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CENTURY CITY, CA-The owners of the 894,000-sf Watt Plaza twin office towers have refinanced the class A property with a $175 million loan arranged by Allstate Real Estate Investment Group and Churchill Mortgage Corp. The deal is the largest single-asset loan ever by Allstate, according to company officials.

The Allstate and Churchill team that worked on the deal says that the new loan meets the borrower’s goal of finding a 15-year, fixed-rate loan amortized over 25 years at the best terms available. Churchill president Gary Nelson and SVP Mike Thorp worked with Allstate Portfolio Manager Mark Bishop to arrange the financing.

The transaction was a particularly significant one for Allstate, according to Sam Davis, senior managing director of Allstate’s Real Estate Investment Group. He says that besides the significance as the largest single-asset loan the company has ever closed, the transaction underscores the importance of the Los Angeles market for Allstate.

Churchill Chairman Peter Thorp notes that the financing team”explored a myriad of financing options” to find the loan that the towers’ owners sought. Built in 1981 and 1982, the 23-story, twin office towers include supporting retail and parking.

Watt Plaza is home to a tenant roster including the law firm of Towers, Perrin, Forster; Pircher, Nichols & Meeks; Bird, Marella; Progressive Insurance; Cantor Fitzgerald; Union Central Life; Hart & Hardy, Inc. and Washington Mutual.

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