Less than two months after buying the Wilshire Courtyard complex in Los Angeles, property firm Tishman Speyer has successfully signed two leases with two new tenants. The transactions, for nearly 75,000 sq ft of space, bring the two-building complex property’s occupancy rate to 94 per cent.
New York’s Art Deco Chrysler Building is among Tishman Speyer’s portfolio
The larger lease was signed with Katz Communications. The company, which is a subsidiary of Clear Channel Communications, signed a 10-year agreement to occupy 45,500 sq ft of space at 5700 Wilshire Boulevard. Katz Communications is a New York-based corporation which represents 4,000 radio stations, 4,000 online publishers, and 700 television and digital multicast stations.
The other new tenant is E! Entertainment Network. The company, which is a subsidiary of NBC Universal, has signed a lease for a 28,100 sq ft expansion at 5750 Wilshire Boulevard. It produces records and broadcasts a number of radio and television programmes from that address.
Wilshire Courtyard opened in 1987 and is home to a number of major entertainment and media companies, including Fox Animation, OWN – The Oprah Winfrey Network, The Interpublic Group and the Los Angeles Business Journal.
The two, six-story buildings offer one million sq ft of office space with 80,000-100,000 sq ft floor plates. Its unique design includes 125 different balconies.
Tishman Speyer has announced plans to renovate the property by updating the outdoor plaza and its internal common areas. The planning phase will take at least a few more months.
According to a recent Jones Lang LaSalle report, the purchase price of the Wilshire Courtyard was pegged at $423 million. The property’s vendor, RREEF, had bought the buildings in 2005 for a reported $378 million.
Tishman Speyer has a global commercial property portfolio which includes many world renowned buildings such as the Rockerfeller Center, the Hearst Tower and the landmark Art Deco masterpiece the Chrysler Building.
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