October 11, 2016
The “crown jewel” of historic buildings that formerly comprised the Hughes Corporation’s HQ and was envisioned as the centerpiece of Google’s SoCal campus is for sale. HFF is marketing the Hercules West Campus in Playa Vista, CA, though was mum about its listing price. Recent sales comps have been in the $850 psf 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.
Four buildings are 100% leased to Google over a 16-year term with 3% annual rent bumps. Google plans to build new three-story, plus mezzanine structures, inside the large wood laminate building where aviator Howard Hughes built the ‘Spruce Goose.’ That would expand the footprint from 357,857 to 524,759 square feet.
HFFs John Crump and Michael Leggett are handling the listing.
For comments, questions or concerns, please contact Dennis Kaiser
Tags: acquisition, development, google, Hercules West Campus, HFF, howard hughes, leasing, los angeles, office campus, Pen, Penwood Real Estate Investment Management, playa vista, sale listing, Silicon Beach, Spruce Goose, the ratkovich company