Douglas Emmett has negotiated a $300 million refinance of the marque property Sherman Oaks Galleria.
According to a Bisnow report, the loan for the 600,000-square-foot retail and office property was secured in December from MetLife. The loan replaces a $500 million loan the Santa Monica-based REIT received from MetLife in 2016.
Douglas Emmett purchased the Galleria in 1997 for $51 million. In 2002, the firm invested $200 million in renovations.
Currently, half of the Galleria’s 300,000 square feet of office space remains empty, according to Bisnow. Last December, MedPoint Management moved into 51,000 square feet of offices at the site.
The mall’s ArcLight Cinemas chain closed last year and has been taken over by Regal Cinemas, which plans to invest $10 million into updating the movie theaters, including adding 4D movie screens.