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Investors Hurry to Break into Westside Office Sector

PLAYA VISTA, CA—DivcoWest forms a joint venture with Maguire Investments to own Water's Edge, a two-building class-A office property in Playa Vista, and plans to build a third building to take advantage of growing demand.

By Kelsi Maree Borland | Updated on December 19, 2014

PLAYA VISTA, CA—DivcoWest and Maguire Investments have formed a joint venture that will own Water’s Edge, a two-building, 260,000-square-foot office property in Playa Vista, CA, developed by Maguire Investments. The joint venture also plans to develop a third creative office building on the campus. The value of the joint venture transaction is undisclosed, but Robert F. Maguire III, chairman and CEO of Maguire Investments, tells GlobeSt.com, “it is very substantial” and “is one of the largest transactions on the Westside this year.”

“The timing was perfect,” says Maguire. “DivcoWest had been trying to get into a good project on the Westside, and they couldn’t find anything. So, we conjured up the joint venture concept, selling them a majority interest in the first two buildings and forming a joint venture on the third building. The timing was just perfect, and we are very enthused to be working with them.”

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