New York developer Tishman Speyer and private equity real estate firm Walton Street Capital are teaming up to develop offices in the Playa Vista area of Los Angeles.
The joint venture is acquiring 64 acres of land from Playa Phase 1 Commercial Land Company. Details of the transaction were not released, though Tishman and Walton Street reportedly paid around $200 million (€154 million) for the plot.
Located in the eastern part of the Playa Vista project, the land will reportedly allow for the development of two million square feet of office space. The parcel includes the historic district that was formerly the location of the Hughes Aircraft Company, much of which will be preserved and, in some cases, could be developed into modern soundstages. The site could also sport a restaurant, daycare center and retail space, according to a press statement.
Situated in West Los Angeles, Playa Vista was formerly the Hughes aircraft factory and included the hangers and runways needed for airplane development. In the 1990s, studios began converting some of the hangers into sound stages for film production. Much of the space is being converted into a large-scale, mixed-use planned community, led by former Los Angeles Parks Commissioner and mayoral candidate Steve Soboroff.