Mani Bros. Buys 300,000-SF Luckman Plaza

November 8, 2006 on 5:44 pm | In Lights Camera Transaction, Office Fodder, Uncategorized, Winning Properties | 1 Comment

Mani Bros. Buys 300,000-SF Luckman Plaza

Los Angeles-based Mani Bros. has acquired the 300,000-sf Luckman Plaza office development and plans to spend $12 million to upgrade the project. That will add to Mani’s West Hollywood holdings that include other office buildings at 9000, 9201 and 8439 Sunset Blvd. Terms of the sale were not disclosed, but one source put the figure at $160 million.

Mani Bros. bought the two-building Luckman Plaza, at 9200 and 9220 Sunset Blvd., from the Luckman family, which had owned the complex it ever since it was built in the 1960s. According to Simon Mani, the acquisition brings Mani Brothers’ office property holdings in West Hollywood to more than 650,000 sf, making it the largest office landlord on Sunset Boulevard and the largest in West Hollywood.

Designed by architect Charles Luckman in 1964, Luckman Plaza was built on the border of Beverly Hills at the gateway to West Hollywood. Luckman was the architect on projects including the new Madison Square Garden in New York, the Forum in Inglewood, the Manned Space Center in Houston, Prudential Center in Boston and the Aloha Stadium in Honolulu.

The Luckman Plaza complex consists of a 14-story high rise office tower and a three-story, 50,000-sf office building behind the tower. The high-rise building was the headquarters for Charles Luckman Associates.

Mani Bros. says that its renovation will honor the original design of the Luckman buildings but will upgrade building systems. It will also expand the lobbies, replace the skin of the building and upgrade the common areas.

The sale of the complex, which was 95% occupied at the time of close. The asset adds to a Mani Bros. portfolio comprises 1.5 million sf of commercial property, with a focus on class A office buildings in Southern California.

By Bob Howard of GlobeSt.com

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  1. Douglas Emmett Inc. has arranged a $365 million long-term loan to refinance the bridge loan that the REIT used in connection with its acquisition of a six-building portfolio totaling 1.4 million sf that it bought from Los Angeles-based Arden Realty in March. The company says that the nonrecourse loan bears interest at a floating rate equal to Libor plus 165 basis points, but the REIT has entered into interest rate swap contracts that effectively fix the rate at 5.515% until Sept. 4, 2012.
    The new $365 million loan matures on Aug. 8, 2013, and Emmett notes that it does not have any debt maturities until 2012, except for its revolving credit facility, which matures on Oct. 30, 2009 and has two one-year extension options. Emmett secured the financing in connection with its $610 million purchase of the six former Arden properties, which include buildings at 2001 Wilshire Blvd. in Santa Monica; 9100 Wilshire Blvd. and 8383 Wilshire Blvd. in Beverly Hills; 15250 and 16000 Ventura Blvd. in the Sherman Oaks/Encino submarket; and 21300 Victory Blvd. in the Warner Center/Woodland Hills submarket.

    The Santa Monica-based REIT, when it bought the buildings from Arden, said that it planned to invest significantly in capital improvements in a number of the buildings. The portfolio offered “repositioning opportunities at a real discount to their full potential,” according to a statement by Jordan Kaplan, president and CEO of locally based Emmett, at the time of the deal.

    The deal increased the size of Emmett’s total office portfolio by 11.8% to 54 properties totaling approximately 13.2 million rentable sf. The company also owns 2,868 apartment units in Los Angeles and Honolulu. This year, it added an office building in Hawaii with the purchase of a Honolulu building at 932 Ward Ave. for $18 million.

    For the second quarter ended June 30, Emmett recently reported FFO of $51.6 million, or 33 cents per diluted share compared to $48.7 million or 29 cents per diluted share for the second quarter of 2007. Total revenues for its entire portfolio increased 17.7% to $149.4 million in the second quarter of 2008 compared to $127 million in the second quarter of 2007.

    Comment by City Feet — August 29, 2008 #

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