Tishman Speyer Announces Two Lease Transactions at Wilshire Courtyard | Announcements | Tishman Speyer


Tishman Speyer Announces Two Lease Transactions at Wilshire Courtyard

Los Angeles, California February 20, 2013

Tishman Speyer, one of the world’s leading real estate developers and owners, today announced that it has completed two lease transactions totaling nearly 75,000 square feet at Wilshire Courtyard, the prominent West Los Angeles property that it acquired less than two months ago. The transactions bring the property’s occupancy to 94 percent.

Katz Communications has signed a 10-year lease for 45,500 square feet at the property’s 5700 Building. A subsidiary of Clear Channel Communications, the New York-based firm represents 4,000 radio stations, 700 television and digital multicast stations and 4,000 online publishers.

E! Entertainment Network has signed for a 28,124-square-foot expansion at the 5750 Building. The network, a subsidiary of NBCUniversal, produces, records and broadcasts dozens of popular television and radio shows from Wilshire Courtyard.

One of the most easily recognized properties along the city’s “Miracle Mile,” Wilshire Courtyard is home to several high-profile entertainment/media companies. In addition to E! Entertainment and now Katz Communications , the property hosts such tenants as OWN – The Oprah Winfrey Network, Fox Animation, the Los Angeles Business Journal and the Interpublic Group. Consisting of two six-story buildings featuring 80- to 100,000 square foot floor plates and a total of 125 individual balconies, the one-million-square-foot property has been a magnet for such companies ever since the late Aaron Spelling established his headquarters there nearly 20 years ago.

Tishman Speyer has indicated it would update the ‘80s-era property by renovating the gracious outdoor plaza to facilitate maximum usage by tenants and their employees, along with various internal common areas.

“The recent acquisition of this great property has enhanced our position in the West Los Angeles submarket, which continues to be the strongest office submarket in Los Angeles,” commented Tishman Speyer Regional Managing Director Mark Laderman. “We have been very fortunate working with prominent media and entertainment industry tenants at our properties in Beverly Hills and we are off to a strong start at this property as well.”

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, Tishman Speyer is relied upon by many of the world's most prestigious corporations to meet their office space needs. As of September 30, 2012, the firm had acquired, developed and/or managed a portfolio of over 125 million sq. ft. with a total value of over USD $61.3 billion since its founding in 1978. Signature assets include New York's Rockefeller Center and the Chrysler Center, São Paulo's Torre Norte, Ventura Corporate Towers in Rio de Janeiro, and Opernturm in Frankfurt. Tishman Speyer also has projects at different stages of development currently in Brasília, Chengdu, Frankfurt, Gurgaon, Hyderabad, Paris, Rio de Janeiro, São Paolo, San Francisco, Shanghai, Suzhou and Tianjin.