Tishman Speyer enters Orange County office market

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Tishman Speyer on Wednesday announced it has acquired a 374,000-square-foot, class A office property in Newport Beach, Calif. It is the firm's first investment in Orange County. The value of the transaction was not disclosed. Located at 4000 MacArthur Blvd. in the John Wayne Airport submarket of Orange County, the property consists of two connected 10-story glass and steel towers, constructed in 1979. At the time of sale, the property was 100 percent leased to semiconductor systems developer Conexant Systems Inc. Newport Beach-based KBS Realty Advisors sold the asset. Other Southern California assets owned and operated by Tishman Speyer include 400 South Hope St. and 6300 Wilshire Blvd, in downtown Los Angeles, and a portfolio of properties in Beverly Hills. The company owns, develops and operates properties worldwide, including New York City's Chrysler Building and Rockefeller Center, London's Milbank Tower and Tower Place, Frankfurt's MesseTurm, Berlin's Sony Center and Sao Paul...