Clarion Grabs 302 KSF Office Facility in Playa Vista, Calif.
- Jul 03, 2014
Clarion Partners has purchased Latitude 34, a two-building office complex within the Playa Vista master-planned community in the Westside area of Los Angeles, Clarion announced Tuesday, the day of the closing.
The seller was ASB Real Estate Investments, of Washington, D.C. No financial information on the transaction was disclosed.
The six-story, 301,642-square-foot facility occupies a 6.9-acre site and offers floor plates up to 40,000 square feet, floor-to-ceiling glass, slab-to-slab heights of 14 to 15 feet (20 feet on the ground floor), fiber-optic telecommunications, abundant outdoor spaces and LEED Gold certification. The buildings reportedly also offer ready access to major transportation corridors and LAX.
Clarion will retain Lincoln Property Co. and L.A. Realty Partners as the leasing and management agents, respectively, for the two buildings.
The property is currently unoccupied, a Clarion spokesperson told Commercial Property Executive.
Clarion Partners is carrying out capital improvements designed by Gensler and new landscaping by landscape architects Valley Crest Landscape Cos.
“This acquisition gives us a significant position in one of the fastest growing sub-markets in Los Angeles,” Rick Schaupp, director and portfolio manager at Clarion, said in a release. “Our intention is to create a new breed of workplace, one where ideas become opportunities and people move fluidly between work spaces — indoors and outdoors — in order to connect and enjoy a sense of community.”
Clarion vice president Khalid Rashid added that Playa Vista’s “‘live/work/play’ setting … is attracting prominent media, advertising and high-tech groups.”
The 1,087-acre Playa Vista began as Hughes Airport, a private airport owned by Howard Hughes for his Hughes Aircraft Co. and where the famous Spruce Goose was built. Though Hughes’ heirs wished to redevelop the site after the billionaire’s death in 1976, financial, political and environmental issues stymied such efforts for more than two decades.
Tenants at Playa Vista’s 130-acre office campus include Microsoft, Facebook, TMZ, YouTube and ad agency 72andSunny.