Developer JMB Realty has secured a $575-million construction loan for 1950 Ave. of the Stars, a 730,000-square-foot office development in Century City, according to published reports. The loan was provided by an affiliate of Cale Street and backed by the Kuwait Investment Office and the Kuwait Investment Authority.
Although lining up financing for office construction can be challenging in the current environment, 1950 Ave. of the Stars is largely preleased. Most recently, law firm Sidley announced in February that it would relocate its Century City offices to the new tower, leasing 70,000 square feet with an option to expand.
In so doing, Sidley will join clients Clearlake Capital Group and Creative Artists Agency as the primary tenants of the new building. Completion of the 37-story tower is expected in 2026. When completed, 1950 Ave. of the Stars will target LEED Platinum Certification and will also be accessible to the forthcoming Constellation/Century City Metro station.
Rendering courtesy of Johnson Fain.
How are deals getting financed in today’s uncertain climate? On May 1, Connect Los Angeles 2024 brings together John Manning of MMCC, Gary Bechtel of Red Oak Capital Holdings, Felix Gutnikov of Thorofare and TR Hazelrigg, IV of Avatar Financial Group on the Financing with Debt Panel. Register now to hear from these industry experts.
