Tishman Speyer refis big El Segundo creative office

Royal Bank of Canada provided the debt on 260K sf complex

Los Angeles /
Oct.October 26, 2020 08:25 AM
Rob Speyer and 555 Aviation (Getty, Tishman Speyer)
Rob Speyer and 555 Aviation (Getty, Tishman Speyer)

Tishman Speyer has secured a $125 million refinance for its large creative office building in El Segundo.

Royal Bank of Canada provided the debt on the 260,000-square-foot building at 555 Aviation Boulevard, according to the Los Angeles Business Journal. Cushman & Wakefield arranged the loan. Cushman’s Rob Rubano said the debt also provides “some future money to pay off the leasing,” according to the report.

Tishman purchased the property for $45 million in 2015 and repositioned the building as a creative office after tenant Xerox vacated in 2017.

Tishman signed global advertising firm Saatchi & Saatchi to an 80,000-square-foot lease there last year.

Overall, the Los Angeles office market has been struggling. Office vacancy climbed to 15 percent in the third quarter, from 13.7 percent in the second quarter. That compares to Q3 2019 vacancy, which stood at 12.6 percent.

Overall office occupancy fell by 2.7 million square feet in the third quarter, after a drop of 1.9 million square feet in the second quarter. [LABJ] — Dennis Lynch 


Related Articles

arrow_forward_ios
Electronic Arts CEO Andrew Wilson and 4820 Alla Road (Getty, Del Rey Campus)

Video game maker EA downsizes LA office footprint

Video game maker EA downsizes LA office footprint
A rendering of the project (Credit: SKANSKA via Commercial Observer)

Skanska building its first ground-up LA development

Skanska building its first ground-up LA development
Joel Schreiber and a rendering of proposed redevelopment

Waterbridge Capital JV asking $425M for Broadway Trade Center

Waterbridge Capital JV asking $425M for Broadway Trade Center
CBRE CEO Bob Sulentic; the firm has shifted its global HQ from LA to Dallas. (CBRE, Getty)

“Sad day” in LA: CBRE’s corporate exit latest blow to dented office market

“Sad day” in LA: CBRE’s corporate exit latest blow to dented office market
L.A.’s office market continued to weaken through the third quarter

LA office market vacancy rises to 15% in Q3

LA office market vacancy rises to 15% in Q3
19191 South Vermont Avenue (Credit: CBRE)

Blackstone sells Torrance office complex for $56M

Blackstone sells Torrance office complex for $56M
900 Corporate Pointe

Blackstone provides $110M loan on Culver City office buy

Blackstone provides $110M loan on Culver City office buy
Boston Properties CEO Owen D. Thomas and the project site (Credit: Google Maps)

Boston Properties invests in El Segundo media campus project

Boston Properties invests in El Segundo media campus project
arrow_forward_ios

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

Loading...