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Tishman Speyer Buys Continental Grand Plaza II for $82M

MetLife Real Estate Sells El Segundo Office Asset for $343 PSF
July 31, 2006
Tishman Speyer acquired the Continental Grand Plaza II building from MetLife Real Estate Investments for $82 million, or approximately $343 per square foot.

This 239,045-square-foot, Class A office building is at 400 Continental Blvd. in El Segundo, CA. Built in 1999, the six-story building was 90% leased at time of sale. Tishman Speyer will manage and lease the property.

John Miller, senior managing director of Tishman Speyer, 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."

Jay Borzi, Stephen Silk and Kevin Crummy of Eastdil Secured represented the seller, MetLife Real Estate Investments.
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