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
Clockwise from top left: Harrison Street CEO Christopher Merrill, 2825 Santa Monica Boulevard, Stockdale Capital Partners' Steven Yari and Shawn Yari and 9090 Wilshire Boulevard (Harrison Street, Stockdale Capital Partners) 
Harrison Street buys Westside medical offices for $156M
Harrison Street buys Westside medical offices for $156M
GI Partners' Rick Magnuson and One Wilshire (GI Partners, One Wilshire)
Here’s how much tenants are paying at One Wilshire in DTLA
Here’s how much tenants are paying at One Wilshire in DTLA
From left: Aron and Efram Harkham in front of 2625 Townsgate Road (LinkedIn/Aron Harkham, Luxe Hotels & Harkham Ventures, iStock)
Harkham family buys Westlake Village creative office
Harkham family buys Westlake Village creative office
Spring Place's Christian Toraldo Spring Place in Beverly Hills (Twitter, Spring Place)
Beverly Hills co-workspace faces sanctions on charges of hard partying
Beverly Hills co-workspace faces sanctions on charges of hard partying
Breakthrough Properties’ Dan Belldegrun, Tishman’s Rob Speyer and Bellco Capital’s Rebecka Belldegrun (Breakthrough Properties, Tishman, Bellco Capital)
Tishman Speyer, Bellco Capital JV raises $3B for life science buys
Tishman Speyer, Bellco Capital JV raises $3B for life science buys
Hudson Pacific Properties' Mark Lammas and Harout Diramerian (Hudson Pacific, iStock, RIOS)
Hudson Pacific posts loss, downplays Netflix woes
Hudson Pacific posts loss, downplays Netflix woes
 GPI Companies’ Drew Planting and Cliff Goldstein (GPI, Loopnet)
GPI looks for big return on 110K sf Burbank medical complex
GPI looks for big return on 110K sf Burbank medical complex
Los Angeles (iStock)
Office vacancy continues upward across LA
Office vacancy continues upward across LA
arrow_forward_ios

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

Loading...