When you can’t sell… recapitalize instead?
Tishman Speyer is now looking to refinance the Brickyard and Collective office campuses in Playa Vista for a combined $323 million, The Real Deal confirmed. The developer was initially hoping to sell both properties.
Sources said Tishman bought out Northwood Investors’ stake in the portfolio, and will be bringing two new investors in.
In January, Tishman listed both properties, which together span 620,720 square feet. Bids were expected to range from $600 million to $650 million, sources said at the time.
Now, the New York-based developer is seeking to refinance the Brickyard campus for $201 million, and the Collective campus for $122 million. Eastdil Secured still has the listing.
Commercial Mortgage Alert first reported the news. A spoksperson for Tishman declined to 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 60 percent of the office space (260,000 square feet).
Collective, meanwhile, spans 204,420 square feet across five buildings. Yahoo leases 130,000 square feet at the site.