September 12, 2011 |
The Beverly Hills headquarters building of Live Nation Entertainment Inc., the world's largest concert promoter, was sold by former entertainment mogul Michael Ovitz to a New York landlord for $20 million. Tishman Speyer bought the renovated industrial building near City Hall from Ovitz and his partners. The property at 9348 Civic Center Drive was built in 1925 as an ice and cold storage plant and is still known as the Ice House. It was converted into offices in the mid-1990s. Live Nation, which merged with rival Ticketmaster last year, has been the main tenant in the four-story Ice House since 2006 and plans to stay there until at least 2020, according to real estate data provider CoStar.
January 26, 2011 |
The vacant former headquarters of Hilton Hotels Corp. in Beverly Hills has been purchased by a New York landlord, underscoring the growing strength of the commercial real estate market as investors swoop in on upscale properties. On Tuesday, Tishman Speyer bought the two adjoining office buildings on Civic Center Drive from Hilton. The hotelier was acquired by corporate buyout giant Blackstone Group in 2007 and moved from Beverly Hills to McLean, Va., in 2009 to be closer to Blackstone's New York headquarters.
October 15, 2009 |
Los Angeles real estate investor Highridge Partners bought a Santa Ana office building Wednesday as it launched a program to purchase $500 million worth of commercial properties in California. Highridge paid New York developer and landlord Tishman Speyer Properties $31 million for 3 MacArthur Place, an 11-story building completed in 1991 in the master-planned MacArthur Place development. Tishman Speyer paid $83 million for the building near the top of the real estate peak in 2007. The office market, which has been in decline for nearly two years as rents and property values have fallen, is getting worse, said Jack Mahoney, executive vice president of Highridge.
June 27, 2008 |
Work has begun on the first phase of a $1.2-billion office complex in the Playa Vista development south of Marina del Rey as the popular Westside office market remains strong in the face of the nation's faltering economy. A major tenant for the complex, Belkin International Inc., was announced Thursday by the developers, Tishman Speyer and Walton Street Capital. When completed at the end of next year, the new buildings will be headquarters for technology company Belkin. Belkin will occupy 150,000 square feet, almost half of the space in the four-building first phase of the office campus, after it consolidates other Los Angeles-area offices.
January 23, 2007 |
Two prominent real estate investment firms are planning a major office building complex in Playa Vista, adding another large development to an area already at the heart of a construction boom.
February 9, 2004 |
One of Glendale's signature high-rises, the 17-story Glendale City Center, has been purchased for $72 million by Tishman Speyer Properties. The real estate giant bought the 388,000-square-foot office and retail building at 101 N. Brand Blvd. from the Ohio State Teachers Pension Fund. Tishman Speyer's other properties include Rockefeller Center and Chrysler Center in its home city of New York and Colorado Center in Santa Monica. Glendale City Center was built in 1991 by Homart Development Co.