Vantage Turns Playa Jefferson

The 200,000-square-foot property is 93% occupied.

LOS ANGELES—Vantage Property Investors has sold Playa Jefferson in Playa Vista to an affiliate of Rockwood Capital. The sales price was not disclosed, however, sources unrelated to the deal tell GlobeSt.com that the property traded hands for $165 million. Playa Jefferson is a four-building 200,000-square-foot creative campus with the potential to develop a fifth building, which Vantage has already entitled and permitted.

“Our investment strategy was to buy the asset and reposition it into the Playa Vista marketplace,” Stuart Gulland, founding partner of Vantage Property Investors. “We had also put in entitlements for a new building, and we designed it with Gensler and fully permitted it through the city. The next step was to break ground, which meant owning it for another couple of years. This was a nice breakpoint for our investor and it also left some meat on the bone for the next investor coming in. This was a good time to sell and for our investor to realize the gain that they have seen on the investment.”