Investor Duo Obtains $270M Refi on 387K-SF Culver City Office Property
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- Disclosed office deal value tracked in September 2026: $14.7B across 78 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
Blackstone and LBA Realty are ready to close on a $270 million CMBS refinancing for One Culver, an 8-story office building in Culver City, a town teeming with prominent companies. The 378,377-square-foot office proper…
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