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The Real Deal Los Angeles

Tishman Speyer selling Playa Vista office portfolio for $600M plus: sources

The Brickyard and Collective campuses are leased by Facebook, Yahoo
By Natalie Hoberman | January 11, 2019 01:05PM

Tishman Speyer CEO Rob Speyer and renderings of Brickyard & Collective campuses (Credit: Tishman Speyer)

Tishman Speyer has gone on a selling spree.

The New York-based firm will be listing the Brickyard and Collective office campuses in Playa Vista as early as next week, The Real Deal has learned.

Sources say the bids could range from $600 – $650 million for both properties. They are currently both leased by coveted tech tenants, Facebook and Yahoo. Together the properties span 620,720 square feet in total.

Tishman declined to comment. Eastdil Secured, which has the listing, did not respond to requests for comment.

The 425,300-square-foot Brickyard campus is comprised of two office buildings, an 8,000-square-foot retail space and 9,000 square feet of daycare facilities. Facebook is an anchor tenant at the property with 260,000 square feet, or 60 percent, of the office space. The tech company recently boosted its occupancy at the campus. Other tenants at the campus, located at 12105 and 12126 W. Waterfront Drive, include Loyola Marymount University, which leases 50,000 square feet.

Tishman is also listing the Collective campus, located just a half-mile away at West Bluff Creek Drive. Spanning 204,420 square feet, the campus includes five buildings. Yahoo leases 130,000 square feet at the property.

The prolific landlord is also mulling a sale farther east.

In September, Tishman listed another one of its trophy properties, the Wilshire Courtyard in Miracle Mile, for sale. Canadian developer Onni Group has already agreed to buy the 1 million-square-foot property for $630 million, TRD previously reported.

Tishman’s offering in Playa Vista comes at a time when the submarket is tight on inventory, and saturated with a strong tech presence, led in part by Google’s $120 million purchase of 12 acres of land back in 2014. The search engine giant recently moved into its new Spruce Goose hangar space in the neighborhood, nearly two years after signing a lease. Other tech firms in the neighborhood include YouTube and Belkin.