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MetLife Investment Management is foreclosing on 1960 E. Grand Ave., a 257K SF El Segundo office building owned by Starwood Capital and Artisan Ventures.
The foreclosure auction is scheduled for June 11, The Real Deal reported, citing a notice filed with Los Angeles County.
In February, Starwood and Artisan, formerly called Artisan Realty Advisors, defaulted on an $84.8M loan from MetLife tied to the building. The pair was approximately $961K behind on the loan as of late January, according to TRD.
Starwood and Artisan owed $81.5M under the loan as of May 10, the auction notice indicates.
Starwood, Artisan and MetLife didn't immediately respond to requests for comment. The building is 70% leased, TRD reported.
California saw 187 commercial foreclosures in March, an 8% drop from the previous month but a 405% increase from the previous year, Bisnow previously reported.
Artisan and Starwood are also partners on a trio of office towers in El Segundo collectively known as PCT, which the partners bought in 2017 for $611M.
The PCT owners were in talks with their lender as of March 2023 over whether the more than $500M of debt estimated on the building, which is now thought to be worth closer to $400M, would be written down or the owners should turn over the keys.
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