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8/22/14
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NY-based Tishman Speyer has acquired 10900 Wilshire Boulevard, a 17-story, 237k sf office tower located in Westwood. Known as Murdock Plaza since the time it was built by billionaire David Murdock of Dole Foods, the building is situated at the intersection of Wilshire and Westwood Boulevards and is considered to be one of Westwood’s premier office addresses. Although the price was not given out, Westside brokers we talked to estimate the property traded for somewhere around $120 - $125 mil.
Designed by the noted architectural firm of Langdon Wilson, Murdock Plaza, since the unveiling of its unique and elegant brick façade in 1981, has been considered one of the top performing commercial properties in the LA area, with high rents and low vacancies at almost all times. The Regency Club, perhaps the building’s most recognizable asset, occupies Murdock Plaza’s top two floors and has received a bevy of international dignitaries and politicians, including Presidents Ford, Reagan, George H.W. Bush, Clinton and George W. Bush.
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."
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