Tishman Speyer, a New York-based real estate investment firm, will soon put up for sale Wilshire Courtyard, a two-building, 1 million-square-foot office campus located at 5700-5750 Wilshire Blvd. on the Miracle Mile.
Wilshire Courtyard is expected to hit the market later this month and bids are expected to start around $650 million, sources said.
Eastdil Secured is the brokerage that has the listing. Representatives at Eastdil and Tishman Speyer declined to comment.
The Real Deal first reported the news.
The property, sitting on more than eight acres of land and built in 1987 by developer Jerry Snyder, is comprised of two six-story office buildings with three levels of subterranean parking.
Tenants include International Coffee & Tea, which does business as The Coffee Bean & Tea Leaf and houses its corporate headquarters there. The Hollywood Reporter, Equinox Holdings Inc., and the Los Angeles Business Journal also lease space at Wilshire Courtyard.
The 5700 Wilshire property is 86 percent leased while the 5750 Wilshire property is 29 percent leased, according to analytics from CoStar Group Inc.
Tishman Speyer, whose holdings include New York’s Rockefeller Center and MetLife Building, purchased Wilshire Courtyard in 2012 for $423 million. The company then performed a multi-million-dollar renovation to the plazas, lobbies and balconies. Tables and couches recently have been added to the property’s common interior areas.
Wilshire Courtyard is located across the street from the SAG-AFTRA Building and is nearby La Brea Tar Pits. It will be roughly equidistant from the Wilshire/Fairfax and Wilshire/La Brea stations when the Los Angeles County Metropolitan Transportation Authority Purple Line extension is completed. Those stations are scheduled to open in 2023.
Real estate reporter Ciaran McEvoy can be reached at email@example.com or (323) 556-8337.