February 11, 2016
Dallas-based Invesco Real Estate has purchased Runway Playa Vista for a reported $475-million. The former runway for Howard Hughes’ operations is now a thriving, 14-acre mixed-use “downtown.”
Runway encompasses nearly 220,000 square feet of retail space, 33,000 square feet of office space, and 420 apartments. Construction of Runway began in 2013, and was completed last year.
Invesco, which plans to hold the asset as a long-term investment, sees Runway Playa Vista as a “hub for the burgeoning area,” which has landed such tech companies as Facebook, YouTube, Microsoft and the Honest Co.
The development team that sold Runway includes Lincoln Property Company, Phoenix Property Company, and capital partner Alcion Ventures. HFF represented the developer in both the capitalization and sale of the property.