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December 15, 2017
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Tishman Speyer Picks Up 147k sf Santa Monica Office Asset

9/12/17

Tishman Speyer closed on its first Santa Monica office buy with the purchase of Arboretum Courtyard, a 147k sf, Class A office property situated in the heart of the city’s amenity-rich Santa Monica Media and Entertainment District. The asset, sold by Blackstone’s Equity Office division, is said to have traded for around $140 mil, or $950/sf.

The property consists of two four-story buildings in a campus-style setting at 2150 and 2120 Colorado Ave, between Colorado and 20th St. Designed in Santa Barbara Classicist architecture style, it is close to affluent West Los Angeles residential neighborhoods and upscale retail destinations.

Arboretum Courtyard features a quality roster of tenants that includes the Game Show Network, Universal Music Group, Connexity and Sony, among others. Current occupancy is 89% with minimal vacancy over the next seven years.

Tishman Speyer Senior Managing Director John Miller said, “The acquisition of Arboretum Courtyard represents our expansion into the supply-constrained Santa Monica submarket, which commands the highest average office rents in the Los Angeles area. It adds to our growing first-class portfolio of office buildings stretching across the Los Angeles region. We hold a very positive long-term view of the region’s office market and continue to look for additional strategic investment opportunities.”





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