The Campus at Playa Vista.
Playa Vista, CA (PRWEB) April 26, 2007
Playa Phase 1 Commercial Land Company has completed the sale of approximately 64 acres zoned for commercial development at Playa Vista to a joint venture of Tishman Speyer and Walton Street Capital LLC.
The property is located in the eastern portion of the Playa Vista community known as "The Campus at Playa Vista." It is adjacent to the intersection of Jefferson Boulevard and Centinela Avenue, and includes an historic district that was home to the famed Hughes Aircraft Company during much of the 20th century.
The transaction sets the stage for the development of an amenity-rich campus that will consist of new low-rise office buildings complementing the historic buildings on the site. Plans call for the preservation and upgrading of existing buildings, some of them potentially redeveloped as state-of-the-art sound stage facilities. Tishman Speyer, which will serve as developer on the project, plans to include, among other features, restaurant and retail space and a daycare facility consistent with the rest of the Playa Vista community. The property surrounds a nine-acre recreation park planned to include playing fields. The site is fully entitled for nearly two million square feet of space overall.
"This transaction is a key part of the vision of Playa Vista," said Playa Vista President Steve Soboroff. "Already we've created some fantastic residential, community and park spaces, and we anticipate development of the Village phase to begin next year. Now, with the entrance of two internationally-renown companies, Tishman Speyer and Walton Street, the entire commercial component in the Campus is becoming a reality. This transaction puts an exclamation mark on the live/work vision that is a Playa Vista hallmark. I invite people to come take a look and see the great things that are happening here."
"We are pleased and proud to play an integral part in this historic development, combining both ground-up construction and preservation of historical structures in a one-of-a-kind location," said John Miller, Senior Managing Director for the West Coast for Tishman Speyer, which owns and manages landmark properties such as Rockefeller Center and Chrysler Center in New York. "This is a fantastic opportunity to create a much-needed, high-quality office environment in a unique work, live, and play community -- one that we hope will serve as a model for future development."
About Playa Vista
Today, more than 4,500 people live at Playa Vista, the first mixed-use community to be built in West Los Angeles in the last 50 years. With 70 percent of its original 1,086-acre land area designated as parks and open space, Playa Vista has been hailed as a model urban development, including recognition as a recipient of the prestigious Ahwahnee Award. Situated between Marina del Rey and Westchester, just about a mile from the beach, Playa Vista is adding critically needed housing on Los Angeles' Westside. Commercial, retail and open space are mixed into this balanced community. All properties are located within walking distance of at least one of a dozen parks, and the community is within easy reach of Santa Monica, Venice, Century City and LAX.
About Tishman Speyer Properties (http://www.tishmanspeyer.com)
Since 1978, Tishman Speyer has built, developed, or acquired more than 145 investments totaling approximately 80 million square feet with a total value of $27 billion across the United States, Europe, and Latin America, with additional developmental and investment initiatives in India and China underway. The company is known for such signature Class-A properties as New York's Rockefeller Center and the Chrysler Center, Berlin's Sony Center, Frankfurt's MesseTurm, CBX Tower in Paris, and Torre Norte in Sao Paolo, Brazil. Currently, Tishman Speyer owns and/or manages 78 Office Buildings representing 45.2 million square feet.
About Walton Street Capital LLC
Walton Street Capital, LLC was founded in 1995 and is a premier, private real estate investment company. Through its series of opportunistic and value-added funds, Walton Street has received equity commitments totaling in excess of $3.5 billion from public and corporate pension funds, foreign institutions, insurance companies and banks, endowments and foundations, trusts and high net worth individuals. Walton Street has invested and/or committed to invest in approximately 150 separate transactions in U.S. and international real estate, including the development and acquisition of office, hotel, retail, industrial, multi-family, for-sale residential, senior and student housing, and golf assets through both individual, portfolio and company-level transactions with a gross asset cost of approximately $9 billion.
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