Rockwood moves fast on new WE3 creative office project at Water’s Edge
The equity firm bought the campus, permitted a new building, and started work within 3 months
Rockwood Capital bought Playa Vista’s Water’s Edge campus in February and hasn’t wasted any time with a new construction project there.
The New York-based equity firm started work on the 190,000-square-foot WE3 building, according to the Los Angeles Times. It’s the first new building to join the 6.5-acre creative complex since developer Robert Maguire built the first two there in 2002.
Rockwood closed on the $190 million purchase from a joint venture of Maguire Investments and DivcoWest in February. It secured permits to build in April.
SPF:architects released renderings of the project last week. The boxy six-story building will have an exterior shell wall of corrugated aluminum to dampen glare but allow natural light to permeate the building
Existing Water’s Edge tenants include the video game development giant Electronic Arts and Pop Media Group, a television station owned by CBS Corporation and Lionsgate. The complex includes a swimming pool, volleyball court, and LA Fitness gym.
Maguire built the campus long before “Silicon Beach” was a word on anyone’s tongue. Now the beachside neighborhood has tenants that rival Venice and Santa Monica, including Google.
[LAT] — Dennis Lynch