Douglas Emmett, eat your heart out.
Tishman Speyer, a New York City-based real estate investment firm, has swooped in to buy the Arboretum Courtyard, a 140,000-square-foot, Class A office building at 2120-20150 Colorado Avenue in Santa Monica for roughly $140 million, The Real Deal has learned.
The asset, formerly owned by Blackstone’s Equity Office, was widely expected to be snapped up by L.A. firm Douglas Emmett, which had been buying up the bulk of Blackstone’s recent L.A. listings along with partner Qatar Investment Authority.
Blackstone has been cashing out of the L.A. market at breakneck pace. The firm has now sold six major L.A. office properties in the last seven months, including Santa Monica office properties at 1299 Ocean Avenue and 429 Santa Monica Boulevard.
The sales price for Arboretum pencils out to about $1,000 a square foot, shy of the record $1,300 a foot Douglas Emmett paid for 1299.
Eastdil Secured brokered the deal, but could not immediately be reached. Blackstone could not be reached. Tishman declined to comment on the deal.
Tishman, headed by Rob Speyer, has been doubling down on L.A. Last year, it inked a deal to buy Hyperloop One’s four-building headquarters at 2145-2161 Sacramento and 2136-2159 Bay Street in Downtown’s Arts District for $25 million. It plans to transform the site into an eight-story office building.