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