August 1, 2016
New York-based Edward J. Minskoff Equities is reportedly acquiring phase one of the 15-acre Horizon office campus in Playa Vista, CA for $425.8 million. CRE sources say the record price reflects the rise of the Playa Vista market, as acquisition prices and lease rates are starting to land in the same neighborhood as Santa Monica or San Francisco.
The two-building, 500,000-square-foot Bluff Creek Dr. property was developed by Lincoln Property Co. In 2011, it was acquired by Horizon PH I Office Holdings LLC, an investment entity advised by JPMorgan, for nearly $300 million.
Fox Interactive Media took 90% of the space in 2008 in a deal that expires in 2021. Cresa’s David Toomey says a buyer likely is either betting the market will be strong in 2021 or recognizes it has time to minimize the expiration’s impact by negotiating direct deals with a diverse mix of 8 to 10 strong tenants currently under subleases.
Eastdil Secured is handling the sale on behalf of JP Morgan Chase.
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