Anderson Family Properties has secured a significant US$550 million refinancing for its office campus in Century City, Los Angeles. This represents one of the largest office financings in the United States this year, underscoring the appeal of Los Angeles' prime office submarket.
The campus spans 940,000 square feet and is located at 1800 and 1900 Avenue of the Stars. The property is currently 95.5 per cent occupied. CoStar reported that Wells Fargo and J.P. Morgan Chase led the financing. The transaction, structured as a Commercial Mortgage-Backed Securities Loan, was scheduled to close on 15 October.
Details of the financing and property development
The new financing serves to pay off existing debts of approximately US$300 million. It also fulfils tenant obligations and allows the owner to extract US$219 million from the property, as CoStar further explained. These measures follow an extensive renovation completed in 2025, which cost US$205 million.
Since 2022, leases totalling approximately 875,000 square feet have been signed. Rents were, on average, about 32 per cent higher than previous agreements, according to a CoStar report citing S&P Global Ratings.
Tenant structure and market performance
Ares Management is the largest tenant, occupying over 206,000 square feet until 2036. Other prominent tenants include notable law firms such as Jeffer Mangels & Mitchell, Milbank, Irell & Manella, and BakerHostetler.
Century City's strong fundamentals set this property apart from many other assets in Los Angeles. In the second quarter, the vacancy rate for Class A office buildings in this submarket was 13.6 per cent, whereas comparable properties in L.A. recorded a rate of 25.4 per cent. Asking rents for prime properties in Century City approached US$94 per square foot, with some trophy properties even exceeding US$100.
