|
|
12/19/14
|
DivcoWest and Maguire Investments have entered into a joint venture that will own and manage Water’s Edge, a 260k sf Class A office campus in West Los Angeles’ Playa Vista submarket. The venture will also develop a state-of-the-art third building as part of an integrated campus, located at the intersection of Lincoln and Jefferson Blvds.
The final Water’s Edge structure, a creative office building called WE3, will have 14-foot ceilings, exposed ductwork, large operable windows to let in natural ventilation and light, and splashes of color throughout. It will share the existing amenities at the Water’s Edge campus including an LA Fitness gym, a cafe, a soccer field, a basketball court, a sand volleyball court and an Olympic-length lap pool.
DivcoWest and Maguire could spend up to $70 mil on the development of WE3, according to a report in the Los Angeles Times. The venture is hoping to get started on the project, expected to contain about 150k sf ove four floors, by the middle of 2015.
Along with its enviable location just five minutes from the ocean, Water’s Edge boasts a desirable mix of advantages including many nearby retail and housing amenities, and a location less than three miles from Los Angeles International (LAX) Airport.
Maguire Investments is led by Robert F. Maguire III, one of Los Angeles’ most prolific and successful office developers. Maguire’s firm propelled the first phase of Playa Vista development with the Water’s Edge project.
Both Maguire and Stuart Shiff, CEO of DivcoWest, point out that the demand for those qualities is as much local as well as regional and national. “The Playa Vista market has become an increasingly popular corporate location for a broad range of digital, tech, entertainment and media companies now headquartered in Santa Monica and other Westside submarkets. These businesses are driven by growth needs and are actively seeking to expand their presence in the increasingly strategic Los Angeles market,” said Shiff.
This transaction brings DivcoWest’s real estate interests in the Los Angeles market to more than 1.3 msf.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
