Lantana Media Campus Gets $85M in Financing
- Mar 10, 2010
March 10, 2010
By Allison Landa, News Editor
Holliday Fenoglio Fowler, L.P. has arranged $85 million in financing for the Lantana Media Campus in Santa Monica, Calif., which was sold for $200 million in last year’s largest office property deal in Los Angeles County.
The 462,429 square-foot Class A office campus is situated on 12 acres along West Olympic Boulevard in the Westside area and is home to several major entertainment firms including the IMAX Corporation, NBC Universal Television and Dick Clark Productions. In December, Maguire Properties sold the campus to the Lionstone Group and the Recording Academy. Maguire originally purchased the property in December 2004.
The property consists of the 203,102 square-foot Center Building, the 62,087 square-foot West Building, the 65,998 square-foot IMAX Building and the 131,242 square-foot South Building. Lionstone purchased the property as part of Lionstone Urban Investments Two, a $400 million fund that acquires real estate assets in high-amenity urban areas. It is the company’s sixth property along Santa Monica’s media and technology corridor.
“The Lantana Media Campus is positioned in the heart of the media and post-production entertainment world and has historically exhibited strong occupancy and cash flow,” HFF associate director Colby Mueck said in a statement. “The acquisition complements Lionstone’s portfolio in the submarket which now exceeds 650,000 square feet.”
Mueck, HFF managing director Mark Wintner and HFF executive managing director Scott Galloway represented Lionstone in securing the fixed-rate financing through Cornerstone Real Estate Advisers.
Lionstone was formed in 2001 and currently has more than $1 billion of discretionary equity being deployed.