Tishman Recaps Two More Office Buildings

EL SEGUNDO, CA-Tishman Speyer has recapitalized its two Continental Grand Plaza office buildings here. The debt on the properties—which were separately acquired and financed in 2006—has been restructured with new equity invested in each property and with sufficient capital available to fund new leases and otherwise meet future financial obligations.

Continental Grand Plaza is comprised of two six-story office buildings, each totaling approximately 238,000 rentable square feet along with an adjacent garage. The recapitalization of Continental Grand Plaza I followed a recent restructuring of the largest tenant’s lease, due to that company’s bankruptcy.  Tishman Speyer then paid off the mezzanine loan at a discount. Continental Grand Plaza I was completed in 1986.