{"id":1004231488,"date":"2018-05-23T04:12:29","date_gmt":"2018-05-23T12:12:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004231488"},"modified":"2022-12-09T02:25:17","modified_gmt":"2022-12-09T10:25:17","slug":"rockwood-capital-jv-expands-la-office-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rockwood-capital-jv-expands-la-office-campus\/","title":{"rendered":"Rockwood Capital JV Expands LA Office Campus"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004231490\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Waters-Edge-Playa-Vista-Calif..jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004231490\" data-attachment-id=\"1004231490\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/rockwood-capital-jv-expands-la-office-campus\/waters-edge-playa-vista-calif\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Waters-Edge-Playa-Vista-Calif..jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Water&#8217;s Edge, Playa Vista, Calif.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Water&#8217;s Edge, Playa Vista, Calif.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Waters-Edge-Playa-Vista-Calif..jpg?w=800\" class=\"wp-image-1004231490 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Waters-Edge-Playa-Vista-Calif..jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Waters-Edge-Playa-Vista-Calif..jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Waters-Edge-Playa-Vista-Calif..jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Waters-Edge-Playa-Vista-Calif..jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004231490\" class=\"wp-caption-text\">Water&#8217;s Edge, Playa Vista, Calif.<\/p><\/div>\n<p>A joint venture of NR IV\u2014an affiliate of Rockwood Capital\u2014, GIC and Marshall Property &amp; Development has begun construction on the second phase of Water&#8217;s Edge, a 190,000-square-foot office building that will complete the 6.5-acre project in Playa Vista, Calif.\u00a0Construction of WE3 is scheduled for completion by the second quarter of 2020. Once completed, Water&#8217;s Edge will comprise a total of 450,000 square feet of Class A office space.<\/p>\n<p><em>\u201cWater\u2019s Edge was an extremely rare opportunity to acquire a trophy asset with a fully-entitled development component in the high-barrier-to-entry West Los Angeles office market,\u201d<\/em>\u00a0Andrew Blanchard, managing director at Rockwood Capital, said\u00a0in a prepared statement.<em>\u00a0\u201cOur plan is to realize the original vision of Water\u2019s Edge as an iconic three-building office campus in Playa Vista and hold the asset for the long term.\u201d\u00a0<\/em><\/p>\n<p>The first phase of Water&#8217;s Edge was completed in 2002 and comprises two four-story buildings totaling 243,000 square feet. The campus is adjacent to the 350-acre Ballona Wetlands Preserve. The two buildings are currently 89 percent leased to major tenants including Electronic Arts, Doner and Pop Media Group.<\/p>\n<h2>Phase II plans<\/h2>\n<div id=\"attachment_1004231502\" style=\"width: 310px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Waters-Edge-Section-00000002.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004231502\" data-attachment-id=\"1004231502\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/rockwood-capital-jv-expands-la-office-campus\/waters-edge-section-00000002\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Waters-Edge-Section-00000002.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Waters Edge Section (00000002)\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Waters Edge Section (00000002)&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Waters-Edge-Section-00000002.jpg?w=800\" class=\"wp-image-1004231502 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Waters-Edge-Section-00000002.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Waters-Edge-Section-00000002.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Waters-Edge-Section-00000002.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Waters-Edge-Section-00000002.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004231502\" class=\"wp-caption-text\">Water&#8217;s Edge, Playa Vista, Calif.<\/p><\/div>\n<p>The $80 million building will be known as WE3 and is being built on the site of a former surface parking lot and soccer field. The development will feature a &#8216;floating&#8217; perforated skin surrounding a glass curtain wall, large floor plates ranging up to 40,000 square feet, floor-to-ceiling windows, outdoor public meeting spaces, 15-foot ceiling heights, private balconies and a sky garden. The property will also include the latest refrigerant flow technology for heating and cooling, as well as 661 subterranean, grade and above-ground parking spaces.<\/p>\n<p>The current soccer field will be relocated and replaced with a new artificial turf athletic field, built on top of the new parking structure. The field will anchor the recreational plaza and include amenities such as an Olympic-sized swimming pool, sand volleyball and sports court, as well as a 31,000-square-foot fitness center operated by LA Fitness.<\/p>\n<p>CBRE&#8217;s Vice Chairman Jeff Pion, Executive Vice President Blake Mirkin and Senior Vice Presidents Michelle Esquivel-Hart and Richard Ratner are leading the marketing efforts for the property. WE3 is designed by SPF:architects and McCarthy Building Cos. is acting as general contractor.<\/p>\n<p>The joint venture broke ground on the next phase of the office campus a few months after Rockwood\u00a0purchased Growers Square, a three-building, <a href=\"https:\/\/www.commercialsearch.com\/news\/rockwood-capital-buys-bay-area-office-park\/\">195,372-square-foot Class A office project<\/a> in Walnut Creek.<\/p>\n<p><em>Images courtesy of Rockwood Capital\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The upcoming one million-square-foot building is the last to be constructed in the 6.5-acre Water&#8217;s Edge in Playa Vista. The project is scheduled for completion by the second quarter of 2020. <\/p>\n","protected":false},"author":746,"featured_media":1004231490,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,1594,21742,21747,15],"tags":[32789,33650,37696,35069,32839],"class_list":["post-1004231488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-los-angeles","category-latest","category-office","category-west","tag-cbre","tag-gic","tag-marshall-property-development","tag-mccarthy-building-companies","tag-rockwood-capital-llc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Rockwood Capital JV Expands LA Office Campus - 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\/rockwood-capital-jv-expands-la-office-campus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rockwood Capital JV Expands LA Office Campus\" \/>\n<meta property=\"og:description\" content=\"The upcoming one million-square-foot building is the last to be constructed in the 6.5-acre Water&#039;s Edge in Playa Vista. The project is scheduled for completion by the second quarter of 2020.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/rockwood-capital-jv-expands-la-office-campus\/\" \/>\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=\"2018-05-23T12:12:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:25:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Waters-Edge-Playa-Vista-Calif..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"IvyLee Rosario\" \/>\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\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rockwood-capital-jv-expands-la-office-campus\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rockwood-capital-jv-expands-la-office-campus\\\/\"},\"author\":{\"name\":\"IvyLee Rosario\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/f2094ece0e063845f848c7f1c7b84780\"},\"headline\":\"Rockwood Capital JV Expands LA Office Campus\",\"datePublished\":\"2018-05-23T12:12:29+00:00\",\"dateModified\":\"2022-12-09T10:25:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rockwood-capital-jv-expands-la-office-campus\\\/\"},\"wordCount\":441,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rockwood-capital-jv-expands-la-office-campus\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/05\\\/Waters-Edge-Playa-Vista-Calif..jpg\",\"keywords\":[\"CBRE\",\"GIC\",\"Marshall Property &amp; 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