Tishman Speyer Sells El Segundo Office For $205M, More Than Double Its Investment
Tishman Speyer's recent sale of an El Segundo office campus brought the company more than double what it paid to acquire and redevelop the space, selling for $205.5M.
Tishman purchased the property, formerly occupied by Xerox, in 2015 for $45M and dropped another $44M into renovations two years later when Xerox moved out, for a total of $89M.
The $205.5M price point makes it among the largest in LA County over the last five years, according to a release from Cushman & Wakefield.
The roughly 260K SF property at 555 Aviation Blvd. is fully leased to three tenants: Saatchi & Saatchi parent company Publicis, consumer electronics company Belkin and activewear company Fabletics.
In El Segundo, more than 3.8M SF of new office space is under construction, according to Cushman & Wakefield.
This is the second big office property Tishman has sold this month. In early June, the company sold the 719K SF Sunnyvale office housing Facebook's parent company, Meta, for $707M to CommonWealth Partners.
“These recent sales speak to the success of our repositioning strategies and the enduring appeal of collaborative, highly-amenitized office environments," Tishman Speyer CEO Rob Speyer said in a statement.
Cushman & Wakefield’s Kevin Donner, Doug Harmon, Ben Lushing, David Hasbrouck, Ben Cooper and Lars Platt represented the seller, Tishman Speyer, in the transaction.
Natixis Corporate & Investment Banking provided a $126.7M acquisition loan for the property. Cushman & Wakefield's Robert Rubano and Brian Share arranged financing.