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5/08/08
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GE Real Estate provided a $45.23 mil on-book loan to an affiliate of The Lionstone Group for the acquisition of two office buildings in the Playa Vista area of West LA, near LAX. The property, Playa Business Campus, totals nearly 150k sf and is located two blocks north of Playa Vista, the massive mixed-use redevelopment project situated along both sides of Jefferson Blvd between Lincoln Blvd and Centinela Ave. The property offers the potential for expansion to the existing buildings plus extra land for future development.
The transaction closed in 23 days and marks the first deal between GE Real Estate and The Lionstone Group, a privately owned, Houston-based real estate investment firm that acquires urban office assets located in barrier-constrained markets and near major employment centers.
“We are very pleased that GE Real Estate saw as much potential in this location as we do,” said Tom Bacon, Partner of The Lionstone Group. “This property offers an attractive alternative to tenants migrating from the costly West Los Angeles suburbs, which will be further enhanced by the Playa Vista redevelopment.”
Holliday Fenoglio Fowler was the mortgage banker and was represented by the team of Scott Galloway, Cortney Cole, and Cameron Cureton.
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