Tishman Speyer Sells LA Office for $206M
Rialto Capital Management acquires the property in one of the largest office sales in the county over the past five years
Tishman Speyer is unloading a premier office property in one of Los Angeles County’s best-performing markets.
The New York-based firm sold the 259,754-square-foot office at 555 Aviation Boulevard in the city of El Segundo for $205.5 million. Rialto Capital Management acquired the property in one of the largest office deals in the county over the past five years.
Natixis Corporate & Investment Banking provided $126.7 million in acquisition financing for the deal.
The low-rise office building near Interstates 405 and 105 is fully leased to Saatchi & Saatchi, Belkin and Fabletics, with a weighted average lease term of approximately nine years. Tishman Speyer acquired the property in July 2015 for $45 million.
El Segundo continues to attract top tenants. The Los Angeles Chargers are building a new corporate headquarters and training facility in El Segundo, with a 145,000-square-foot office building, e-sports gaming and content studios, and more. Last year, Beyond Meat and L’Oréal signed long-term leases to move their headquarters to the former Northrop Grumman site in El Segundo, and Hyundai bought a 90,000-square-foot creative office.
Cushman & Wakefield’s Kevin Donner and Doug Harmon represented Tishman Speyer in the 555 Aviation deal. Cushman & Wakefield’s Rob Rubano, Brian Share and Joe Lieske arranged the financing. Sam Alavi, Sarah Kwon, Emily Behrman-Fowler and Felicia Holley of Paul Hastings advised Rialto Capital.
Gregory Cornfield can be reached at email@example.com.