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California  + Office  | 

$426M Playa Vista Deal Reflects Region’s Rise

New York-based Edward J. Minskoff Equities is reportedly acquiring phase one of the 15-acre Horizon office campus in Playa Vista, CA for $425.8 million. CRE sources say the record price reflects the rise of the Playa Vista market, as acquisition prices and lease rates are starting to land in the same neighborhood as Santa Monica or San Francisco.

The two-building, 500,000-square-foot Bluff Creek Dr. property was developed by Lincoln Property Co. In 2011, it was acquired by Horizon PH I Office Holdings LLC, an investment entity advised by JPMorgan, for nearly $300 million.

Fox Interactive Media took 90% of the space in 2008 in a deal that expires in 2021. Cresa’s David Toomey says a buyer likely is either betting the market will be strong in 2021 or recognizes it has time to minimize the expiration’s impact by negotiating direct deals with a diverse mix of 8 to 10 strong tenants currently under subleases.

Eastdil Secured is handling the sale on behalf of JP Morgan Chase.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
  • ◦Lease
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