New York-based Tishman Speyer is in discussions to buy out Northwood Investors LLC's stake in two office campuses in Los Angeles' Playa Vista neighborhood, The Real Deal reported, citing sources familiar with the deal.
Tishman has been seeking bids ranging from $600 million to $650 million since early 2019 for the 620,720-square-foot portfolio, in which Northwood's exact interest is unknown, the May 22 report added.
The 425,300-square-foot Brickyard campus at 12105 and 12126 W. Waterfront Drive features two office buildings, 8,000 square feet of retail space and daycare facilities. Social networking giant Facebook Inc. leases 60%, or 260,000 square feet, of the office space at the campus, which is also leased to Loyola Marymount University, among other tenants.
The Collective campus contains five buildings totaling 204,420 square feet about a half-mile away on Bluff Creek Drive. Web services provider Yahoo occupies 130,000 square feet at the property, according to the report.
Tishman declined to comment on the potential deal, and a Northwood representative did not immediately respond to the publication's requests for comment.