Wells Fargo and J.P. Morgan Chase lead $550 million Century City office refinancing

Anderson Family Properties has secured a $550 million refinancing for its Century City office campus at 1800 and 1900 Avenue of the Stars, Commercial Observer reported. It is one of the largest U.S. office financing deals of the year, the report said.

Wells Fargo led the financing with J.P. Morgan Chase, the report said, citing CoStar. The CMBS loan is expected to close Oct. 15.

The financing retires about $300 million of existing debt, funds tenant-related obligations and allows ownership to pull $219 million out of the property, the report said. The loan works out to about $585 per square foot across the campus's 940,000 square feet, and the $219 million distribution equals just under 40 percent of the $550 million.

The collateral is nearly full: the campus is 95.5 percent leased following a $205 million renovation completed in 2025.

About 875,000 square feet of leases have been signed since 2022 at rents averaging roughly 32 percent above the prior agreements, a figure attributed to S&P Global Ratings. Ares Management is the largest tenant, with more than 206,000 square feet through 2036. Other tenants include law firms Jeffer Mangels & Mitchell, Milbank, Irell & Manella and BakerHostetler.

Class A vacancy in Century City was 13.6 percent in the second quarter, compared with 25.4 percent across comparable Los Angeles properties, according to Commercial Observer. Asking rents at the submarket's top buildings approached $94 per square foot, and some trophy properties topped $100.