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| 2700 Pennsylvania Avenue, Santa Monica, CA |
LOS ANGELES, CA – HFF announced today that it has arranged a
$14 million refinancing for 2700 Pennsylvania Avenue, a
62,000-square-foot, Class A office building in Santa Monica, California.
Working on behalf of The Luzzatto Company, Inc. and Welk
Real Estate, Inc., HFF secured the seven-year, fixed-rate loan though Principal
Real Estate Investors.
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| Chris Vittetoe |
2700 Pennsylvania Avenue is located a few blocks from the
intersection of Cloverfield Boulevard and Interstate 10 in Santa Monica and one
block from the new Bergamot Station of the Expo Light Rail line that will open
in 2015. The creative office space is
100 percent leased to two tenants: Yahoo! and Jakks Pacific.
The HFF debt placement team representing the borrower was
led by director Chris Vittetoe and real estate analyst Steven
Paskhover.
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| Marc L. Luzzatto |
“The HFF team was highly effective in helping us evaluate
the many attractive options for financing this irreplaceable asset,” said Marc
L. Luzzatto, chief executive officer of The Luzzatto Company.
The Luzzatto Company, Inc. and its affiliates (“TLC”) invest
in real estate and real estate-related debt, with existing investments in
California, Washington, Oregon, Nevada, Hawaii, Texas, Illinois, Alabama,
Georgia and Missouri.
TLC acquires
properties through its equity fund, The Luzzatto Real Estate Value Fund I,
L.P., as well as through existing ventures and partnerships with high net-worth
individuals and institutions. TLC also
manages the assets and properties of Welk Real Estate, Inc., the real estate
affiliate of the Lawrence Welk family holding company.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
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