Normandy, Morgan Stanley Team on $355M Recapitalization of 10 Universal City Plaza

By Alex Girda, Associate Editor Normandy Real Estate Partners has recapitalized the home of NBCUniversal to the tune of $355 million, the company disclosed Jan 17. Through a joint venture with Morgan Stanley Real Estate Investing, Normandy struck a deal to [...]

Normandy Real Estate Partners has recapitalized the home of NBCUniversal to the tune of $355 million, the company disclosed Jan 17. Through a joint venture with Morgan Stanley Real Estate Investing, Normandy struck a deal to recapitalize 10 Universal City Plaza that includes $294.5 million in refinanced debt and a combination of new third party debt and joint venture equity from Normandy and Morgan Stanley. 

Citigroup Global Markets Inc. and JPMorgan Chase Bank originated a $200 million senior loan for the partnership. Eastdil Secured represented Morristown, N.J.-based Normandy in the transaction. The recapitalization follows NBCUniversal’s recent 12-year, 427,000-square-foot lease renewal and expansion at 10 Universal City Plaza. At 36 stories, the 774,240-square-foot trophy tower is the tallest building in the San Fernando Valley.

In other news, video game creator and publisher Electronic Arts Inc. has signed a new lease for 125,000 square feet of office space at the Water’s Edge complex in Playa Vista, the master-planned community north of Los Angeles International Airport. Since leasing 250,000 square feet at the complex eight years ago, Electronic Arts has been forced to downsize and sublease some of its space, the Los Angeles Times reported on Jan. 19.  Terms were not disclosed, but newspaper cited speculation from industry sources that the company leased its space from owner Maguire Investments for seven years at a price tag of about $35 million.