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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 buyer was an entity connected to FS Investments and Rialto Capital Management.
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.
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