Tishman Speyer Cancels Lease at Downtown Site

Tishman Speyer Properties has decided to cancel its long-term master lease at the City National Bank Building in downtown Los Angeles.

The 24-story building has now been returned to the control of owner and master lessor Citinational-Buckeye Building Co. Completed in 1967, the building’s longtime managing general partners are City National Bank, its chairman, Bram Goldsmith and George Konheim of Beverly Hills-based Konheim Enterprises.

Several years ago, Tishman Speyer bought a long-term interest in the 282,000-square-foot office building at 606 S. Olive St. and undertook a major rehab and leasing program.

“We saw lots of opportunities in Los Angeles,” recalled Steven Wechsler, a managing director of the $5-billion commercial real estate and development company based in New York. But “given conditions right now, it doesn’t make sense,” he said.