February 5, 2016
Connect Media spoke with LA Realty Partners’ Senior Director Owen Fileti about a to-be-built Gensler-designed project hitting the Playa Vista market in 2017. He also shared insights about what makes Playa Vista so attractive to tech and creative companies.
Q. What is drawing companies to Playa Vista, especially tech or related firms?
A. It’s a combination of the very attractive culture, beach cities proximity, low-rise campus setting, abundance of available parking and high concentration of tech and entrepreneurial workforce. With a dense population of like-minded creative individuals, Playa Vista is now a flagship location for many of the leading technology companies, content creators, and marketing & advertising agencies for the West Coast.
Q. Do you think that tech tenants will continue to expand outside of Silicon Valley due to the current tight market up north?
A. Absolutely. The number of office deals that have been recently completed or currently pending in West LA illustrates this point. With market moving transactions like Google’s 12-acre purchase in December 2014, companies without a prior significant presence in LA are now taking Los Angeles into serious consideration, and of those that are here, several are considering expansion.
Since LA is the entertainment capital of the US, this confluence of entertainment and content is fueling local job growth. We don’t see this as a short-term phenomenon, but rather LA represents a diverse tech community that is in expansion mode and can offer truly top tier office space environments, high-quality creative space, people, culture, and climate at a much more cost-effective price point than in Silicon Valley. That is compelling and exciting.
For instance, we are working with several multi-billion dollar valued tech companies based out of San Francisco that are reinforcing the demand and significance of expanding/locating their workforce here in LA.
Q. There’s a new building in the works in the epicenter of Playa Vista being designed by Gensler. Can you tell us about what’s to come?
A. Vantage Property Investors will be constructing a 55,000 square foot, three-story building at 12777 W Jefferson Blvd that is going to be one of the most architecturally unique buildings in the center of Playa Vista.
The planned real estate project will boast private patios on each of the three floors, have high volume ceilings, an abundance of glass, in-demand creative elements, and a floating conference room feature on the penthouse floor. Construction is planned to begin at the end of 2Q 2016, and completion is slated for 4Q 2017.
The final product, with frontage and signage directly on Jefferson, will be a high-target opportunity for creative and tech companies.
Connect With LA Realty Partners’ Fileti