Starwood and Artisan face foreclosure on El Segundo office building

The Real Deal06-06

An office building in El Segundo owned by Starwood Capital and Artisan Ventures is headed to foreclosure. MetLife Investment Management has initiated a foreclosure on 1960 East Grand Avenue, a 257,...

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That total includes unpaid principal, interest and default interest.If MetLife takes over the building for an amount equal to the outstanding debt, the deal will come to $317 per square foot, and mark a roughly 38 percent discount from the $133 million Starwood and Artisan spent on the building in 2020.In 2022, Artisan and Starwood planned to redevelop the parking lot into 94,000 square feet of office space and ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","BK4585":"ETF&股票定投概念","MAR":"万豪酒店","BK4588":"碎股","BK4142":"酒店、度假村与豪华游轮","MET":"大都会人寿"},"translate_title":"喜达屋和Artisan面临埃尔塞贡多办公楼止赎","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MAR":0.9,"MET":0.9},"content_text":"An office building in El Segundo owned by Starwood Capital and Artisan Ventures is headed to foreclosure. \nMetLife Investment Management has initiated a foreclosure on 1960 East Grand Avenue, a 257,000-square-foot office building, with an auction scheduled for June 11, according to a notice filed with Los Angeles County. \nThe foreclosure auction comes almost five months after Starwood and Artisan defaulted on an $84.8 million loan from MetLife tied to the building, records show. \nStarwood and Artisan owed $81.5 million under the loan as of May 10, according to the foreclosure notice. That total includes unpaid principal, interest and default interest. \nIf MetLife takes over the building for an amount equal to the outstanding debt, the deal will come to $317 per square foot, and mark a roughly 38 percent discount from the $133 million Starwood and Artisan spent on the building in 2020. \nStarwood declined to comment, while Artisan and MetLife did not immediately respond to requests for comment. \nMetLife provided the loan in 2020 to finance Starwood and Artisan’s acquisition of the building and a neighboring parking lot. \nIn 2022, Artisan and Starwood planned to redevelop the parking lot into 94,000 square feet of office space and a four-level parking structure, according to documents filed with the City of El Segundo Planning Division. 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