Manhattan-based real estate investment firm Tishman Speyer has acquired a 26-story Los Angeles office tower for roughly $218 million. The 701,000 sq. ft. office tower at 400 South Hope St. was sold by a subsidiary of law firm O’Melveny & Myers LLP. The firm leases roughly half of the building on a long-term lease. Only 6% of the leasable office space is vacant, according to Tishman Speyer.
“With strong tenants and the premier location on Bunker Hill, we see this as a quality property holding excellent long-term value,” says John Miller, senior managing director for the West Coast for Tishman Speyer. Tishman Speyer will also manage the property.
“Bunker Hill is the premier downtown business location and 400 S. Hope sits ideally on a full city block with terrific access and presence. This acquisition enhances our position in the Los Angeles market, in which we have great confidence for future growth.” The South Hope Street property is the fourth LA-area acquisition so far this year for Tishman Speyer.