Strategic Value Partners, LLC (SVP) and Lincoln Property Company have jointly acquired The Bluffs office campus in Playa Vista. This creative office complex consists of two buildings, located at 12121 and 12181 Bluff Creek Dr., with a total of 500,000 square feet. While the exact purchase price was not disclosed, reports indicate it to be $188 million. In comparison, the property was previously sold for $413 million in 2016.
The new owners plan to renovate the common outdoor courtyard and building lobbies as part of their strategy to attract global organizations looking for office space in Los Angeles. “With these upgrades and a refreshed leasing campaign led by our team at Lincoln,” stated Mike Ungari, SVP’s global head of real estate,”the campus will be better equipped to compete for top tenants.”
Accordingly Rob Kane,senior EVP overseeing Southern California region for Lincoln added that “The Bluffs has always been recognized as one of the most prestigious office campuses in Playa Vista.” He also expressed gratitude towards being part ownership group with SVP while providing management and leasing services aimed at positioning this property as a world-class asset capable attracting high-caliber tenants within this market segment.
This news originally appeared on Connect CRE but has since been updated.
