PLAYA VISTA, CA-Water's Edge, a 6.5-acre, amenity-rich, creative-office campus here, is about to receive a series of upgrades thanks to a $105-million loan to Maguire Investments to recapitalize the property. The funds, which were arranged for Maguire by Rob Verrone of Iron Hound Management, will be used for tenant improvements and leasing commissions for new leases on available space.
In addition, the firm has retained Jones Lang LaSalle to handle leasing at the property. JLL Los Angeles team members Chris Strickfaden, Anthony Gatti, Brian Niehaus and Jaclyn Ward will lead the leasing efforts.
Phase I of Water's Edge, which includes two buildings totaling 260,000 square feet, has immediate availability for users ranging from 8,000 square feet to 71,000 square feet, including the 50,000-square-foot top floor featuring panoramic views. The property is also entitled for a 180,000-square-foot Phase II building, which the company will start when preleasing is completed.
According to Rob Maguire, CEO of Maguire Investments, “We have the team and capital to aggressively get deals done at Water's Edge.”
The campus offers tenants numerous onsite amenities including a café, soccer field and 31,000-square-foot flagship LA Fitness with full-court basketball, sand volleyball and an outdoor swimming pool, which will open on the campus this summer. Water's Edge is situated adjacent to 350 acres of open space at the Ballona Preserve, providing vast biking and jogging trails leading to the Pacific Ocean. The property also has easy access to Pacific Coast Highway, I-405 Freeway and SR 90 Freeway.
As GlobeSt.com reported in January 2012, Electronic Arts will remain at Water's Edge office complex after signing a new long-term lease for 125,000 square feet. Although sources involved in the deal could not disclose further information at the time, an unidentified source told GlobeSt.com that the aggregate lease value is approximately $36 million.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
