Historic Spruce Goose Hangar Gets New Owner

PLAYA VISTA, CA-The hangar where Howard Hughes’ storied Spruce Goose wooden airplane was built has a new owner now that a joint venture of the Los Angeles-based Ratkovich Co. and Penwood Real Estate Investment Management have paid $32.4 million for 11 historic buildings totaling 537,130 square feet on four parcels of land totaling over 1.2 million square feet that includes the Spruce Goose hangar. The Ratkovich deal was one of three transactions totaling nearly $80 million that were brokered by the CB Richard Ellis team of CBRE’s Kevin Shannon, Scott Schumacher, Stan Gerlach, Bob Dubbins and Rob Waller at the Campus at Playa Vista, a nine-parcel 56.3-acre, West Los Angeles office development fully entitled for up to 1.7 million square feet of office and entertainment production space. CBRE represented Trigild Inc., the court-appointed receiver, on behalf of Key Bank and a consortium of lenders.

In one of the sales, Tishman purchased four of the nine parcels in the campus totaling 18.8 acres which are located adjacent to its recently completed four-building 325,000-square-foot, 7.7-acre, phase one development.