Highridge Partners has bought a Californian office building from Tishman Speyer for a 65 percent discount to its 2007 purchase price.
The Los Angeles-based real estate investment firm paid $31 million for 3 MacArthur Place. Tishman bought the property in June 2007 for $83 million and financed the property with a $89.5 million mortgage, according to data provider Real Capital Analytics.
Highridge confirmed today they had purchased the property and paid $31 million. According to the LA Times, the property is 78 percent leased, with Highridge saying it planned to increase the occupancy level.
Tishman acquired the property through its Tishman Office Fund from AEW Capital Partners, which sold on behalf of the Kansas Public Employees Retirement System.