Maguire Investments and San Francisco-based DivcoWest have sold the 260,000-square-foot Water’s Edge campus at 5510-5570 Lincoln Blvd. in Playa Vista for $190 million, or more than $656 per square foot, to Wedge Office, a limited liability company, according to CoStar Group Inc.
The Maguire-DivcoWest joint venture was formed in 2014 to develop Water’s Edge located on the corner of Lincoln and Jefferson boulevards near Marina del Rey. The campus traded that year for $132.5 million, according to CoStar. The joint venture that just sold the campus made a 43 percent gain on the recent sale price.
The three-property campus offers Class A creative office space and is designed to be “the ideal environment for media, tech, production, product development or creative agencies,” the Water’s Edge website states.
The buyer was a joint venture between Rockwood Capital and Marshall Property Development. The sale listing was with Eastdil Secured.
Playa Vista has become an increasingly desirable location with tech companies, such as Google Inc., purchasing and leasing property there in recent years.
Real estate reporter Ciaran McEvoy can be reached at [email protected] or (323) 556-8337.
