Real estate investment and development firm Laurus Corporation announced this week that it had purchased the Promenade at Howard Hughes Center, an approximately 250,000 square-foot retail center positioned along the 405 Freeway at Sepulveda Boulevard. According to an OC Register article, Laurus Corp. paid $111 million for the property with plans to spend $30 million to renovate the property. Irvine investment firm Passco Cos. sold the property; full terms of the deal and representation were not disclosed.
The renovation marks the first major investment in the property since it was constructed in 2001. "Our decision to acquire the Promenade at Howard Hughes Center and invest at this level demonstrates our confidence in an important, growing community, and the purchasing power of the residents and employees who live and work in such close proximity – both in the Howard Hughes Center and in Playa Vista," said Jean Paul Szita, President and co-founder of Laurus Corporation. "Our significant investment aligns well with our core strategy of adding value to compelling assets in prime locations, and will help set a solid foundation for the long-term vision for the property."
Positioned along the west side of the 405 Freeway, the Promenade at Howard Hughes Center is viewed by nearly 725,000 people traveling on the main traffic artery each day. The center is also in close range of the Silicon Beach movement in Playa Vista, which has attracted companies including Google, Yahoo!, IMAX and Electronic Arts, among many of the most progressive technology companies in the country. This marks the second big deal of the year for Laurus, according to a Los Angeles Business Journal article. In February, the firm spent a submarket-high $52.5 million for a 163,000 square-foot, eight-story building in Pasadena from Heitman.
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