Office Users Flock to Playa Vista
From GlobeSt.com, By Kelsi Maree Borland, December 24, 2014:
PLAYA VISTA, CA—Clarion Partners has completed redevelopment and rebranding of its office property i|o at Playa Vista, formerly named Latitude 34, and has simultaneously signed a 49,000-square-foot lease with Group M, a major advertising company. The six-story, 301,642-square-foot property is said by Clarion to be the first major creative office redevelopment property in Los Angeles.
Located at 12130 and 12180 Millennium Drive in Playa Vista, the two-building property is an indoor-outdoor office space that was designed by Gensler to appeal to the growing demand for creative office space on the Westside. The property’s features include floor-to-ceiling windows, hangar doors that connect to outdoor courtyards, individual front doors and pop-out balconies on the upper floors. The property also offers tenants plenty of active features, like a 9-acre park and walking or jogging paths. The design is an embodiment of the concept behind the i|o campus, which stands for innovation and opportunity; ideas and optimism; and inspiration and options.
Group M’s lease is the first lease in the property’s history. It originally opened in 2011, but remained vacant until Clarion Partners began to renovate and reposition it. It is unclear exactly how much Clarion invested to reposition the property, but the amount is called “significant.” Lincoln Property Co. and L.A. Realty Partners are serving as the leasing teams in the project, while Lincoln Property Co. will also continue to manage the property. We were unable to get an additional comment about the project or the lease before the publication of this story. We will update the story with more information as it becomes available.
Clarion Partners purchased the property in July of this year for $132.7 million from ASB Real Estate Investments, a $3.2 billion real estate fund. ABS sold the property because of the improving office market and demand in the South Bay.