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4/08/15
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By Allen Wolfsheimer
Tishman Speyer has acquired a 113k sf, trophy office building in downtown Santa Monica. The asset, located at 520 Broadway, was sold by Vornado Realty Trust, out of New York. Although the price was not given out, industry sources estimate a deal value around $90 mil, which divides out to a very healthy $800/sf.
The six-story building is located just a short distance east of the city’s Third Street Promenade and Macerich’s recently redeveloped Santa Monica Place. In 2014 it earned the prestigious The Outstanding Building of the Year (“TOBY”) award from the Building Owners and Managers Association (“BOMA”). It is currently 93% leased.
During the past two decades, Santa Monica has emerged as one of the West Los Angeles communities known as “Silicon Beach,” a thriving high-technology hub that has drawn both entrepreneurial and well-established companies in the entertainment, media and technology industries. Occupancy has consistently exceeded 90 percent, as space demand is strong in the face of supply constraints.
This is not Tishman Speyer’s only property on LA’s Westside. The New York-based firm purchased Murdock Plaza in Westwood last year and they also own the two-building Wilshire Courtyard office property in the Miracle Mile area.
Vornado was represented in the sale by Jay Borzi, Steve Silk and Stephen Somer of Eastdil Secured.
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