Updated Dec 4, 2024
JMB Realty Secures Sidley Austin As Tenant For Century City Office Tower
1950 Avenue of the Stars
Building Size
75,000 SF
Asset Type
Office
Closing
Dec 18, 2023
About this deal
AI
The JMB Realty-owned office tower at 1950 Avenue of the Stars in Los Angeles has secured law firm Sidley Austin as its newest tenant. The 37-story building, located in the competitive Century City market, is already 85% leased and valued at $300 million. Sidley Austin will occupy 75,000 square feet of space, joining Clearlake Capital Group and Creative Artists Agency as major tenants in the development.
Summary of transaction details
- Property Type: Office
- Transaction Amount: N/A
- Square Footage: 75,000
- Address: 1950 Avenue of the Stars
- Market: Los Angeles
JMB Realty, owned by Rigel Barber, is the landlord of the building. Sidley Austin will be represented by Dan Clivner and Mehdi Khodadad in the lease agreement.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93