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5/22/18
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Construction has commenced on the second phase of Water’s Edge in Playa Vista – a state-of-the-art, 190k sf office building which will complete development of the 6.5-acre site. The development is being built by a led by NR IV, an affiliate of Rockwood Capital LLC. Other partners in the venture include GIC, Singapore’s sovereign wealth fund, and Newport Beach, CA-based Marshall Property & Development.
“Water’s Edge was an extremely rare opportunity to acquire a trophy asset with a fully-entitled development component in the high-barrier-to-entry West Los Angeles office market,” said Rockwood Capital Managing Director Andrew Blanchard. “Our plan is to realize the original vision of Water’s Edge as an iconic three-building office campus in Playa Vista and hold the asset for the long term.”
The new $80 mil building will be known as WE3 and is being built on the eastern edge of the Water’s Edge campus, on what was formerly a surface parking lot and soccer field. Characterized by its “floating” perforated skin surrounding a glass curtain wall, WE3 will feature large floor plates up to 40k sf, 15’ ceiling heights, floor-to-ceiling windows, private balconies, and outdoor public meeting spaces, including a sky garden. The building will feature the latest variable refrigerant flow technology for heating and cooling. New subterranean, grade and above-grade parking will add 661 parking stalls, improving the parking ratio for the entire campus from 2.9 to 3.7 per 1,000 square feet of building area.
Beyond the WE3 building, the existing soccer field onsite will be relocated and replaced with a new artificial turf athletic field that will be built on top of the new parking structure. This new field will anchor the recreational plaza and complement the existing common area amenities. These include an Olympic-sized swimming pool, sand volleyball court and sports court, and a 31k sf fitness center operated by LA Fitness.
Construction of WE3 is expected to be completed in the 2nd quarter of 2020. With this latest building, Water’s Edge will feature approximately 450k sf of Class A office space in a highly sought-after and supply-constrained market. CBRE’s Jeff Pion, Blake Mirkin, Michelle Esquivel and Richard Ratner are heading up the marketing team for the new building. WE3 is being designed by SPF:architects, with McCarthy Building Companies, Inc. acting as general contractor.
Water’s Edge is located on the northeast corner of Lincoln and Jefferson Boulevards. The first phase, completed in 2002, includes two four-story buildings of 58k sf 185k sf. Water’s Edge is adjacent to the 350-acre Ballona Wetlands Preserve, which offers direct access to the Pacific Ocean via its network of hiking and biking trails. The existing buildings are currently 89% leased. Major tenants include Electronic Arts, Pop Media Group, Doner and LA Fitness.
With Water’s Edge, the venture now owns approximately 700k sf of existing and planned development in Playa Vista. The ownership group also recently completed the construction of a 55k sf foot building at nearby Playa Jefferson as the final piece of a 250k sf creative office campus, which is home to Facebook. The Rockwood affiliate acquired Playa Jefferson in 2016 and brought in GIC as a strategic partner when Water’s Edge was acquired in early 2018.
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