63% Off In Santa Ana – Tishman Unloads Office Building

Tishman Speyer has sold off 3 MacArthur Place (aka 3 Imperial Promenade) in Santa Ana, California. The buyer is Highridge Partners. The building is a 12-story Class A building totaling about 247,000 rentable square feet. The building sits on about 3 acres and was completed in 1991.

Current occupancy is about 78%. Pricing came in at about $126 psf ($31M), versus the $336 psf ($83M) Tishman paid in 2007.

[via LA Times]

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Comments

Joshua October 15, 2009

wow. not that $336 was ever the market rate. but $126 seems awfully low for an asset of this quality. Id have expected it to be $200-$250. what distress caused them to accept that valuation?

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