1323 and 1338 Fifth Street Acquired by Tishman Speyer | Real Estate Services M&A Deal

Tishman Speyer has acquired 1323 and 1338 Fifth Street, a real estate development business in California, for $150 million. The strategic acquisition covers two downtown Santa Monica sites currently operating as surface parking lots, with plans for an eight-story market-rate project at 1338 Fifth Street and an all-affordable housing building at 1323 Fifth Street. Tishman Speyer acquisitions in real estate services M&A support its broader real estate development strategy to meet Santa Monica’s housing element goals and expand affordable housing capacity through off-site compliance. The other acquisition is part of a strategic acquisition portfolio assembled in 2021 from WS Communities, with the revised development plans announced as the city advances toward 8,874 new housing units by 2029.