Greenberg Glusker Closes $26.6m Office PurchaseMay 15, 2009
Favorable Financing Deal Reached in Tough Credit and Real Estate Markets
Greenberg Glusker today announced the acquisition of an approximately 200,000 square-foot office complex in El Segundo, California, on behalf of one of its clients. The $26.6 million purchase price included approximately $22 million of financing from Bank of America, N.A.. The deal was negotiated and structured by Greenberg Glusker real estate attorney Bob Baradaran, assisted by Greenberg Glusker attorneys Ronald K. Fujikawa and Brian H. Kang.
“The deal was complex, time-sensitive and particularly challenging because we are operating in a very difficult credit environment,” said Baradaran. “This transaction was particularly difficult because the entire financing package was restructured six days prior to the closing date. This required all parties to work through some complex issues in a very short period of time in order to stay on schedule while achieving our client’s business goals.”
Financing for the transaction was placed by Steven Yazdani of George Smith Partners. Robert Waller, senior vice president of CB Richard Ellis in Beverly Hills, was the broker on the purchase.
“I am impressed with Bob and his team’s ability to navigate efficiently and strategically through a number of complex issues to bring this transaction to a timely close,” said Yazdani.
A significant presence in Southern California’s real estate industry for over 50 years, Greenberg Glusker enjoys a long-standing reputation as one of the premier real estate law firms in Los Angeles with both transactional and litigation experience. Its lawyers are more than skilled technicians, they are deal makers and advisors. They seek to understand their clients’ business objectives and help to achieve those objectives in an efficient, cost-effective manner.