Tishman Walton are holding on to the first phase of their development, an eight-acre slice with four office buildings. Almost seventy percent of this space has been leased. The University of Southern California just signed a 10-year deal for the office space in one of four new LEED Gold building. Their neighbors will be Belkin. Both total 222,000 square feet out of the 325,000 square feet. Fox Interactive who signed earlier is now seeking subtenants due to the downturn in the economy and their company. However, they are still obligated to pay rent.
Most buildings have already been erected. If you drove in now you'd see paved roads, installed street lights and tall palm trees lining the wide street entrance. Besides offices, restaurants and quick food service areas will be developed. The property will surround a nine-acre recreation park and has already built a championship basketball court and is in the process of erecting an ampitheater and a skate park.
Part of this 56-acre property is now up for sale including Howard Hughes old office buildings and the hanger where the Spruce Goose was built. Brokers estimate Tishman and Walton's Playa Vista property will likely fetch between $75 million and $100 million, a far cry from the $200,000 they originally spent. The 280,000-square-foot studio in Playa Vista has a curious history as a launching pad for big, risky ideas - the Innovative New 3D Tech Behind James Cameron's Avatar and his prior film, Titanic. This hanger has been a production studio since the silent film days of Mack Sennett.
The new Clippers training center has been erected on the eastern most section of the campus. Some of the Clippers have lived in Playa Vista for the past few years due to the center's close proximity to their homes.
