• 0
  • Home
  • About Us
  • What We Do

Shopping Cart

GPAM
  • Home
  • About Us
  • What We Do

JMB scores $575M construction loan from Cale Street for Century City project

JMB Realty has scored funding to build its trophy Century City development, The Real Deal has learned.

The Chicago-based investment firm secured a $575 million construction loan for 1950 Avenue of the Stars, where it plans to build a 730,000-square-foot office tower, according to property records filed with Los Angeles County. Terms of the loan were not disclosed. 

The loan values the project at a minimum of $788 per square foot — higher than many office properties that have sold on a per-square-foot basis across L.A. County in the last year. 

An affiliate of Cale Street, an investment firm based in the United Kingdom, provided the financing, according to loan documents. Business records from Jersey, part of the Channel Islands off the British coast, show the affiliated entity is managed by a Cale Street fund. 

Cale Street is backed by the Kuwait Investment Office and the Kuwait Investment Authority. It was founded in 2014 with an initial investment of $1.5 billion, according to a bio for its CEO, Edward Siskind. 

The Cale Street entity is the lead lender on the financing package, loan documents show; the others were not named. 

Sources previously told TRD that JMB had issues finding anyone to cough up a loan for the project, despite the fact that most of the building is already pre-leased to Creative Artists Agency, law firm Sidley Austin and private equity firm Clearlake Capital. The tower is set to be completed by 2026. 

JMB had put out feelers for debt on the building last year, but bidding came up dry, according to two sources familiar with the matter. 

For many U.S. lenders, office assets have been completely redlined, because of remote work and few tenant commitments, giving groups like sovereign wealth funds or international funds an opening. 

Despite the hesitancy around the office market, Century City has stood out as a gem, commanding some of the highest asking rents across the West Coast. 

“It’s the best office market in the country,” Kevin Shannon, who runs Newmark’s West Coast capital markets team, said last year. “One Vanderbilt [in New York City] may be the most expensive building in the country, but Century City is the best submarket.” 

The post JMB scores $575M construction loan from Cale Street for Century City project appeared first on The Real Deal.

Powered by WPeMatico

  • 02 April 2024
  • The Real Deal
  • Uncategorized
  •  Like
Rexford Industrial leases Simi Valley warehouse to River Plate →← The Closing: Lew Horne
  • Recent Posts

    • Hoteliers sound the alarm on looming distress  May 24, 2025
    • Growth markets see retail boom even with tariff uncertainty May 24, 2025
    • Westchester resi project gets city OK after union drops objection May 23, 2025
    • WATCH: ‘Father of CMBS’ Ethan Penner to run for governor of California May 23, 2025
    • Fashion Island office fetches $756 psf May 23, 2025
  • Recent Comments

    • Archives

      • May 2025
      • April 2025
      • March 2025
      • February 2025
      • January 2025
      • December 2024
      • November 2024
      • October 2024
      • September 2024
      • August 2024
      • July 2024
      • June 2024
      • May 2024
      • April 2024
      • March 2024
      • February 2024
      • January 2024
      • December 2023
      • February 2023
      • January 2023
      • December 2022
      • November 2022
      • October 2022
      • September 2022
      • August 2022
      • July 2022
      • June 2022
      • May 2022
      • April 2022
      • March 2022
      • February 2022
      • January 2022
      • December 2021
      • November 2021
      • October 2021
      • September 2021
      • August 2021
      • July 2021
      • June 2021
      • May 2021
      • April 2021
      • March 2021
      • February 2021
      • January 2021
      • December 2020
      • November 2020
      • October 2020
      • September 2020
      • August 2020
      • July 2020
      • June 2020
      • May 2020
      • April 2020
      • March 2020
      • February 2020
      • January 2020
      • December 2019
      • November 2019
      • October 2019
      • September 2019
      • August 2019
      • July 2019
      • June 2019
      • May 2019
      • April 2019
      • March 2019
      • February 2019
      • January 2019
      • December 2018
      • November 2018
      • October 2018
      • September 2018
      • August 2018
      • July 2018
      • June 2018
      • May 2018
      • April 2018
      • March 2018
      • February 2018
      • January 2018
      • December 2017
    • Global Property and Asset Mangement, Inc.
      137 North Larchmont
      Los Angeles, California 90010
      +1 213-427-1127

    © 2025 GPAM