November 8, 2016
West Hollywood-based Mani Brothers Real Estate Group acquired The Landing at Playa Vista, CA from Los Angeles-based Hudson Pacific Properties, Inc. for $80 million. The off-market transaction involves 12655 Jefferson Blvd., a 100%-leased, 6-story, 100,756-square-foot office asset.
Hudson acquired the property for $38 million in Q4 2014 and subsequently redeveloped it as creative office space. Prior to the disposition, leases were signed with WeWork and Dentsu Aegis Network.
Madison Partners’ Bob Safai, Matt Case and Brad Schlaak represented the buyer. The seller was self-represented.
Safai says the acquisition fits Mani’s premiere asset profile. “They will give it their touch, though Hudson Pacific did an amazing job of completely redoing the property.”
Mani, which acquired an adjacent asset, 12555 Jefferson Blvd. for $48.5 million last year, has “planted their flag in Playa Vista because they believe it to be one of the best Westside markets,” said Safai.
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