(To read more on the debt and equity markets, click here.)

ONTARIO, CA-New financing totaling $61 million has recapitalizedthe 323,000-sf, three-building Empire Towers Office Park, accordingto Buchanan Street Partners of Newport Beach. The property occupiesa site at Inland Empire Boulevard and Haven Avenue.TimothyHawthorne, EVP with Buchanan Street, explains that approximately$21.4 million of the recapitalization consisted of equity thatGuggenheim Real Estate committed to acquire an interest in theoffice park that was formerly held by a joint venture of CIP RealEstate and South Charles Investment Corp., which bought theproperty in 2002. Guggenheim Real Estate is now the principalequity provider and majority owner in a joint venture withCIP.Buchanan Street Partners secured more than $39.6 million inlong-term financing for the property, according to Hawthorne, whoreports that the permanent financing was secured through Allstateat a fixed rate of 4.94% for five years, with the first two yearsof the loan at interest only. Office product of the caliber ofEmpire Towers in the Inland Empire "has become a very attractiveasset class, both to investors and the lending community,"Hawthorne says. As more and more professionals locate into thegrowing residential communities of the Inland Empire, he says,office driven occupations are following into a region historicallyknown as a retail service, warehouse and manufacturing economy.Thethree buildings at Empire Towers are known as Empire Towers I, IIand III and were developed by Lord Baltimore. Empire Towers Icomprises 178,000 sf, while Empire Towers II and III account forthe remaining 145,000 sf. The class A campus is considered one ofthe premier office developments in the Inland Empire.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.