Invesco Pays $300M for Playa Property
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The institutional money has arrived in Playa Vista, as Bisnow's market sources have confirmed Shorenstein Properties and Jeff Worthe have sold The Reserve to Invesco for $300M.
Our source tells us this was just about simply timing the market. Shorenstein and Worthe picked up the old US Postal Service facility just four years ago for $44M, he says, making the deal quite the return on investment. The sellers put quite a bit of TLC into the property, repositioning it as one of the top tech offices in the city. Snazzy amenities include a sand volleyball court, fitness center and a car wash. Top tenants include Microsoft, TMZ and Sony Playstation.
Colliers EVP Nico Vilgiate (pictured at CU Boulder Homecoming with wife Ashley and 4-year-old daughter Mia) tells Bisnow Invesco is paying top of the market for the pace car of Playa Vista. He says The Reserve was the project that really lit the fuse for the market, adding that Playa could not have more momentum going for it right now.
The deal is just the latest in a windfall for the red hot market, attracting tenants like Yahoo, which is jumping ship from SaMo for 130k SF at Tishman Speyer's Collective (above), and Google, which shook the Earth with its $120M land buy next to Ratkovich Co's Hercules Campus. And just last month, Clarion Partners unveiled plans for its i/o at Playa Vista Campus (which stands for "interaction/optimized"), a six-story, 301k SF complex.