Friday, February 13, 2015

Playa Vista’s Reserve Sells for $316 Million

My website: www.sandralew.com

Lots of positive investments continue taking place in Playa Vista as more businesses are moving to Silicon Beach. Tenants such as TMZ, Microsoft Corp, Sony Playstation, Verizon Communications and Team One have already moved into the Reserve which used to be the old post office distribution center. IMAX and Google are anticipated to move in starting end of this year and over the next 3 to 5 years.

Housing demand and especially the rental market has been climbing steadily as more and more working professionals will need housing in the local area.

Playa Vista’s Reserve Sells for $316 Million

By Cale Ottens Thursday, February 5, 2015 

 
The Reserve, a nearly 400,000-square-foot creative office campus in Playa Vista, was sold last week to Atlanta real estate fund Invesco for $316 million. At about $790 a square foot, the price was among the highest paid for an office property in the region.

The seller, a joint venture of Santa Monica’s Worthe Real Estate Group and San Francisco’s Shorenstein Properties, bought the property for about $46.5 million in 2011, according to county records.

Roughly $30 million was invested to transform the property – a former U.S. Post Office distribution center built in 1971 – into a creative office campus, boasting sand volleyball courts, a dog park, car wash and a fitness center, among other amenities.

Since the extensive renovation, the office park has been a hit. The developers attracted tenants like TMZ, Microsoft Corp., Sony Playstation, Verizon Communications and Team One, an advertising agency.

Representatives of Worthe, Shorenstein and Invesco could not be reached for comment.

Source: http://labusinessjournal.com/news/2015/feb/05/playa-vistas-reserve-sells-316-million/

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