Tishman Speyer has cashed in bigtime on a mid-pandemic bet that it could quickly maximize its return on premium office space it purchased in the burgeoning Sunnyvale, CA tech hub.
Barely a year after it acquired the assets for $356M, Tishman announced this week it is selling a four-building office complex in Sunnyvale leased entirely by social media giant Meta. According to a Bloomberg report, Tishman is selling the office campus for $707M, nearly double what it paid for it in 2021.
Los Angeles-based CommonWealth Partners is acquiring the office complex, which encompasses 719K SF of office space as well as two parking structures and outdoor recreational space. The property is located on Crossman Drive in the Moffett Park neighborhood of Sunnyvale.
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