PLAYA VISTA, CA-Job search firm Cyber Coders, dental products marketer Discus Dental and digital entertainment firm Rovi have signed subleases for more than 57,000 square feet of office space at the Bluffs at Playa Vista. The LEED Gold project, formerly known as Horizon at Playa Vista, is two-building, 501,000-square-foot complex at 12121 and 12181 Bluff Creek Dr. that J.P. Morgan Asset Management bought for $300 million earlier this year.
The new tenants are subleasing the space from Fox, which had planned to move its Fox Interactive Media division into the project and had signed a 12-year lease valued at an estimated $350 million before deciding not to occupy the campus because of falling fortunes at Fox Interactive. The three new tenants are expected to move into the office space before the end of the year in what "represents the largest collection of office sublease deals to close on the Westside this quarter," according to an announcement regarding the leases.
CyberCoders contracted for a nine year and nine month sublease. The firm moved into the Fox sublease space in the beginning of August. Discus Dental will begin a four year and seven month sublease in October, and Rovi will move into the building at the end of 2011 to begin its five-year sublease. Discus Dental, which sells dental products and equipment to dental professionals all over the world, is owned by Philips Electronics and is moving its headquarters from Culver City to Playa Vista.
CyberCoders was represented by Michael and Debra Streff of Real Tech. Discus Dental was repped by Gary Horwitz, Blake Searles and Jen Wrinkle of Jones Lang LeSalle. Rovi was represented by Eric Duncanson of Cushman & Wakefield, which is the leasing agent for the sublease space.
Duncanson notes that Cushman & Wakefield worked closely with Fox and J.P. Morgan Asset Management, which is launching a new marketing campaign with the new Bluffs at Playa Vista brand name for the project. Duncanson commented on the subleases: "We are coming off a few tough years for commercial space, so the recent steady stream of new subleases is a real testament to the quality of these new office buildings, all the amenities that Playa Vista has to offer, and the strong partnership between Fox and J.P. Morgan Asset Management that streamlined the sublease process."
Cushman & Wakefield will now focus on subleasing the 308,000 square feet of remaining sublease space with a term through April 30, 2021. The Fox sublease space is situated at the intersection of Bluff Creek Drive and Campus Center Drive, adjacent to the Westchester Bluffs in the Campus section of the mixed-use Playa Vista development. The Campus is home to office developments, the Spruce Goose hangar, the Hercules Campus, several restaurants and caf
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
