Houses in Playa Vista’s final new-home neighborhood are on the market. Taylor Morrison Inc.’s Encore at Playa Vista offers 14 single-family homes starting at $3.1 million. The homes are roughly 3,600 square feet.
Only a handful of homes are for sale in other Playa Vista neighborhoods.
A centerpiece of Silicon Beach development, Playa Vista is home to companies such as Google and Facebook Inc. The Campus at Playa Vista’s nearly 3 million square feet of creative office space is almost complete.
“This is the fruition of Playa Vista as the highly successful heart of Silicon Beach,” Alison Girard, director of marketing at Brookfield Residential, said in a statement. Brookfield is Playa Vista’s community developer. “The community has attracted the world’s top creative firms to its technology hub, The Campus at Playa Vista, which is nearing build-out with tenants such as Google, Facebook and IMAX,” Girard added.
Office vacancy rates in Silicon Beach are low. The area’s average vacancy rate in the second quarter was 9.6%, down from 10.5% in 2018, according to NAI Capital Inc. The average Class A asking rate for the quarter was $4.84 per square foot, up $1.65 from 10 years ago. Playa Vista’s asking rate is even higher than the Silicon Beach average, with Class A office space asking rates averaging $5.59 per square foot for the quarter.
Google occupies the 319,000-square-foot Spruce Goose hangar, originally built by Howard Hughes. The hangar was converted into creative office space in 2018. Google has also purchased 12 vacant acres surrounding the building.
“The Spruce Goose hangar and other buildings built by Hughes offer architecture, scale and a sense of place that inspires creativity. People love to work where Howard Hughes once did,” Girard said in a statement.
More retail businesses will also call the area home. DJM Capital Partners Inc. is working on a $9.1 million redesign of Runway, a 14-acre development with more than 220,000 square feet of retail space.
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