Real estate developer Tishman Speyer today announced the purchase of a 12-story office building in El Segundo, Calif., for an undisclosed price.

Lowe Enterprises sold the property, Grand Avenue Courtyard, which is located at 1960 East Grand Ave. Lowe had owned it on behalf of an investment client since 2000.

The 20-year-old asset comprises 248,000 square feet and at the time of sale included as tenants ad agency Team One (a unit of Saatchi & Saatchi) and Air New Zealand.

Lowe Enterprises Senior Vice President Lynda Cook said in a press statement that Lowe sold the property to enhance its client’s investment returns.

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