{"id":1004136984,"date":"2016-02-12T02:35:39","date_gmt":"2016-02-12T10:35:39","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004136984"},"modified":"2020-05-13T21:14:50","modified_gmt":"2020-05-14T05:14:50","slug":"invesco-shells-out-475m-for-runway-playa-vista-in-los-angeles","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/invesco-shells-out-475m-for-runway-playa-vista-in-los-angeles\/","title":{"rendered":"Invesco Shells Out $475M for Runway Playa Vista in Los Angeles"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Runway<\/a>

Runway Playa Vista, Los Angeles<\/p><\/div>\n

Los Angeles<\/strong>\u2014Invesco Real Estate<\/a> has acquired Runway Playa Vista<\/a>, a 14-acre mixed-use development in Playa Vista, Calif., from a joint venture between Lincoln Property Co<\/a>., Phoenix Property Co.<\/a> and Alcion Ventures<\/a>, for $475 million.<\/p>\n

The property was once part of the runway for Howard Hughes\u2019 aerospace empire. HFF<\/a> represented the development team in both the capitalization and sale of this iconic property.<\/p>\n

\u201cOur intent, mixed with Alcion\u2019s intent (the majority of the equity on the deal), was always to design a project, build a project, lease a project, stabilize a project and sell it,\u201d David Binswanger, Lincoln Property\u2019s senior executive vice president, told Commercial Property Executive<\/em>. \u201cWe saw the maturity of our initial business plan come a year or two prior than we initially thought and this last summer we made the decision to go ahead and bring this property to market.\u201d<\/p>\n

Runway includes 217,000 square feet of retail space, 420 apartments and 33,000 square feet of office space. Phoenix Property Co. developed the apartment homes, which range from studios to two-level, two-bedroom units encompassing more than 1,300 square feet. Amenities include two fitness centers, two pool\/spa terraces and a gaming area with media lounge and multi-screen video gaming.<\/p>\n

The Runway retail complex features wide sidewalks for outdoor dining, soothing water features, communal seating areas, fire pits and a direct connection to Playa Vista\u2019s Linear Park, which links the different phases of the community.<\/p>\n

Cedars-Sinai<\/a> is enhancing its footprint in Southern California by leasing Runway\u2019s entire office area for high quality medical offices, while the retail section is anchored by a nine-screen Cinemark Cinema, Whole Foods and CVS Pharmacy, and includes numerous restaurants, banks and lifestyle stores.<\/p>\n

According to Binswanger, the sale caps almost a decade since Lincoln began its work at Playa Vista, and he is proud to have played a meaningful role alongside so many other talented companies, real estate professionals, architects, urban planners, community leaders, pioneering residents and government officials that helped bring the Playa Vista concept to life.<\/p>\n

\"David<\/a>

David Binswanger of Lincoln Property Co.<\/p><\/div>\n

\u201cWe originally started development in Playa in 2006 on the commercial side, because we wanted to build a new commercial office that would accommodate a higher level of parking and more dense users,\u201d he said. \u201cThe reason we chose Playa to build is it\u2019s adjacent to the West L.A. Housing and the airport, but even more that, what was happening in the Playa community. We knew the vision of this live-work-play setting would be the right mixture.\u201d<\/p>\n

The long-anticipated lifestyle center serves as a vital connection between the Phase I residential community and the Campus at Playa Vista, now a key part of Silicon Beach, and home to an array of top-tier employers including Google, YouTube, Yahoo! and Facebook.<\/p>\n

\u201cThis site was the thing that tied the original vision of Playa together,\u201d Binswanger said. \u201cIt had become obvious that these content driven technology companies were coming to L.A., and this new millennial workforce was changing the way people worked, the way they lived and the way they shopped.\u201d<\/p>\n

Still to come is Playa Vista\u2019s final phase, consisting of an additional 2,180 residential units; 200 units of senior\/assisted living; a 25,000-square-foot community center; 25,000 square feet of additional office space; 11.5 acres of parks; and 12 acres of restored habitat and open space.<\/p>\n","protected":false},"excerpt":{"rendered":"

Invesco Real Estate paid a whopping $475 million for a 14-acre mixed-use asset in Westside Los Angeles.<\/p>\n","protected":false},"author":451,"featured_media":1004136990,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,1594,21752,21742,15],"tags":[],"class_list":["post-1004136984","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-los-angeles","category-mixed-use","category-latest","category-west"],"acf":[],"yoast_head":"\nInvesco Shells Out $475M for Runway Playa Vista in Los Angeles - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/invesco-shells-out-475m-for-runway-playa-vista-in-los-angeles\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Invesco Shells Out $475M for Runway Playa Vista in Los Angeles\" \/>\n<meta property=\"og:description\" content=\"Invesco Real Estate paid a whopping $475 million for a 14-acre mixed-use asset in Westside Los Angeles.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/invesco-shells-out-475m-for-runway-playa-vista-in-los-angeles\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-02-12T10:35:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-14T05:14:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/keith-playa-vista.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"607\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/invesco-shells-out-475m-for-runway-playa-vista-in-los-angeles\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/invesco-shells-out-475m-for-runway-playa-vista-in-los-angeles\/\",\"name\":\"Invesco Shells Out $475M for Runway Playa Vista in Los Angeles - 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