Blackstone and LBA Realty are set to close a $270 million commercial mortgage-backed securities refinancing for an office campus in Southern California’s Culver City.
Nomura Holdings, which is part of Japan’s largest investment bank, and brokerage Nomura Group will provide the loan for One Culver, a 378,377-square-foot property at 10000 Washington Boulevard. Traded first reported the loan.
One Culver includes office space, three soundstages, retail shops, restaurants and an Equinox gym. The campus sits adjacent to Sony Pictures Studios, and near Amazon Studios and Sony Pictures Animation.
Blackstone and Nomura both did not immediately respond to a requests for comment.
The refinancing is expected to retire $310 million in existing debt and cover approximately $5.8 million in closing costs. The financing comes more than four years after Blackstone partnered with LBA to recapitalize the property in a deal valued at more than $500 million.
Blackstone holds a 90 percent stake in One Culver. LBA had acquired the property for $159 million in 2014 before completing a Gensler-designed renovation in 2017.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
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