Friday, February 20, 2015

Another Office Complex Begins Work in Playa Vista

Google's impending arrival in Playa Vista has set off a monumental shift in the West Los Angeles office market.  After years of searching for space in traditional creative hubs such as Santa Monica and Venice, numerous tech firms are now looking further south in order to situate themselves closer to the Bay Area heavyweight.  With this changing landscape in mind, a New York-based developer has broken ground on a speculative office complex directly across the street from Google's future twelve-acre campus.

According to commercial real estate publication Bisnow, Tishman Speyer is currently in design development for 407,000 square feet of office space Playa Vista Parcels 1 and 2.  The project, slated for completion in late 2016, will be split between five- and six-story structures at 12126 and 12099 West Waterfront Drive.  As of this week, preliminary grading and site preparation is underway for both of the low-rise buildings.

The speculative development begins work as Tishman Speyer nears completion on a nearby campus-style project known as the Collective at Playa Vista.  Slightly over 130,000 square feet of the five-building complex is already leased, thanks to Yahoo's recent decision to relocate from its current Santa Monica operations.  Bisnow also reports that Tishman Speyer is in negotiations with 72,000-square-foot tenant who would bring the development to full occupancy.

12126 W. Waterfront Drive

12099 W. Waterfront Drive

Possible rendering of the development (Image: Tishman Speyer via Bisnow LA)