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

TRD 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
La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando

A rendering of Del Rey Pointe and a map of the project site (credit: LADCP)

To reach the tech giants in Playa Vista, apartment developer wants to build a bridge

Chairman/CEO of Saatchi & Saatchi LA Kurt Ritter and 555 Aviation

Industrial chic: Iconic ad agency signs lease at Tishman Speyer building in El Segundo

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

Tishman Speyer eyes $323M recap of Playa Vista portfolio

From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects

Centennial founder and CEO Steven Levin with a rendering of the project

Centennial Real Estate approved for sprawling $300M mixed-use village

Apartment complex at 1435 Stanley Avenue and Raintree Partners CEO Jeffrey Allen (Credit: Apartment Finder)

Raintree Partners spends $79M on Glendale multifamily portfolio

arrow_forward_ios