The Campus at Playa Vista, Facebook's LA Home, Sells
Playa Vista is one of the most attractive markets in Socal right now, due to some big developments on the way, its proximity to Silicon Beach, and the undeveloped landscape that provides a beautiful backdrop to it all. The Campus is currently home to 4 heavyweight technology companies, including Facebook, and highlights the submarket's ability to provide large offices for Los Angeles' hottest companies. With The Runway already being built - similar to the 3rd Street Promenade - as well as new campuses like The Reserve, Playa Vista will continue its rise as the mature, heavyweight company submarket.
The Campus at Playa Vista, a four-building class-A office complex, has been sold. An SEC filing indicates the purchase price was $218 million by Hines Global REIT, Inc., a real estate investment trust sponsored by Hines real estate and investment management. .
The Campus at Playa Vista is 97% leased on a long-term basis to tenants that include four technology companies:Facebook, Inc.; Belkin International, Inc.; the University of Southern California’s Institute for Creative Technology; and the Internet Corporation for Assigned Names and Numbers (ICANN).
The complex was completed in 2009 and is LEED Core and Shell Gold certified. The complex is situated on seven acres in the 1,087-acre Playa Vista master-planned community. The four-story office buildings, located at 12015, 12025, 12035 and 12045 East Waterfront Drive, contain a total of 324,944 square feet.
Each glass and aluminum-clad, wedge-shaped building includes a green roof and patio on the fourth floor. The buildings are connected by 9,000-square-foot private landscaped terraces on the second floor. Beneath the buildings is a two-level garage that contains parking for 944 cars. A nine-acre, Michael Maltzan-designed park is adjacent to the property.
Sherri Schugart, president and CEO of Hines Global REIT, said in a statement that Hines was “attracted to this property due to its strong tenancy, recent construction, excellent access and long-term prospects for this emerging west LA submarket.”
Hines Managing Director Doug Metzler also said in a statement that the lower west L.A. submarket “is one of the most attractive office markets on the West Coast, and we are pleased to expand our LA portfolio with assets of this quality.”
Hines will manage The Campus at Playa Vista on behalf of Hines Global REIT. CBRE's Kevin Shannon, vice chairman and managing director of the western institutional group represented the seller, Tishman Speyer, in the transaction.
Hines Global REIT is a public, non-listed real estate investment trust sponsored by Hines that owns interests in 32 real estate investments located in the United States and internationally.
*Shared by Jeff Vertun, Scott Steuber & Ted Simpson