Hines final sale price of Campus at Playa Vista fell $65M

The firm sold massive office property for $335M, according to the SEC, well below initial reports

Los Angeles /
Oct.October 09, 2018 03:00 PM
Hines CEO Jeffrey Hines at the Campus at Playa Vista (Credit: Hines)

Hines has entered into a contract to sell the Campus at Playa Vista office property for $335 million, more than $60 million less than the price it agreed to in September.

Heitman, a Chicago-based investment firm, agreed to purchase the 325,000-square-foot campus for $400 million, The Real Deal previously reported.

The property was purchased by a Delaware entity, according to a filing with the Securities and Exchange Commission. Hines and Heitman could not be reached to confirm the identity of the entity nor to discuss the final purchase price.

There is $10 million in the contract that is contingent on “certain leasing conditions” by November 2019. Hines expects the deal to close by the end of November. At $335 million, the sale comes out to $1,030 per square foot.

The four-building campus is home to Belkin International, the University of Southern California’s Institute for Creative Technologies and a Hines office. It includes a 9,000-square-foot private terrace and a 944-vehicle garage. Across the street is a nine-acre park designed by Michael Maltzan.

Hines purchased the property for $218 million in 2016 from Tishman Speyer and listed it and a number of other office properties with Eastdil Secured in July. Eastdil Secured also could not be reached for comment.

Playa Vista is quickly becoming the new epicenter of Silicon Beach, the tech-heavy neighborhoods along L.A.’s Westside that include Santa Monica and Venice. Google recently moved into its massive offices at the cavernous Spruce Goose Hangar. Facebook, which once leased at the Campus at Playa Vista, is close to signing a 260,000-square-foot lease at the Brickyard campus there as well.


Related Articles

arrow_forward_ios
Michael Shabani of Crown Equity and the West Hollywood property (Getty, Leclaireur Los Angeles)
Italian accent behind Shabani’s $15M sale on Robertson Boulevard?
Italian accent behind Shabani’s $15M sale on Robertson Boulevard?
Will Tiao of Tiao Properties with the site of the development (Google Maps, Tiao)
Developer sees tear-down, build-up in Boyle Heights
Developer sees tear-down, build-up in Boyle Heights
Ron Burkle’s $155M play on Wall Street: American Stock Exchange HQ
Ron Burkle’s $155M play on Wall Street: American Stock Exchange HQ
Ron Burkle’s $155M play on Wall Street: American Stock Exchange HQ
Deal of the Art: Chen gets $31.5M for Hollywood gallery
Deal of the Art: Chen gets $31.5M for Hollywood gallery
Deal of the Art: Chen gets $31.5M for Hollywood gallery
Kidder Mathews taps CIM Group exec to lead LA operations
Kidder Mathews taps CIM exec to lead LA operations
Kidder Mathews taps CIM exec to lead LA operations
808 S. Broadway and Steve Needleman of Anjac Fashion Buildings (Google Maps, Getty)
Downtown LA’s biggest rentals set for Fashion District
Downtown LA’s biggest rentals set for Fashion District
LTC Properties CEO Wendy Simpson (Getty)
Senior housing mortgage REIT puts $46M into Q3 deals
Senior housing mortgage REIT puts $46M into Q3 deals
PS Business Parks CEO Mac Chandler and new CFO Adeel Khan (PS Business Parks, LinkedIn via Khan)
PS Business Parks taps former Rexford exec as CFO
PS Business Parks taps former Rexford exec as CFO
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...