Tishman Speyer grows holdings in L.A.

Makes purchase in 'promising' submarket

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Tishman Speyer on Tuesday announced that it has acquired Continental Grand Plaza II, a 239,000-square-foot office building in the El Segundo submarket of Los Angeles. The value of the transaction was $82 million. Built in 1999 and owned by MetLife Real Estate Investments since 2001, the six-story building is located at the intersection of Continental Boulevard and Grand Avenue in El Segundo's Superblock area. At the time of sale, the property was 90 percent leased. Primary tenants included Boeing, Regus Business Centers and Learning Tree International. Tishman Speyer Senior Managing Director John Miller said, "Continental Grand Plaza II is an attractive asset with a strong tenant base. The acquisition marks our entry into a submarket that we think holds considerable promise over the next few years. It also increases our presence overall in Southern California, in keeping with our investment strategy." Tishman Speyer Properties is one of the leading owners, developers, and opera...