DJM Capital Partners has been hired to manage the 14-acre Runway Playa Vista complex, and the firm’s not wasting any time making some changes.
The firm announced it is transforming the mixed-use development from a “vehicle-dominated environment” to a “pedestrian-dominated” one, meaning no cars will be allowed on the premises.
As part of the reconfiguration, there will also be some upgrades to the exterior public spaces and plazas, as well as new landscaping and circulation plans for the parking structure, according to a statement published Thursday.
Runway’s ban on car traffic comes amid concerns that Playa Vista, a Silicon Beach city that has become a hub for much of the city’s tech tenants, is on the verge of an explosion of vehicle traffic.
Major tech firms are preparing large expansions in the corporate office parks there. Facebook plans to take over about 260,000 square feet of space in the next few months, and Google is set to move into the 319,000 square foot “Spruce Goose” airport hanger this fall.
Invesco Real Estate, an arm of Atlanta-based investment manager Invesco, purchased the Runway property in 2016 for $475 million. It’s comprised of over 220,000 square feet of retail, about the size of four city blocks, including anchor tenants Whole Foods Market and Cinemark Theatres, and 400 apartments for rent.
It has tapped DJM to take over all of property management, development, construction, leasing, marketing, programming and branding at the complex. The Los Angeles Times first reported the news.
Stenn Parton, Kloe Colacarro and Chad Cress at DJM are leading the project, in partnership with Design, Bitches, an architecture firm.
San Jose-based DJM is a private real estate equity and development firm. It also manages other sprawling mixed-use developments, including Bella Terra, Pacific City and Lido Marina Village, all based in Orange County.