LOS ANGELES—New York-based Tishman Speyer has acquired Murdock Plaza, a 17-story, 327,000-square-foot office building in Westwood. The seller and the sales prices were undisclosed, however, industry sources unrelated to the deal tell GlobeSt.com that the seller is Indivest and the approximate sales price is $122 million.
Tishman Speyer plans to renovate the property’s infrastructure and interior to attract world-class tenants to the property and to maintain its standing as a premier office space. Located at 10900 Wilshire Boulevard, the noteworthy property is in a prime Westside location, and with ocean and mountain views, is a bit of an icon in the submarket. Tishman Speyer did not disclose the amount of capital the company plans to invest into the property.
According to Tishman Speyer’s co-CEOs Jerry Speyer and Rob Speyer, the property’s prime location attracted them to the acquisition opportunity. The investor has had it eye on the West Los Angeles market for the past several years, buying and selling class-A office properties. Tishman Speyer recently sold a 236,000-square-foot office property portfolio on Civic Center Drive in Beverly Hills to the Rockefeller Group for an undisclosed amount. The portfolio UTA Plaza and the Ice House, and is 100% occupied by Playboy Enterprises, United Artists Talent Agency and the Live Nation headquarters. Tishman Speyer declined to comment on the transaction.