LOS ANGELES—The Mani Brothers have purchased a three-story, 89,365-square-foot office building in Playa Vista from Ocean West Capital Partners for $48.5 million in an off-market transaction. Located at 12555 Jefferson Blvd. in Playa Vista, the property is currently 66% leased, and the Mani Brothers plan to fully renovate the building.   

“It is a pretty interesting story because I sold the property on the last go-around, about two years ago,” Bob Safai, a broker with Madison Partners, tells GlobeSt.com. “This is Main and Main as far as the location and amenities, so the Main Brothers liked the bet. Plus, this is an ascending rental market and a building that gently placates bigger tech companies. This is a great testimony that Playa is here to stay.” Safai represented the buyers along with his Madison Partners colleague Matt Case.

The buyer will renovate the common areas and the exterior of the building. It is unclear how much capital the Mani Brothers are planning to invest into the asset, but Safai assures that the results will be impressive. They have such a pride of ownership,” he says. “If you know this group, they really turn properties into class-A-A assets.” The purchase of the property includes a three-level, 300-space parking structure.

The Mani Brothers have also retained Madison Partners to lease the remainder of the property. According to Safai, the team, who includes Bob Pearson and Joe King, has already received strong interest from potential tenants. “We are going to focus on tech- and entertainment-related tenants. Most of the tenants in Playa Vista are huge, but this property will also lend itself to ancillary companies that want to be in the tech world and grow in that area, but that can only use up 5,000 square feet,” says Safai. “So, it is a really good feeder for the bigger projects, and the Mani Brothers recognize that.”

The property is located near several major tech and entertainment offices, including Google, and is walking distance from the Runway at Playa Vista, a major shopping hub that is set to open later this year. “Playa is now the new hub for technology,” says Safai. “It is funny because Santa Monica is touted as being Silicon Beach, but Playa Vista is Silicon Beach for any tenant that wants to be 20,000 square feet or over, and that is a fact.”