Tishman Speyer Acquires Prominent Office Building in West Los Angeles
NEW YORK, Aug. 21, 2014 /PRNewswire/ -- Tishman Speyer, one of the world's leading developers, owners, operators and asset managers of first-class real estate, today announced the acquisition of 10900 Wilshire Boulevard, a prominent office property located in the Westwood submarket in West Los Angeles.
The 17-story, 237,000-square-foot asset, which has been known as Murdock Plaza since it was built, is situated at the intersection of Wilshire and Westwood Boulevards and is considered to be one of Westwood's premier office addresses. In addition to its prime business location, the building features spectacular ocean and mountain views, generous ceiling heights and natural light, an abundance of neighborhood amenities, ample garage parking, and convenient access to major freeways. Tishman Speyer is planning to update the building's infrastructure and make other extensive renovations to position it as Westwood's most desirable office location for many years to come.
"We are able to expand our global portfolio by successfully developing, acquiring and repositioning properties that appeal to world-class tenants seeking the best business locations," said Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer. "For the past several years we have been very active in West Los Angeles, where market demand for high quality office space has been very strong. We anticipate that such demand will continue and we will seek additional investment opportunities in the area."
Mark Laderman, Managing Director and Tishman Speyer's Regional Director for Southern California added, "We believe that within West Los Angeles, Westwood stands out as the next area to experience very positive momentum in the demand for high quality office space. Just as we took advantage of that similar rising demand in Playa Vista and Beverly Hills in recent years, we think this represents a well-timed opportunity."
Financial terms of the transaction announced today were not disclosed.
About Tishman Speyer (www.tishmanspeyer.com)
Tishman Speyer is one of the leading developers, owners, operators, and asset managers of first class real estate worldwide. Active across North America, Europe, South America and Asia, Tishman Speyer is relied upon by many of the world's most prestigious corporations to meet their office space needs. As of March 31, 2014, the firm had acquired, developed and/or managed a portfolio of approximately 130 million sq. ft. with a total value of approximately USD $66.9 billion since its founding in 1978. Signature assets include New York's Rockefeller Center and the Chrysler Center, Sao Paulo's Torre Norte, Ventura Corporate Towers in Rio de Janeiro, and OpernTurm in Frankfurt. Tishman Speyer also has projects at different stages of development currently in Brasilia, Chengdu, Frankfurt, Gurgaon, Hyderabad, Paris, Rio de Janeiro, San Francisco, São Paulo, Shanghai, Suzhou and Tianjin.
SOURCE Tishman Speyer