200,000 SF of more creative office development set to break ground in Playa Vista
As the large creative office developments in Playa Vista continue to exceed expectations - drawing some of LA's hottest tech. entertainment and advertising companies - supply of new creative office continues to be on the rise as well. The high demand has allowed landlords to increase rental rates, but the many attractive factors of Playa Vista have allowed these companies to justify the expense. Most of my clients these days at least ask about Playa and we evaluate if it makes sense for their specific business, typically touring some of the best on and off market opportunities. This trend will undoubtedly continue to become more pronounced.
Developer Tishman Speyer will break ground in March on five office buildings in Playa Vista, with a combined value of more than $80 million.
The properties are being built on speculation that there will be tenants to rent them when they are completed, said John Miller, director of West Coast operations for Tishman Speyer, based in New York.
Like other office buildings in the Playa Vista neighborhood south of Marina del Rey, the new structures are intended to appeal to businesses in creative fields such as
entertainment and media.
"Creative office demand is very robust," Miller said, citing the presence of Facebook, YouTube and the USC Institute for Creative Technologies at Playa Vist
Tishman Speyer's new buildings on Artisan Way will be two stories tall and have high ceilings — as high as 25 feet. In the open-space plan by Joey Shimoda Design Group, the smaller second floor will look down on the first floor.a.
The development, which doesn't have a name yet, will have outdoor courtyards with meeting spaces, fire pits and barbecues. The complex will take about 11 months to build, Miller said.
The five buildings will have a combined 200,000 square feet. Tishman Speyer has city approvals to build an additional 400,000 square feet of offices on land it owns at Playa Vista.
LA Times 1/29/14
*Shared by Jeff Vertun