Related Companies and Cruzan Land $64.7M Refinancing for Torrance Office Asset

Joint venture partners Related Companies and Cruzan have secured a $64.7 million loan to refinance The Torrance, a 301,000-square-foot Class A office asset in Los Angeles County's South Bay. Lenders Waterfall Asset Management and Delaware Life provided the financing, which was arranged by a Newmark advisory team.

Located at 21250 Hawthorne Boulevard in Torrance, the eight-story building was completed in 1988. The partnership originally purchased the property from Stream Realty Partners for $106.8 million in 2017 and previously refinanced it for $59.2 million in 2022. According to Yardi Matrix data, the asset is 93 percent leased, with a tenant roster that includes Morgan Stanley, All Nippon Airways, Compass California, Salon Republic, Unio Health Partners, and Barrister Executive Suites.

While the broader Los Angeles office sector struggles with an overall 25.3 percent vacancy rate, premium assets in the South Bay continue to draw capital amid steady regional demand from aerospace and defense tenants.

For commercial lenders and office operators, the transaction illustrates that stabilized, high-occupancy Class A assets can still secure competitive private debt despite wider market headwinds.