Prudential Mortgage Capital Company provides $220 Million Loan for Los Angeles office complex

LOS ANGELES--(BUSINESS WIRE)--

Prudential Mortgage Capital Company today announced it provided a $220 million loan to The Watt Companies, a real estate investment manager, to refinance an office property in the Century City neighborhood of Los Angeles. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial Inc. PRU.

The 15-year, fixed-rate loan is for Watt Plaza, a 903,000 square foot complex comprised of twin 23-story office towers and a 10-story parking structure. "Watt Plaza's sponsorship, the quality of the property and its location in the West LA office market made this an attractive investment for us," said John Jacobs, a principal with Prudential Mortgage Capital Company, who led the transaction. "The West LA office market's proximity to upscale neighborhoods, major highways, shopping and other amenities added to this investment's appeal."

"We're thankful for Prudential's support as we continue to build Watt Plaza's profile as one of the premier Class A office properties in West Los Angeles," said Nadine Watt, President of Watt Companies. "It was a pleasure to work with John and the Prudential team throughout the refinance process for Watt Plaza, and we look forward to partnering with them again in the future."

Home to the affluent cities and communities of Santa Monica, Pacific Palisades, Brentwood, Westwood, Bel Air, Century City, Beverly Hills and West Hollywood, the West LA office market consistently commands the highest rents in Southern California and among the lowest vacancies.

Completed in 1982, Watt Plaza was the first LEED Platinum certified building in Century City. On-site amenities include a Chase Bank, Starbucks, and FedEx Store. The building, which underwent $42 million in renovations since 2003, is occupied by a mix of legal, accounting and financial services firms.

Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with more than $87.9 billion in assets under management and administration as of March 31, 2015. Leveraging a 135-year history of real estate finance, the company offers one of the most comprehensive lines of real estate finance products and originates loans for Fannie Mae DUS®, Freddie Mac Program Plus® and specialized affordable housing programs; FHA; Conduit; Prudential's general account and proprietary balance sheet program; and other institutional investors. The company maintains a loan servicing portfolio of approximately $84.3 billion, as of March 31, 2015. For more information, please visit http://www.prumortgagecapital.com.

Prudential Financial, Inc. PRU, a financial services leader with more than $1 trillion of assets under management as of March 31, 2015, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.