Century City Office Tower Secures $575M Construction Loan – Connect CRE

April 2, 2024 | by magnews24.com

Developer JMB Realty has secured a $575-million construction loan for 1950 Ave. of the Stars, a 730,000-square-foot office development in Century City, according to published reports. The loan was provided by an affiliate of Cale Street and backed by the Kuwait Investment Office and the Kuwait Investment Authority.

Although lining up financing for office construction can be challenging in the current environment, 1950 Ave. of the Stars is largely preleased. Most recently, law firm Sidley announced in February that it would relocate its Century City offices to the new tower, leasing 70,000 square feet with an option to expand.

In so doing, Sidley will join clients Clearlake Capital Group and Creative Artists Agency as the primary tenants of the new building. Completion of the 37-story tower is expected in 2026. When completed, t1950 Ave. of the Stars will target LEED Platinum Certification and will also be accessible to the forthcoming Constellation/Century City Metro station.

Rendering courtesy of Johnson Fain.

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