June 10, 2016
Google’s Playa Vista campus plans are coming into clearer focus. This week, it was learned that the tech giant, which signed the deal last year, will be taking the entire West Campus – including the historic hangar and Building 21 – at The Hercules Campus, which when coupled with its 12-acre site could equate to nearly one million square feet of space.
Those involved in the deal declined to disclose the transaction value, but it is likely consistent with recent comps in the market that landed in the $700 to $800 per square foot range. The 28-acre mixed-use development is co-owned by Los Angeles-based The Ratkovich Company and its equity partner, Hartford, CT-based Penwood Real Estate Investment Management.
The Ratkovich Co.’s Clare De Briere says, “Google is working on design plans now for the campus and we can’t wait for them to show us what they are.”
The company currently occupies five buildings encompassing the entire south campus and one on the east campus totaling more than 72,000 square feet at the site.
CBRE’s Jeff Pion, Michele Esquivel-Hart and Deron White represented the owners. CBRE also represented the tenant.