Tishman Buys Prime West Coast Property from Vornado
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New York's Tishman Speyer has bulked up its California portfolio with the purchase from Vornado of 520 Broadway in Santa Monica. The 113K SF office building in the sought-after Los Angeles neighborhood will soon welcome WeWork into its fold of tenants. The co-working platform will occupy two floors later this year, reports Bloomberg. Tishman reportedly spent $91M on the six-story property, which is 93% leased. Vornado acquired it in 2012 and quickly began a $7M improvement campaign. Tishman's other LA assets include the Wilshire Courtyard corporate compound and Murdock Plaza. [Bloomberg]