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Santa Monica office building sells for more than $90 million
Santa Monica office building sells for more than $90 million

New York real estate giant Tishman Speyer bought a prominent office building in Santa Monica, one of the hottest office leasing markets in the state. Tishman bought 520 Broadway, a 113,000-square-foot building near the Santa Monica Freeway and the Third Street Promenade shopping and recreation district. The six-story structure was completed in 1981. Terms of the sale by Vornado Realty Trust were not disclosed, but real estate experts familiar with Santa Monica valued the deal at more than $90 million. Vornado acquired the property in 2012 and conducted a $5-million renovation. Tenants in the building include the Xbox video gaming division of Microsoft Corp., movie and television...

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