Tishman in talks to buy Northwood’s stake in Facebook, Yahoo-leased office portfolio

The New York-based developer has been exploring a sale of the Playa Vista properties

Los Angeles /
May.May 22, 2019 12:00 PM
Northwood Investors John Kukral, Tishman Speyer CEO Rob Speyer and renderings of Brickyard & Collective campuses (Credit: Tishman Speyer)
Northwood Investors John Kukral, Tishman Speyer CEO Rob Speyer and renderings of Brickyard & Collective campuses (Credit: Tishman Speyer)

Tishman Speyer is in talks to buy out Northwood Investors’ stake in two Playa Vista office campuses, the Collective and Brickyard, The Real Deal has learned.

Sources familiar with the deal said the two firms are in discussions, though nothing has completed. Northwood’s exact stake in the portfolio is unknown.

Tishman, the prolific New York-based developer, has been exploring the sale of the portfolio since early this year. Bids for both properties, which span 620,720 square feet in total, are expected to range from $600 million to $650 million, sources said at the time.

Tishman declined to comment. A representative for Northwood did not immediately 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. Other tenants at the campus, located at 12105 and 12126 W. Waterfront Drive, include Loyola Marymount University, which leases 50,000 square feet.

Northwood is also an investor in the Collective campus, located about a half-mile away on Bluff Creek Drive. The 204,420-square-foot property is spread across five buildings. Yahoo leases 130,000 square feet at the property.

Earlier this week, Northwood secured the entitlements to renovate another West L.A. campus it holds a stake in. The firm, plus its partner McCarthy Cook, have tapped Gensler to design the $300 million makeover of the Trident Center. Once completed, the property will span about 555,000 square feet and include a fitness center, retail and restaurants.


Related Articles

arrow_forward_ios
From left: 601-615 West Walnut Street and 921 Artesia Boulevard (Loopnet, Getty)
Great Central Transport leases two warehouses in Compton
Great Central Transport leases two warehouses in Compton
Galpin Motors' Bert Boeckmann with 9777 Wilshire Boulevard
Galpin Motors to open Lotus dealership in Beverly Hills
Galpin Motors to open Lotus dealership in Beverly Hills
Link Logistics's Luke Petherbridge with 1719 Chapin Rd (Loopnet, Link Logistics, Getty)
Link Logistics buys 82K sf warehouse in Montebello for $29M
Link Logistics buys 82K sf warehouse in Montebello for $29M
Irvine Mayor Farrah Khan and Live Nation's Michael Rapino with rendering of Irvine amphitheater(City of Irvine, Getty, Gensler)
Irvine to develop 14K-seat OC bowl for $130M
Irvine to develop 14K-seat OC bowl for $130M
Anaheim Ducks' Henry and Susan Samueli; 2695 E. Katella Avenue (OCVibe, Anaheim Ducks)
Anaheim Ducks owners envision $4B entertainment village
Anaheim Ducks owners envision $4B entertainment village
 30801 South Coast Highway (Montage Hotels, Getty)
Chinese insurer to sell Montage Laguna Beach for $700M
Chinese insurer to sell Montage Laguna Beach for $700M
Charles Company's Mark and Arman Gabay and a rendering of 550 E. Colorado Boulevard in Pasadena (WATG)
195-room hotel planned for Pasadena’s Playhouse District
195-room hotel planned for Pasadena’s Playhouse District
California Home Builders' Shawn Evenhaim and Q Apartments at 5901 Center Drive, Playa Vista (The Q Playa, California Home Builders, Getty)
Developer applies Q brand to Playa Vista apartments
Developer applies Q brand to Playa Vista apartments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...