The Century City firm shelled out some $111M on the 250k SF Howard Hughes Promenade along the 405 Freeway at Sepulveda Boulevard. We chatted with Laurus chairman Andres Szita, who told us about some big plans his company has for the center.
The company plans a comprehensive $30M reno, which Andres tells us will touch every aspect of the center, including increasing the number of dining options, adding live entertainment and media centers and increasing walkability. The asset was picked up from Irvine-based Passco Cos.
Andres tells us the Howard Hughes Promenade was a rare opportunity to pick up an infill asset in the highly sought-after West LA submarket. In addition, he says the rapid evolution of nearby Playa Vista will help bring in more guests. The renovation, which starts immediately and will be led by architect Jerde Partnership, marks the first major investment in the property since it was constructed in 2001.
Andres tells us the firm was interested in the project for its value-add opportunity, and that he was aware the property had some pending vacancy as well as a CMBS loan maturity that opened Passco to the possibility of making the deal. He tells us the Laurus team worked with Passco's adviser for nearly a year to iron out all of the details.
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