Tishman Speyer Trades Mountain View Office Building for $121.5M
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- Disclosed office deal value tracked in September 2026: $14.7B across 78 reported transactions. All Office coverage →
- 29 stories mentioning Tishman on the wire in the past 90 days. Tishman coverage →
Computed from Real Estate Trail’s own tracked coverage
Tishman Speyer sold 400 Castro Street, a 100 percent leased, Class A office building in downtown Mountain View, California. Spear Street Capital was the buyer in the $121.5 million transaction. Tishman Speyer develope…
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