LOS ANGELES-A Los Angeles-based private investor has secured a $14.5 million first mortgage through Carlton Advisory Services Inc. of New York as acquisition financing for the historic Standard Oil Building. The buyer acquired the 102,587-sf property at 605 W. Olympic Blvd, which was once the regional headquarters of John D. Rockefeller's legendary company, from the Hertz Investment Group of Los Angeles.
The fixed-rate 10-year loan, at an all-in rate of below 6%, was arranged with a major German financial institution by Carlton executives Howard Michaels, Michael Campbell and Daniel Drew, all based in New York. Carlton is a national real estate investment banking firm active in debt and equity placement, investment sales and commercial and residential loan sales.
The nine-story Standard Oil building, which is 100% occupied, was constructed in 1928 as the oil company's regional headquarters and was designated a Los Angeles Historic Cultural Monument in 1988. The modern classic style tower houses several major downtown offices and features a restored granite exterior, with period details such as open spiral stairwells and brass mail drops. It is within walking distance of the Staples Center and other Downtown Los Angeles amenities.
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