SANTA MONICA, CA—Tishman Speyer has purchased a trophy office asset in Downtown Santa Monica for it's A-plus location and proximity to public transportation. Located at 520 Broadway in the heart of Downtown Santa Monica, the 113,000-square-foot property was named Building of the Year in 2014. The purchase price and name of the seller were not disclosed.

“We have a global investment strategy to invest in top cities around the world and in top real estate within those cities. Los Angeles has been one of those cities for a while now for us, and within Los Angeles, we really try to focus on supply-constrained markets,” Mark Laderman, regional managing director at Tishman Speyer, tells GlobeSt.com. “Santa Monica is a terrific place to live and work and play, but it is extraordinarily difficult to build, and so to have to opportunity to buy a prestigious asset in a terrific location surrounded by amenities, shopping and restaurants, new hotels and the light rail station that is opening up later this year, we thought this was a special opportunity to invest in a truly unique location.”

The property was recently renovated, and is a true class-A asset, according to Laderman; however, the investor was largely attracted to the property for its amazing location. “The majority of the strategy is related to the location,” he says. “There are not many office buildings in Downtown Santa Monica, and the ones that are there are owned by a couple of landlords that traditionally don't sell, so I definitely think this was a unique opportunity. This is a part of Santa Monica that is absolutely blossoming at the moment, and we think with the light rail station coming at the end of this year, it is only going to get better.”

The property is currently 93% occupied, and there are still a few leases that are expected to roll soon. As those leases roll, Tishman plans to invest some capital in the building to elevate the property even further in the market. “Following the renovation, the property has slowly been re-tenanted, and there are still a couple of floors that roll within the next few years that we hope to take advantage of the rising market,” says Laderman. “The bulk of the renovation is done, but we do plan to spend a little bit of money in certain areas to lift the property up even more.”

Laderman says that the firm is excited to hold the property for the long term, as it fits in well with the firm's global portfolio. The firm is busy expanding its presence globally. Media outlets, including GlobeSt.com and the Wall Street Journal have reported that China Life Insurance Group Co. and Ping An Insurance Co., have joined Tishman Speyer to buy a majority stake in $500 million Boston mixed-use project, Pier 4.