Manhattan Beach, CA-based Vantage Property Investors has sold Playa Jefferson, a dynamic office campus located in Playa Vista, to Rockwood Capital for $165 million, or $660 per square foot. The news comes just four months after Vantage announced it would be adding a fifth 55,000 square foot, three-story creative office building to the office campus, where Facebook leased 35,000 square feet of space at the beginning of the year. Vantage Property Investors originally acquired the property in August 2011 for $33 million, at which time it was only 18% leased. Kevin Shannon of NGKF, the listing broker for the property, declined to comment on the deal.
Located at 12755-12777 West Jefferson Boulevard, Playa Jefferson features over 200,000 square feet of creative office space, with dramatic and distinctive architecture. The new three-story structure is being designed by Gensler, while AHBE Landscape Architects designed the new outdoor space to create an "outdoor living room." Vantage Property Investors was founded in 2003 by Ned Fox and Stuart Gulland to join forces in office development, investing $20 million to remake the property into a new creative space. "We mixed our building materials," Gulland said. "We want people to feel grounded to the environment. [...] Companies are flattening their corporate structures, sharing information and working in collaborative groups. Walls are less important."
The burgeoning Westside neighborhood is fast becoming the Southern California hub of Silicon Valley, with a growing number of tech companies choosing the relatively undeveloped area as their gateway to the region's entertainment and media offerings. "There's a herd mentality to the tech industry, so when one guy does something, everyone else follows," said Michael Pachter, a tech analyst at Wedbush Securities in Los Angeles.
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