Los Angeles, CA (PRWEB) August 12, 2010
Tishman Speyer announced recently that it has concluded a transaction to retake control of 19 acres of zoned office development land in West Los Angeles at The Campus at Playa Vista. In January, the firm completed the first phase of the Campus at Playa Vista development -- a 325,000-square-foot four-building project that is 70 percent leased to Belkin International and the University of Southern California - and has entitlements to develop approximately 600,000 square feet of additional commercial office space on the property.
With the completion of this transaction Tishman Speyer can complete its Master Planned Campus that will surround the recently completed Central Park. The new park, recently honored by the American Institute of Architects / LA, includes horticulture gardens, a soccer field, basketball and volley ball courts, and an outdoor amphitheater.
"We are extremely pleased to consummate this transaction which will enable us to develop this property as the West Los Angeles office market recovers," said Tishman Speyer Senior Managing Director John Miller. "Playa Vista has a great future as the region's foremost sustainable mixed-use work/play community and we intend to do our part to bring it to its full potential."
The transaction does not include a group of historic industrial buildings and land surrounding those buildings, which will continue to be controlled by the receiver for the lenders who financed the original acquisition in 2007.
Located in the eastern portion of the Playa Vista community, The Campus at Playa Vista is adjacent to the intersection of Jefferson Boulevard and Centinela Avenue in West Los Angeles and in close proximity to some of Southern California's premiere beaches. The recently-completed portion of the project was constructed in accordance with LEED Gold standards.
About Playa Vista
Today, more than 6,500 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 (http://www.tishmanspeyer.com)
Tishman Speyer is one of the leading owners, developers, operators, and fund managers of first-class real estate in the world. Since 1978, Tishman Speyer has acquired, developed and operated over 325 projects totaling over 116 million square feet and a property portfolio of over US$54.2 billion in total value across the United States, Europe, Latin America and Asia, including signature properties such as New York's Rockefeller Center and Chrysler Center, Berlin's Sony Center and Torre Norte in São Paolo, Brazil.