Murdock Plaza Becomes Part of Tishman Speyer’s Office Portfolio
- Aug 22, 2014
A West Los Angeles office asset recently traded hands as developer, operator and manager Tishman Speyer moves to acquire the property known as Murdock Plaza. The new owner will most likely execute a renovation process in order to update the asset located at 10900 Wilshire Boulevard. The financial terms of the transaction were not disclosed, but real estate data provider PropertyShark.com has the property valued at approximately $85 million. However, industry estimates place the transaction value at around $120 million. Back in 2007, the property traded for a similar amount having been acquired for $125 million.
Murdock Plaza is a 17-story office property that offers its new owner a total of 237,000 square feet of space. Located at the corner of Wilshire and Westwood, the prime asset is set to be repositioned to become one of the premier properties of its kind in the Westwood submarket. The location also offers great views of the ocean and nearby mountains and access to freeways. The building features high ceilings, natural light and a large amount of garage parking.
According to a recently issued press statement, Tishman Speyer co-CEOs Jerry Speyer and Rob Speyer underlined the company’s actions in the area “where market demand for high quality office space has been very strong.” The company also anticipates “that such demand will continue and we will seek additional investment opportunities in the area.” Tishman Speyer’s Regional Director for Southern California, Mark Laderman, noted that it is the company’s view that “within West Los Angeles, Westwood stands out as the next area to experience very positive momentum in the demand for high quality office space.” Laderman also mentioned the company’s plans to replicate its previous success in submarkets such as Playa Vista and Beverly Hills.
Image courtesy of murdockplaza.com