From the Los Angeles website: New York developer Edward Minskoff recently went into contract to buy the Bluffs at Playa Vista creative office campus from JPMorgan for an undisclosed price rumored to be in the ballpark of $400 million. The deal for the buildings, at 12121 and 12181 Bluff Creek Drive, is expected to close in October.
Local industry insiders have described the deal as somewhat risky, since the 500,000-square foot complex is occupied by a single tenant, Fox Interactive Media, whose lease expires in 2021. The departure of the company could leave Minskoff with a lot of empty space to fill. The property is not far from the the “Spruce Goose” hangar, where tech giant Google recently leased space for its Los Angeles offices.
The Real Deal sat down with the developer, whose firm owns and manages almost 6 million square feet of office, retail and residential space nationwide, to talk about the risk associated with the property and whether he plans to court Google as a prospective tenant. [more]