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
L’Oréal CEO Stéphane Rinderknech and Hackman Capital CEO Michael Hackman with a rendering of the project (888 Douglas)
Cosmetics giant L’Oréal inks lease at Hackman’s El Segundo campus
Cosmetics giant L’Oréal inks lease at Hackman’s El Segundo campus
Roku CEO Anthony Wood, Boston Properties CEO Owen Thomas and Colorado Center. (Bostom Properties, WikiMedia / Collision Conf)
Roku inks long-term lease at Colorado Center
Roku inks long-term lease at Colorado Center
Rexford Co-CEOs Howard Schwimmer and Michael S. Frankel and Quixote CEO Mikel Elliott. (Google Maps, Rexford, Quixote)
Rexford Industrial inks studio and equipment firm to big lease
Rexford Industrial inks studio and equipment firm to big lease
Patrick Soon-Shiong and 444 N. Nash Street (Getty, Google Maps)
Patrick Soon-Shiang’s Nantworks, Serverfarm buy El Segundo data center
Patrick Soon-Shiang’s Nantworks, Serverfarm buy El Segundo data center
Tesla's new property is 82,000 square feet. (Getty, Daum Commercial)
Tesla inks big lease on office/warehouse in Santa Monica
Tesla inks big lease on office/warehouse in Santa Monica
(Getty, iStock)
LA’s office market hasn’t even started to recover
LA’s office market hasn’t even started to recover
Rendering of 2045 E. Violet Street (Rios via Urbanize)
Major office complex proposed for Arts District
Major office complex proposed for Arts District
Hudson Pacific Properties CEO Victor coleman and Company 3 CEO Stefan Sonnenfeld with renderings of the Harlow building
HPP signs post-production firm to big lease in Hollywood
HPP signs post-production firm to big lease in Hollywood
arrow_forward_ios

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

Loading...