LMU in discussions for Brickyard office: sources

Landlord Tishman Speyer recently unveiled the Playa Vista complex

Jan.January 04, 2017 12:00 PM
The Brickyard office complex

Loyola Marymount University is among several tenants in discussion to lease space at the Brickyard in Playa Vista, sources told The Real Deal.

LMU would lease approximately 50,000 square feet at the 425,300-square-foot office campus owned by New York landlord Tishman Speyer, according to people familiar with the negotiations.

The university would use the space for its School of Film and Television, whose donors include the likes of Hollywood heavyweight Steven Spielberg.

A representative for LMU did not respond to requests for comment, while the landlord declined to confirm the dealings. The lease is in late-stage negotiations but has not been finalized, sources said.

Industry insiders said asking rents at the complex are coming it at just under $6 a foot, though Tishman declined to confirm those numbers.

The Brickyard, designed by Michael Maltzan along with Gensler, comprises two buildings of 100,000 and 300,000 square feet. It also includes parking and 8,000 square feet of retail space. There are rooftop terraces and spaces for outdoor dining.

Japanese PR and advertising agency Dentsu, which is in the market for approximately 40,000 square feet of space in the L.A. area, has also kicked the tires at the property, though has not yet committed to any one space, sources said.

Westside broker Owen Fileti of LA Realty Partners would not comment on any active deals at the complex,  but said the the scale of the leases were in keeping with what he would expect.

“The market has shown the lack of the 300,000 and 400,000-square-foot single users,” he said. “At the moment, there is more Playa Vista market activity in the mid-size range.”

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