Tishman Speyer has a deal in the works to sell the Wilshire Courtyard building, a 1-million-square-foot complex in Miracle Mile, to the Onni Group for roughly $630 million, according to a source familiar with the matter.
Tishman Speyer declined to comment on the transaction. Onni did not immediately respond to requests for comment.
The Wilshire Courtyard, at 5700-5750 Wilshire Blvd., was built in 1987 by developer Jerry Snyder. It has two Class A office buildings. Tenants include The Coffee Bean & Tea Leaf, The Hollywood Reporter and the Los Angeles Business Journal.
International Coffee & Tea, which does business as The Coffee Bean & Tea Leaf, is planning to leave the building and move to a new headquarters in the Baldwin Hills/Crenshaw neighborhood.
Tishman Speyer purchased the Wilshire Courtyard in 2012 for $423 million. It then renovated the building.
Onni’s purchase of the building was first reported by the Real Deal.
Commercial real estate reporter Hannah Madans can be reached at firstname.lastname@example.org. Follow her on Twitter @HannahMadans
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- WeWork Signs 30th LA Lease at Wilshire Courtyard
- Tishman Speyer Putting 1 Million S.F. Wilshire Courtyard on the Market
- Coffee Bean & Tea Leaf Planning Baldwin Hills HQ
- Tishman Could Net More Than $600M
- Tishman’s Local Property Listings Expected to Fetch More Than $600M
- Miracle Mile Property Faces Massive Departure
- Walter Marks Planning 42-Story, $400M Apartment Tower in Miracle Mile
- $400M Tower Planned for Miracle Mile