Del Rey Campus, a three-building creative office property in Marina del Rey, scored an $80 million mortgage refinancing from Goldman Sachs. 

The construction loan, arranged by Pico Robertson-based real estate investment banking firm Sonnenblick-Eichner Co., constitutes five-year, fixed-rate, interest only financing.

Tenants of the 162,031-square-foot campus, developed in 2020 by Continental Development Corp. and Mar Ventures Inc., include the global headquarters for the World Surf League, the Westside location for co-working operator CENTRL Office and the video game studio Electronic Arts Inc. 

“This financing is indicative of the availability in today’s market of fixed-rate capital for institutional quality office buildings,” said Sonnenblick-Eichner Principal David Sonnenblick in a news release.

CRE debt rebound?

The commercial real estate debt market, until recently starved for capital, is seeing somewhat of a rebound, CRE advisory firm Northmarq reported in early March. It remains highly selective, with financing flowing only for top-tier assets and borrowers as CMBS delinquency rates for office loans hover near cycle highs and Los Angeles office vacancy tops 20%. 

Del Rey Campus, located at 4800 Alla Road, is situated in the Westside hub known as “Silicon Beach,” which spans Marina del Rey, Santa Monica, Venice, Playa Vista and Culver City and is home to more than 500 technology companies. 

The two-story property boasts a 21-foot clear space with exposed ceilings in each building, balconies, ground floor patios and a courtyard with green space. It also features an onsite café, a fitness center, and bicycle and surfboard storage areas. Monthly leases go for roughly $4.75 per square foot.