenting on today's announcements, Tishman Speyer Senior Managing Director John Miller said, "We believe that the El Segundo office market's long-term outlook justifies additional investment in Continental Grand Plaza. We're pleased that our lenders were sufficiently flexible to enable us to recapitalize and that we can now continue to execute our strategies for each of the assets. We're also pleased to welcome TASC to the property and look forward to serving the company's office needs."
About Continental Grand Plaza
Continental Grand Plaza I was completed in 1986. Continental Grand Plaza II was completed in 1999. The assets are prominently located in El Segundo and together are generally considered to be the premiere Class A mid-rise office property in the Superblock area of El Segundo. Located at the confluence of two major freeways and adjacent to Los Angeles International Airport, the property offers immediate access to highly affluent residential communities in Manhattan Beach, Hermosa Beach, Marina Del Rey and the Palos Verdes Peninsula.
About Tishman Speyer
Tishman Speyer is one of the leading owners, developers, operators, and fund managers of first-class real estate in the world. Since 1978, Tishman Speyer has acquired, developed and operated over 325 projects totaling over 116 million square feet and a property portfolio of over US$54.2 billion in total value across the United States, Europe, Latin America and Asia, including signature properties such as New York's Rockefeller Center and Chrysler Center, Berlin's Sony Center and Torre Norte in São Paolo, Brazil.
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