That office space was the first new construction in decades in the Campus at Playa Vista. Lincoln’s involvement at Playa Vista dates back to May of 2006, when Lincoln and partner ASB Capital purchased 12 acres in the Campus at Playa Vista entitled for 820,000 square feet of office space. Lincoln is proud to have played a meaningful role alongside so many other talented companies, real estate professionals, architects, urban planners, community leaders, pioneering residents and government officials that helped bring the Playa Vista concept to life.”
“Playa Vista had been an idea for decades, and the completion of Runway demonstrates that the Playa Vista community concept was smart, visionary and achievable. “This sale caps nearly a decade since Lincoln began its work at Playa Vista, and it’s incredible to see the vision come to life in such a significant way,” said David Binswanger, Senior Executive Vice President of Lincoln Property Company.
Amenities include two fitness centers, two pool/spa terraces and a gaming area with media lounge and multi-screen video gaming. The 420 apartment homes, developed by Phoenix Property Company, range from studios to two-level, two-bedroom units encompassing more than 1,300 square feet. Runway also offers a variety of residences that sit above the first-floor retail area and in two buildings adjacent to a park across the street. Hal’s Bar & Grill, which closed its Abbott Kinney location in 2015, is scheduled to open at Runway later this year. Cedars-Sinai is enhancing its footprint in Southern California by leasing Runway’s entire office area for high quality medical offices. The retail area is anchored by a nine-screen Cinemark Cinema, Whole Foods and CVS Pharmacy, and has a wide variety of restaurants, bank branches and lifestyle stores, including Fred Segal. Runway includes 217,000 square feet of retail space, 420 apartments and 33,000 square feet of office space. The long-anticipated lifestyle center serves as a vital connection between the Phase I residential community and the Campus at Playa Vista, now a key part of Silicon Beach, and home to an array of top-tier employers including Google, YouTube, Yahoo! and Facebook. The legendary parcel of land that once was part of the runway for Howard Hughes’ aerospace empire is now a thriving, large-scale, mixed-use center offering unique shopping, dining, entertainment and living space in the heart of the Playa Vista community. HFF represented the development team in both the capitalization and sale of this iconic property. PLAYA VISTA, CA - The development team of Lincoln Property Company and Phoenix Property Company, with their capital partner Alcion Ventures, have sold the 14-acre Runway Playa Vista mixed-use development to Invesco Real Estate in one of the largest real estate transactions of the year.
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