Lincoln Property Co. and Strategic Value Partners purchased The Bluffs, a two-building office campus in Playa Vista with 500,000 square feet of space.

The companies did not disclose the sale price, but media reports put it at $188 million.

“The Bluffs has long been known as a premier office campus in Playa Vista. We are grateful to be a part of the ownership group with SVP and provide management and leasing services that will position the property as a world-class office asset, attracting the highest caliber tenants in the market,” Rob Kane, senior executive vice president overseeing the Southern California Region for Lincoln, said in a statement.

The property has an onsite fitness center, three restaurants and a professional property management team.

SVP and Lincoln have plans to renovate the outdoor courtyard and lobbies. 

“We are delighted to add The Bluffs to our real estate portfolio and begin a capital improvement plan aimed at creating more functional, inviting spaces for current and future tenants,” Mike Ungari, SVP’s global head of real estate, said in a statement. “These improvements, as well as a refreshed leasing campaign put in place by the Lincoln team, will allow the campus to more effectively compete for the tenancy of global organizations that want to create or expand an office footprint in Los Angeles.”

Lincoln and SVP both have offices in Los Angeles – El Segundo and Sawtelle, respectively.

Lincoln manages more than 11 million square feet of office space in L.A. and more than 7 million square feet of industrial space.

Last year, the company formed a joint venture with El Segundo-based Paragon Commercial Group to further Lincoln’s retail real estate investment management strategy.

“This joint venture with Paragon underscores our belief in the growth of the retail sector as it gains popularity with institutional investors at levels, we haven’t seen in over a decade,” Lincoln’s Co-CEOs Clay Duvall and David Binswanger said in a statement at the time.

More recently, the company announced that it joined the development team for 6767 W. Sunset Blvd., a project led by Thomas St. John. Kane called the 2-acre site “one of the most dynamic locations in the nation.” It is looking at site strategies for the area.

 “The potential for this property in the heart of Hollywood is tremendous, and we’re actively exploring highest and best use site strategies that will create value and deliver a landmark project for the city, its residents and the local community,” he said in a statement.