CENTURY CITY, CA-The owners of the 2.3-million-sf Century Plaza Towers have refinanced the twin 44-story office towers development with a 10-year mortgage provided by the John Hancock Life Insurance Co. in a deal arranged by Churchill Mortgage of Los Angeles. Churchill says that the $440-million interest-only loan is the largest senior debt financing secured by real estate in the history of John Hancock and its parent, ManuLife Financial.
The Century Plaza Towers development, which includes 29,000 sf of supporting retail shops and restaurants, along with underground parking for 5,670 vehicles, is owned by clients who are advised by JPMorgan Asset Management. The property, at 2029 and 2049 Century Park East, is bounded by Constellation and Olympic boulevards and Century Plaza East.
Peter Thorp, chairman of Churchill, reports that Churchill SVP Michael Thorp originated the loan both on behalf of the borrower and on behalf of John Hancock as its direct access mortgage banker. At John Hancock, the team included Warren Thomson, Bill McPadden and Bill Shields.
The Century Plaza Towers development has been a landmark in Century City and the rest of West Los Angeles since the twin triangular towers were built in the mid-1970's. The tenant roster of national, local and regional firms includes a number of companies that have signed on or renewed at the complex in recent months. Among them is Lifetime Television Network, which signed a lease to remain its 41,000 sf at the South Tower (2049 Century Park East), where it has been since 1992.
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