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June 23, 2018
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SOUTHERN CALIFORNIA NEWS
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Rockwood Capital Venture Buys Water’s Edge Campus in Playa Vista

2/20/18

Water’s Edge, a 260k sf creative office campus at the western edge of Playa Vista, was purchased by Wedge Office, a Rockwood Capital-led entity, in a transaction said to be worth around $190 mil, or $650/sf.

Water’s Edge is located at 5510-5570 Lincoln Blvd, at the northeast corner of the intersection of Lincoln and Jefferson Blvds, near Marina del Rey. The two-building asset was sold by a partnership of DivcoWest and Maguire Investments, who acquired the campus in 2014 for $132.5 mil.

The existing buildings at Water’s Edge were developed by MaguirePartners. They consist of the distinctive green-glass encased 58k sf Water's Edge I building and the four-story, 185k sf Water's Edge II building, built at a total cost of $77 mil. The project includes plans for a third, and final, building of 130k sf, which would bring the entire campus to almost 400k sf of space.

The buildings, which were completed in late 2002, were at one time both fully leased by Electronics Arts, which now maintains a scaled back presence in less than half the space it once occupied. Other tenants at the property include Popchips, Doner and Pop Media Group, along with an LA Fitness location.

Eastdil Secured represented the seller in the transaction.





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