The neighborhood’s median home price, meanwhile, was $1.1 million last year, up 15% from 2014, according to real estate data provider CoreLogic.

Asking office rents were $4.62 per square foot a month at the end of last year, up nearly 77% from the beginning of 2011, commercial real estate brokerage CBRE Group Inc. The heavy demand has lifted rents and home prices in Playa Vista. The current economic uncertainty did not play a role in the decision, which he said was made last summer. and Alcion Ventures, had always planned to develop and sell the project. Muhlstein, who handles leasing for the Reserve, said large investment firms are increasingly eyeing Playa Vista as it nears completion, realizing that there probably will never again be such a large development west of the 405 Freeway.īinswanger said Lincoln Property and its partners, Phoenix Property Co. That includes a purchase early last year by Invesco of a majority stake in the creative office campus known as the Reserve, which reportedly changed hands for roughly $300 million. Veteran real estate broker Carl Muhlstein of JLL, who was not involved in the Runway deal, said he wasn’t aware of a more expensive transaction in Playa Vista. MORE: Get our best stories in your Facebook feed >

“It proves that the original vision for Playa is now being completed.” “It’s a crescendo of the development phase of Playa,” said David Binswanger, senior executive vice president of Lincoln Property. A purchase price for the town center was not disclosed, but people familiar with the deal pegged the transaction at about $475 million. The Runway, which sits on a portion of Hughes’ old runway, is the latest deal. moved its Santa Monica operations into the community. In late 2014, Lincoln Property sold Google 12 vacant acres zoned for 900,000 square feet of commercial space. Brookfield estimates that 9,000 people will eventually work at Playa Vista while 11,000 residents will call it home. So far, about 4,500 homes have been completed, with most of the remaining units under construction. All the offices are built or under construction, except for a portion that Google purchased in 2014 for nearly $120 million as it looks to grow beyond its Venice Binoculars Building, according to Brookfield Residential, the Playa Vista master developer. It has approvals for about 6,050 residential units and 3.2 million square feet of offices. The first residents didn’t move in until 2002 and when Playa Vista is finally completed - likely over the next few years - it will span just 460 acres, less than half the original proposal.

and its affiliates - all related to the estate of Hughes - put forth plans for a development on 1,087 acres, with high-rise office buildings, thousands of residences, roadways through wetlands, a golf course and a regional shopping center.īut dogged environmental opposition delayed and shrank the project immensely, while saving a chunk of the Ballona Wetlands that once stretched all the way to present Marina del Rey and Venice. The community was first conceived of in the late 1970s on land once controlled by aviation mogul Howard Hughes. More is on the way, including upscale retailer Fred Segal, which is moving from Santa Monica, as well as longtime Venice mainstay Hal’s Bar & Grill. “It’s amazing,” said surgeon Dean Anselmo, who was on his way home from the grocery store with his partner and her young daughter.

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