Tishman Speyer Properties LP is reportedly looking for a buyer for its West Los Angeles office campus, which includes four buildings. The properties are expected to fetch more than $200 million.
According to Businessweek, all the offers on the commercial campus will close by April 2 and the deal will be completed by the middle of the month.
The campus is an eight acre land with four high rise office buildings that have a 97 percent occupancy rate. Tenants include Facebook, Belkin International Inc and University of Southern California that leases around 222,000 square feet of office space in the campus.
The campus was developed by Playa Capital Co. which sold off parts of the parcel to developers like Tishman and Walton Street Capital in 2007 for around $200 million. In 2009, when the real estate scenario was gloomy, the value of the parcel was estimated to be around $75 million to $100 million, reports Wall Street Journal.
However, as the housing market recovers and the commercial property sector is reviving, Tishman Speyer hopes to sell the property at around its purchase price.
Rick Matthews, a spokesperson for Tishman said to Bloomberg that the sturdy occupancy rate and the increasing demand for retail and office space in the area creates a perfect environment for the sale.
"The company is also looking forward to the next phase of development on an adjacent parcel," he added.
Tishman Speyer is a major real estate firm of America. In January, Tishman listed a 50-story office tower in Chicago, which serves as the headquarters of Chicago Title and Trust Company. It had purchased the building in 2007 for around $1.7 billion.
Recently, the company also grabbed headlines with its joint venture deal partnering with China Vanke Company to build a residential complex in San Francisco, California.