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7/27/12
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By Allen Wolfsheimer
Here’s the scoop on a major West LA trophy property to hit the market. Rob Maguire’s company, Maguire Investments, is selling Water’s Edge, the two-building, 260k sf creative office campus at the edge of Playa Vista that serves as the HQ for video game company Electronic Arts. Maguire awarded the listing to Bob Safai and Matt Case of West LA-based Madison Partners.
The property is 75% occupied with EA in 125k sf after recently signing a new seven-year lease worth around $35 mil. LA Fitness is another major tenant.
Although there is no set asking price, Westside investment pros we chatted with point to JP Morgan’s $300 mil purchase from Lincoln Property of the two-building, 500k sf Horizon at Playa Vista campus a year ago for about $600/sf as a potential indicator of value. Even if Water’s Edge approaches the $500 - $600/sf range, that would put the price near $130 mil, or possibly even more.
Located at 5510 and 5570 Lincoln Blvd, on the northeast corner with Jefferson Blvd, the ocean view property was designed by Gensler and completed in 2002 by Maguire’s previous company, Maguire Partners, the predecessor to what is now MPG Office Trust. The property is situated adjacent to 350 acres of open space at the Ballona Preserve, which provides a vast collection of biking and jogging trails leading to the Pacific Ocean.
Water's Edge consists of the distinctive, green-glass encased 58k sf Water's Edge I building and the four-story, 185k sf Water's Edge II building, developed at a total combined cost of $77 mil. The unique, 6.5-acre business campus also includes parking for 990 vehicles within the property's subterranean parking garage and surface lot.
Water’s Edge offers tenants a very desirable lifestyle environment with numerous “very cool” amenities, including an on-site café, soccer field, basketball court, sand volleyball court, state-of-the-art conference facility and screening room. In addition, the property boasts an outdoor lap pool and spa, and will soon contain a 31k sf gym operated by LA Fitness, which is currently scheduled for completion in early 2013.
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