Financial Services Industry
Industry: Email Alert RSS Feed3 Players Vie for Century Plaza Deal
Commercial Mortgage Alert, October, 1996
Three investment banks are in the running to provide up to $250 million of financing to the buyer of the Century Plaza Towers complex in Los Angeles.
Goldman Sachs, Lehman Brothers and Salomon Brothers are vying for the assignment. The winner presumably would end up securitizing the loan.
Two pension funds advised by J.P. Morgan Investment Management have agreed to buy the trophy office complex for $485 million. Last month they won a heated bidding contest conducted by the owner, a partnership between Prudential Insurance and a Citicorp syndicate.
The acquisition, which is scheduled to close by yearend, will be the third largest in the current real estate cycle - exceeded only by the $1.2 billion sale of Rockefeller Center and the $540 million sale of...
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