Tishman Speyer on Thursday announced the acquisition of 10900 Wilshire Boulevard, a prominent office property located in the Westwood submarket in West Los Angeles.
The 17-story, 237, 000-square-foot asset, which has been known as Murdock Plaza since it was built, is situated at the intersection of Wilshire and Westwood Boulevards and is considered to be one of Westwood’s premier office addresses. In addition to its prime business location, the building features spectacular ocean and mountain views, generous ceiling heights and natural light, an abundance of neighborhood amenities, ample garage parking, and convenient access to major freeways. Tishman Speyer is planning to update the building’s infrastructure and make other extensive renovations to position it as Westwood’s most desirable office location for many years to come.
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“We are able to expand our global portfolio by successfully developing, acquiring and repositioning properties that appeal to world-class tenants seeking the best business locations, ” said Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer. “For the past several years we have been very active in West Los Angeles, where market demand for high quality office space has been very strong. We anticipate that such demand will continue and we will seek additional investment opportunities in the area.”
Mark Laderman, Managing Director and Tishman Speyer’s Regional Director for Southern California added, “We believe 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. Just as we took advantage of that similar rising demand in Playa Vista and Beverly Hills in recent years, we think this represents a well-timed opportunity.”
Financial terms of the transaction announced today were not disclosed.