Tishman Speyer is in talks to buy out Northwood Investors’ stake in two Playa Vista office campuses, the Collective and Brickyard, The Real Deal has learned.
Sources familiar with the deal said the two firms are in discussions, though nothing has completed. Northwood’s exact stake in the portfolio is unknown.
Tishman, the prolific New York-based developer, has been exploring the sale of the portfolio since early this year. Bids for both properties, which span 620,720 square feet in total, are expected to range from $600 million to $650 million, sources said at the time.
Tishman declined to comment. A representative for Northwood did not immediately respond to requests for comment.
The 425,300-square-foot Brickyard campus is comprised of two office buildings, an 8,000-square-foot retail space and 9,000 square feet of daycare facilities. Facebook is an anchor tenant at the property with 260,000 square feet, or 60 percent, of the office space. Other tenants at the campus, located at 12105 and 12126 W. Waterfront Drive, include Loyola Marymount University, which leases 50,000 square feet.
Northwood is also an investor in the Collective campus, located about a half-mile away on Bluff Creek Drive. The 204,420-square-foot property is spread across five buildings. Yahoo leases 130,000 square feet at the property.
Earlier this week, Northwood secured the entitlements to renovate another West L.A. campus it holds a stake in. The firm, plus its partner McCarthy Cook, have tapped Gensler to design the $300 million makeover of the Trident Center. Once completed, the property will span about 555,000 square feet and include a fitness center, retail and restaurants.
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