Playa Vista, Tishman Speyer and Walton Street Capital Complete Transaction For 64-Acre Office Development
Playa Phase 1 Commercial Land Company has completed the sale of approximately 64 acres zoned for commercial development at Playa Vista to a joint venture of Tishman Speyer and Walton Street Capital LLC.

The property is located in the eastern portion of the Playa Vista community known as "The Campus at Playa Vista." It is adjacent to the intersection of Jefferson Boulevard and Centinela Avenue, and includes an historic district that was home to the famed Hughes Aircraft Company during much of the 20th century.

The transaction sets the stage for the development of an amenity-rich campus that will consist of new low-rise office buildings complementing the historic buildings on the site. Plans call for the preservation and upgrading of existing buildings, some of them potentially redeveloped as state-of-the-art sound stage facilities. Tishman Speyer, which will serve as developer on the project, plans to include, among other features, restaurant and retail space and a daycare facility consistent with the rest of the Playa Vista community. The property surrounds a nine-acre recreation park planned to include playing fields. The site is fully entitled for nearly two million square feet of space overall.

"This transaction is a key part of the vision of Playa Vista," said Playa Vista President Steve Soboroff. "Already we've created some fantastic residential, community and park spaces, and we anticipate development of the Village phase to begin next year. Now, with the entrance of two internationally-renown companies, Tishman Speyer and Walton Street, the entire commercial component in the Campus is becoming a reality. This transaction puts an exclamation mark on the live/work vision that is a Playa Vista hallmark. I invite people to come take a look and see the great things that are happening here."

"We are pleased and proud to play an integral part in this historic development, combining both ground-up construction and preservation of historical structures in a one-of-a-kind location," said John Miller, Senior Managing Director for the West Coast for Tishman Speyer, which owns and manages landmark properties such as Rockefeller Center and Chrysler Center in New York. "This is a fantastic opportunity to create a much-needed, high-quality office environment in a unique work, live, and play community -- one that we hope will serve as a model for future development."