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11/10/16
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Mani Brothers Real Estate Group has purchased The Landing at Playa Vista, a 100.8k sf, newly renovated Class A office property, for $80 mil ($794/sf) in an off-market transaction. The property was sold by Hudson Pacific Properties.
Orignally constructed in 1985, the six-story asset is located at 12655 Jefferson Blvd, in the Playa Vista submarket on Los Angeles’ westside. It was recently redeveloped as creative office space and underwent extensive upgrades including: exposed ceilings, open floor plans, multiple outdoor decks, and the conversion of an internal stairwell and a portion of the underground parking garage into office space.
The building was fully pre-leased prior to the completion of the renovation. A majority of the space was taken by New York based co-working operator WeWork, who signed a deal for 78k sf. The remainder of the project was leased to media and communication firm Dentsu Aegis Network.
Situated along Jefferson Blvd, The Landing at Playa Vista has excellent street visibility, easy access to the 90 and 405 Freeways, and benefits greatly from close proximity to the amenities at the Runway at Playa Vista. Playa Vista has seen a surge of development and activity in recent years as high-profile technology tenants such as Google, Facebook, YouTube, Sony, and Microsoft have relocated to the area.
Madison Partners’ Bob Safai represented Mani Brothers Real Estate Group, in what was their second off-market acquisition in Playa Vista. In 2015, the West Hollywood-based real estate group entered the Playa Vista market with the purchase of 12555 Jefferson Blvd, an 89.4k sf, Class A office property located directly across the street from The Landing at Playa Vista. Madison Partners brokered that transaction as well on behalf of Mani Brothers.
Hudson Pacific Properties Inc represented themselves in the buy.
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