Rockwood Capital in talks to buy Water’s Edge campus in Playa Vista: sources

The seller is a JV between DivcoWest and Maguire Partners

TRD LOS ANGELES /
Oct.October 31, 2017 05:00 PM
Waters Edge Campus in Playa Vista with Tyson Skillings of Rockwood (Credit: Rockwood Capital, Waters Edge)

Rockwood is in talks to acquire Water’s Edge, a creative office campus in Playa Vista owned by DivcoWest and Maguire Partners, The Real Deal has learned.

The pending sale price for the 260,000-square-foot campus, which is home to Electronic Arts, is roughly $190 million, sources said. That would pencil out to about $735 per square foot.

The campus consists of two buildings across 6.5 acres, marketing materials show. The sale would include development rights for a third 130,000-square-foot building that is already part of its master plan.

Eastdil Secured has the listing but did not return requests for comment. Rockwood, Maguire and Divco could not be reached.

Maguire constructed both existing buildings in 2002. The 195,200-square-foot office at 5510 Jefferson Boulevard is 88.3 percent leased, CoStar shows. In addition to Electronic Arts’ 84,000-square-foot lease, the building is also home to Popchips, Doner and Pop Media Group. The second building, at 5570 Lincoln Boulevard, is fully leased and is anchored by L.A. Fitness.

DivcoWest formed a joint venture with Maguire in 2014, twelve years after Robert F. Maguire III developed the two buildings on the site. Divco paid $132.5 million for the stake, according to CoStar, and Maguire held onto a partial interest.

At the time of the stake sale, Maguire said he was looking for a partner to fund the third building. Construction did not, however, come to fruition under Divco’s ownership.

Century City-based Rockwood has been aggressive in Silicon Beach. It acquired Playa Jefferson from Vantage last summer for $165 million. It purchased the Gateway El Segundo from Divco that same year, with partner Lincoln Property Co.

Rockwood closed its “Real Estate Partners Fund X,” which received $1.1 billion in capital commitments, in Jan. 2017.

The fund is focused on acquiring office, residential, retail and hotel assets in urban and suburban areas in the United States.


Related Articles

arrow_forward_ios
A rendering of Del Rey Pointe and a map of the project site (credit: LADCP)

To reach the tech giants in Playa Vista, apartment developer wants to build a bridge

Tishman Speyer CEO Rob Speyer and renderings of Collective & Brickyard campuses (Credit: Tishman Speyer)

Tishman Speyer eyes $323M recap of Playa Vista portfolio

From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects

Centennial founder and CEO Steven Levin with a rendering of the project

Centennial Real Estate approved for sprawling $300M mixed-use village

Apartment complex at 1435 Stanley Avenue and Raintree Partners CEO Jeffrey Allen (Credit: Apartment Finder)

Raintree Partners spends $79M on Glendale multifamily portfolio

LA Mayor Eric Garcetti

Down goes Measure EE: Property tax referendum routed at polls

CIM Group Founders, Shaul Kuba, Richard Ressler, and Avi Shemesh and 4750 Wilshire Boulevard (Credit: Google Maps)

CIM Group lists part of its Miracle Mile office campus

Arman Gabay and The Springs shopping center in Palm Springs, part of the 14-property portfolio

Charles Co. secures $215M refi for retail portfolio

arrow_forward_ios