JPMorgan’s Playa Vista complex is up for sale
April 27, 2016 08:30AM
Originally posted on The Reel Deal
JPMorgan is shopping its Playa Vista creative complex, a duo of five-story buildings at 12121 and 12181 Bluff Creek Drive.
Measuring a total of 486,000 square feet, the Bluffs at Playa Vista property is likely to draw offers as high as $425 million, according to Real Estate Alert. Eastdil Secured is marketing the properties on behalf of JP Morgan.
The complex was acquired by JPMorgan in 2011 for $285 million. Previously, it was owned in a partnership between Dallas firm Lincoln Property Company and ASB Capital of Bethesda, Maryland.
As part of L.A.’s blossoming new “Silicon Beach,” Playa Vista has attracted a slew of high-profile technology companies such as Facebook, YouTube and Google. The Bluffs debuted in 2009 as part of a larger redevelopment and is currently 96 percent leased. Fox News and the marketing firm Phelps Group are among the tenants. Their respective leases expire in 2021 and 2026.
The twin buildings feature high ceilings, outdoor meeting spaces, a fitness center and a car wash.
A nearby 14-acre mixed-use development known as Runway Playa Vista recently traded for $475 million to Invesco Real Estate. It’s probable that this sky-high price tag will drive up average land prices and property values in the Playa Vista submarket — especially if the Bluffs property sells at the anticipated premium. [REAlert] — Cathaleen Chen