February 4, 2020 – JLL Capital Markets announced today that it has arranged $42.2 million in acquisition financing for a 58,851-square-foot condominium interest in the Telephone Building, a premier six-story creative office building located in Santa Monica, California.
JLL worked on behalf of the borrower, Rockwood Capital, to place the five-year, floating-rate acquisition loan through a national portfolio lender. Additionally, JLL brokered the sale of the property in a previously announced transaction. The remaining condominium interest houses a telephone switching hub, which was not included in the sale or financing.
Located in the heart of Downtown Santa Monica, the Telephone Building is an iconic, 1930’s-era creative office building that is fully leased to a strong lineup of quality tenants. The historic Telephone Building boasts roof-top ocean views; spacious open floor plates; and award-winning, ground-floor dining amenities, including Esters Wine Shop & Bar and Cassia, which was named Restaurant of the Year by LA Weekly Magazine and one of the top 12 new restaurants in America by GQ Magazine.
The JLL Capital Markets debt placement team that led the financing transaction included Managing Director Todd Sugimoto and Director Steven Paskover.
“The Telephone Building has an outstanding location in the heart of Downtown Santa Monica that drives significant tenant demand to the property,” Paskover said. “The financing provided lenders the opportunity to finance one of the top creative office buildings in a core West Coast submarket.”
The JLL Capital Markets team that represented the seller was led by Managing Director Andrew Harper, Senior Managing Directors Michael Leggett and Doug Bond and Associate Matt McRoskey.