(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).
PLAYA VISTA, CA-Electronic Arts will remain at the Water's Edge office complex in Playa Vista after signing a new long-term lease for 125,000 square feet. Although sources involved in the deal could not disclose further information, an unidentified source tells GlobeSt.com that the aggregate lease value is approximately $36 million.
Rob Maguire of Maguire Investments owns Water's Edge, a “creative campus” with “amenities unlike any other on the Westside and their desire to stay is a testament to the quality of our project,” according to Maguire. The campus includes such amenities as direct access to bike and running trails to the ocean, regulation-size athletic fields- including soccer, basketball, fitness center, game room, and a cafeteria.
According to Maguire, the campus was originally developed to meet Electronic Arts’ goal of making the campus “the best place to work in the entertainment industry.”
With the recent leasing activity in Santa Monica and Venice, there a very few large blocks of available space, explains real estate broker John Bertram of Studley, who was not associated with the transaction. “My clients are now looking at Marina Del Rey and Playa Vista as the only logical alternatives for larger, more affordable creative office space with parking,” he says.
Maguire Investments engaged Industry Partners and EdgeCore Real Estate Group to market Water's Edge as a multi-tenant complex with space accommodating users with requirements of 10,000 to 80,000 square feet. According to Industry Partners, there is approximately 17.5 million square feet of creative office space in Los Angeles' Westside with a direct vacancy rate of 10.5%. Santa Monica, which represents nearly half of the total creative office inventory on the Westside, is also the tightest with a vacancy rate of 6.8%, says the firm.
Industry Partners’ founding partner, Andrew Jennison, explains in a prepared statement that “With little remaining supply, rents in Santa Monica are averaging $5.00 per square foot. Other creative office markets such as Playa Vista are benefiting as users with requirements of 10,000 square feet or more cannot find space in Santa Monica.”
Electronics Arts was represented by Tony Morales, Maureen Hawley, Paul Bryant and Josh Wrobel of Jones Lang Salle. Stefan Khudic and Tim Marchal of EdgeCore Real Estate Group represented the landlord.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
