Leading Beverly Hills Office Investor Tishman Speyer Acquires Another Trophy Office Property | Announcements | Tishman Speyer


Leading Beverly Hills Office Investor Tishman Speyer Acquires Another Trophy Office Property

Beverly Hills, CA January 26, 2011

Leading global real estate development and investment firm Tishman Speyer today announced the acquisition of the former Hilton Hotels Corporation headquarters property in Beverly Hills, Calif. The transaction increases Tishman Speyer’s already considerable investment presence in the upscale submarket, where it is one of the largest office landlords.

Tishman Speyer’s other local holdings include Beverly Mercedes Place, 407 North Maple and Maple Plaza, in addition to properties elsewhere in Los Angeles.

The firm’s newest Class A property, located at 9336–9346 Civic Center Drive adjacent to City Hall, consists of a pair of distinctive four-story, high-quality office buildings totaling approximately 185,000 square feet that sit on 2.6 landscaped acres and are connected by a skybridge. The buildings feature 18 individual balconies, with other on-site amenities and a large underground parking garage. The property is within walking distance of the famous Rodeo Drive district that features world-class shopping, dining and hotels.

The buildings were completed in 1985, with some renovations completed in 2004–2008. The property was vacated in 2009 when Hilton moved its corporate offices to Northern Virginia. Tishman Speyer will execute a program that will include re-landscaping the exterior grounds, renovating the lobbies, upgrading the elevators, making other modernization improvements and repositioning the property so that it can accommodate multiple tenants as well as a single user.

“This acquisition represents a rare opportunity to take a headquarters-quality facility in a unique location and establish it as a superior office setting for one or more world-class companies,” commented Tishman Speyer Senior Managing Director John Miller. “With the strong relationships we have established with high-end users here in Los Angeles and around the globe, and with the office sector now showing signs of continuing improvement, we feel confident in our ability to market this property successfully.”

About Tishman Speyer (www.tishmanspeyer.com)

Tishman Speyer is one of the leading developers, owners, operators and asset managers of first-class real estate worldwide. Active across North America, Europe, South America and Asia, many of the world’s most prestigious corporations rely on Tishman Speyer to meet their office space needs. Since its founding in 1978, the firm has acquired, developed and/or managed a portfolio of over 116 million square feet valued at over US$50.2 billion. Signature assets include New York’s Rockefeller Center and the Chrysler Center, Frankfurt’s MesseTurm and OpernTurm, São Paulo’s Torre Norte, and Ventura Corporate Towers in Rio de Janeiro. Tishman Speyer has projects in different stages of development in Shanghai, Chengdu and Tianjin.