San Francisco real estate investment firm DivcoWest announced this week that it had completed a joint venture with Maguire Investments to own Water's Edge in West Los Angeles’ Playa Vista submarket near Marina del Rey, with plans to develop a state-of-the-art third building as part of an integrated campus dubbed WE3. Terms of the venture were not disclosed, but in a press release Robert Maguire III of Maguire Investments said that the partnership has the resources to spend nearly $70 million constructing WE3.
Maguire led development of several of L.A.'s best-known office buildings in the 1980s and '90s including U.S. Bank Tower, the tallest structure in Southern California. He has held part interest in Water's Edge at the intersection of Lincoln and Jefferson boulevards since he erected two buildings there in 2002, according to a Los Angeles Times article. The two existing buildings, constructed in 2002, are together nearly 90% leased to tenants including Electronic Arts Inc., Popchips Inc. and an outpost for health club chain L.A. Fitness.
Designed for the creative community, the third building, WE3, will have 14-foot ceilings, exposed ductwork, large operable windows to let in natural ventilation and light, and splashes of color throughout. It will share the existing amenities at the Water’s Edge campus including an LA Fitness gym, a cafe, a soccer field, a basketball court, a sand volleyball court and an Olympic- length lap pool. The JV hopes to begin work by the middle of next year after planning is complete and city approvals are secured.
"We believe this market, like other tech enclaves around the country, offers the unique set of advantages that are needed to recruit and retain top notch talent," said Stuart Shiff, CEO of DivcoWest. "Here in Los Angeles that means living and working near the ocean with rich amenities and being amongst a broad swath of tech companies, all of which Playa Vista offers. We look forward to working with Rob Maguire of Maguire Investments to complete his strategic vision for this community."
For more news and information visit Blumberg Capital Partners.
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