Tishman Speyer has acquired a 113,000-square-foot office building in Santa Monica, California, from Vornado Realty Trust, the company said.
Tishman Speyer bought the property last month, paying around $91m, according to a person with knowledge of the matter.
The building, at 520 Broadway, numbers Microsoft among its tenants, Mark Laderman, a regional managing director for Tishman Speyer, said. It is difficult to get permission for new buildings in the area, so being able to purchase the office block was “an amazing opportunity,” Laderman said.
