Barings Acquires Playa Vista Creative Campus for $150.7 Million
Newmark has successfully facilitated the $150.7 million sale of i|o at Playa Vista, a 306,809-square-foot creative workplace campus located in the heart of Playa Vista, California. The property was purchased by global investment management firm Barings.
The Newmark team representing the seller, Clarion Partners, was led by Kevin Shannon, Co-Head of U.S. Capital Markets, along with Vice Chairmen Ken White, Rob Hannan, Laura Stumm, and Michael Moll. Support for debt strategy and financing considerations throughout the transaction was provided by Jonathan Firestone, Co-President of Global Debt & Structured Finance, Vice Chairman Blake Thompson, and Director Henry Cassiday.
“The response from institutional investors for i|o at Playa Vista was exceptionally strong — a clear sign that institutional capital is re-engaging in the office sector,” said Kevin Shannon. “The managed bid process was highly competitive, which speaks to a broader sense of recovery in the capital markets for quality office product.”
Originally delivered in 2010, the two-building, mixed-use campus underwent a complete redesign by Gensler in 2016 and has maintained an occupancy rate of more than 90% ever since. The project’s sustained performance and high-quality design have helped position it as a premier workplace destination in the Los Angeles market.
