The Real Deal New York

Facebook signs lease for 35K sf in Los Angeles

Social networking giant will move into five-building campus in Playa Vista

February 02, 2016 12:40PM
By Hannah Miet

The Playa Jefferson campus in Playa Vista and Facebook CEO Mark Zuckerberg

The Playa Jefferson campus in Playa Vista and Facebook CEO Mark Zuckerberg

From the Los Angeles website: Facebook will soon spread out in its largest Southern California office.

The Menlo Park company signed a lease with landlord Vantage Property Investors for 35,000 square feet at the Playa Jefferson campus at 12777 West Jefferson Boulevard in Playa Vista, The Real Deal has exclusively learned.

The space is under construction. Facebook will move into the five-building, 250,000-square-foot creative office campus in the spring or early summer, sources said.

Current asking rates at Playa Jefferson place the lease value at $1.5 million a year. However, sources said the lease was signed before the new year at a slightly lower rate. Rents are higher now that only 15,000 square feet remain unclaimed on the campus.

There were reports back in 2011 that the social media giant had signed a letter of intent to take a significantly smaller 8,000 to 15,000 square foot space at the Campus at Playa Vista. Sources in the area said the company will be moving out of that space into its newer digs.

Peter Best, Lisa St. John and Owen Fileti of L.A Realty Partners represented Vantage Property Investors in the lease deal.

The brokers, Vantage Property Investors and Facebook could not be reached for comment.

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