Playa del Rey to Get First New Office Complex in 20 Years

By Alex Girda, Associate Editor Playa del Rey will get its first new office complex in 20 years—The Strand Offices at Playa del Rey, a two-building complex at 311 and 315 Culver Boulevard. At 10,000 square feet, the property will be modest in size, yet developer Cove Spring Partners L.P. is counting on the property’s location adjacent [...]

Playa del Rey will get its first new office complex in 20 years—The Strand Offices at Playa del Rey, a two-building complex at 311 and 315 Culver Boulevard.

At 10,000 square feet, the property will be modest in size, yet developer Cove Spring Partners L.P. is counting on the property’s location adjacent to the Ballona Wetlands Preserve and a distinctive look to attract tenants. The design by Studio City-based MIKA design group Inc. calls for outdoor decks, natural materials and ample use of  glass that will offer marina views, RENTV.com reported.  Cove Spring Partners is  handling leasing in house for the property, which is scheduled to open in 2013.

In other real estate news, the L.A. area’s luxury home market recorded some winners and losers in 2011. According  to DataQuick, Hermosa Beach enjoyed the top improvement to its median home price—15.8 percent, the Los Angeles Times  reported. Bel-Air saw a 14.3 percent improvement, but San Marino sustained a  7.2 setback. Also dropping were the median values of transactions in Santa  Monica (8.5 percent), Pacific Palisades (7.8) and Manhattan Beach (4.9 percent).