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7/21/16
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By Allen Wolfsheimer
Rockwood Capital LLC has acquired Playa Jefferson, an 11-acre, creative office campus in Playa Vista. The asset, which currently consists of four buildings totaling 200k sf, was sold by LA-based Vantage Property Investors. We’re told that the transaction had a price tag of $165 mil, which divides out to a very impressive $825/sf, based on the existing office space only.
The property does include a future building of 55k sf, which is set to start construction later this year by the new owner, a Rockwood affiliate. There is also a five-story parking garage that holds 617 vehicles, which was just recently completed by Vantage. The campus also has extensive bicycle facilities including Zagster-shared bicycles that are popular with tenants.
Playa Jefferson is located at 12777 W. Jefferson Blvd, on the north side of Jefferson, midway between Lincoln Blvd and Centinela Ave. The property was formerly known as the Citicorp Campus, and the place where the ATM machine was invented.
Kevin Shannon, Ken White and Scott Schumaker with Newmark Grubb Knight Frank’s Capital Markets team represented Vantage in the sale. Vantage purchased the property from San Francisco-based Embarcadero Capital Partners in 2011 for $33 mil in a deal considered to be well below replacement cost. Playa Jefferson was just 18% leased at that time.
Since then, Vantage has transformed the ‘70s era campus into a creative office hub. The firm retained Gensler to artfully transform the 70s and 80s R&D buildings into a colorful creative office property with 20k sf of connective space that links the buildings and provides team spaces, work lounges and recreation areas that are in frequent use by tenants.
Playa Jefferson is now more than 93% leased to leading tech and media companies. The complex is now the Los Angeles headquarters for Facebook; Arup, a worldwide engineering leader in building technologies; and top advertising agencies Omnicom and R/GA. Regus, the world’s largest provider of flexible workspaces, is also a major tenant.
The yet-to-be-built, 55k sf structure is a state-of-the-art contemporary design by Gensler that includes all the elements sought by today’s office tenants such as high ceilings, flexible floor plans and floor to ceiling glass windows. Large outdoor spaces on each floor and a striking 30-foot cantilever on the Jefferson Blvd. side of the third floor are dramatic features of the new structure. It is slated for completion in the fourth quarter of 2017.
“Converting this early data center into a productive and team-oriented 21st century workplace has been a rewarding and creative experience for us,” said Stuart Gulland, founding partner of Vantage along with Ned Fox, well known as a senior partner of Maguire Thomas Partners, a development firm that built much of the downtown Los Angeles skyline and spearheaded the new urbanism masterplan for Playa Vista.
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