A real estate fund out of Atlanta, Invesco, has purchased a nearly 400,000 square foot creative office campus in Playa Vista on a 20 acre site. This is one of the highest prices paid for a creative office property in the area, at $790 per square foot. The project is ideal for tech firms, media companies, digital arts and a variety of other innovative businesses.
The seller, Worthe Real Estate Group and Shorenstein Properties, bought the property for about $46.5 million in 2011. They spent approximately $30 million transforming the property, which used to be a U.S. Post Office distribution center built in 1971. The money was wisely spent to create a unique campus, complete with sand volleyball courts, a fitness center, car wash, 600 newly planted trees, a dog park, and other amenities.
The developers have had no issue attracting top-tier tenants such as Verizon Communications, Sony Playstation, TMZ and Microsoft Corporation. This sale is very significant in the evolving West Side commercial real estate market. Playa Vista has now been established as one of the most in-demand office destinations for creative tenants in the United States.