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Transactions - JUNE 27, 2022

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Tishman Speyer sells L.A. creative office campus for $205m

by Andrea Zander

FS Credit Real Estate Income Trust, Inc., which is advised by a subsidiary of FS Investments and sub-advised by Rialto Capital Management, has acquired 555 Aviation, a 259,754-square-foot, class-A creative office building located in El Segundo, Calif.

Tishman Speyer sold the asset for $205.5 million.

Tishman Speyer acquired 555 Aviation, located in Los Angeles’ popular El Segundo market, in 2015 for $45 million with the intent to convert the aging, single-story distribution and repair facility into a best-in-class, creative office environment.  After its sole user, Xerox, vacated the building in 2017, Tishman Speyer embarked on a $44 million reinvention program that produced light-filled interior spaces accented by large windows, a state-of-the-art fitness center, cafe, and multiple outdoor gathering areas.  The campus is now fully leased to Belkin International, Publicis and Fabletics.

 

 

 

 

 

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