LOS ANGELES—The Howard Hughes Center in Playa Vista is getting another renovation. Equity Office, an affiliate of Blackstone Real Estate, is planning a major renovation on the 1.3-million-square-foot office property, which will transform it into a creative office asset like the new development in Playa Vista. Hines, the previous owner at the property, had renovated the property—or at least started a renovation at the property—in the last two years. Equity's renovation is expect to take the property to the next level.

“The Playa Vista area, which is adjacent to Howard Hughes, has now become a place where a lot of companies want to be,” Steven D. Kolsky, EVP and managing director at Newmark Grubb Knight Frank and a market expert, tells GlobeSt.com. “Those companies weren't looking for Howard Hughes-type product; they were looking for the product that was being built in Playa. That boom didn't really affect the Howard Hughes or Corporate Point markets; however, you now have strong markets surrounding Howard Hughes, and that is only a benefit to the property.” Equity Office and Blackstone declined to comment on the renovation.

Historically, the property was a lower cost alternative on the Westside. “Firms that are looking to save money or that are getting priced out of the market would look at the Howard Hughes Center,” says Kolsky. The renovation will add “best-in-class amenities and innovative, active spaces,” according to Equity Office. Upgrades will include new outdoor entertainment areas, drought-tolerant landscaping with mature trees, upgraded wired lobbies, contemporary spec suites and customizable floor plans.

The Howard Hughes Center has gone through several renovations—including the retail portion called the Promenade at Howard Hughes—to evolve with the surrounding market. “Hines had previously started a program to reshape the property to be closer to what the tech and related companies wanted,” says Kolsky. “Hines started that program, and my understanding is that Equity is going to take it to the next level. I do think that the property is ripe to benefit from the growth in the market.”

Blackstone purchased the property from Hines in November 2016 for a reported $617.8 million. Hines had purchased the property in 2014 as part of a portfolio, and had begun renovations shortly after the acquisition.

LOS ANGELES—The Howard Hughes Center in Playa Vista is getting another renovation. Equity Office, an affiliate of Blackstone Real Estate, is planning a major renovation on the 1.3-million-square-foot office property, which will transform it into a creative office asset like the new development in Playa Vista. Hines, the previous owner at the property, had renovated the property—or at least started a renovation at the property—in the last two years. Equity's renovation is expect to take the property to the next level.

“The Playa Vista area, which is adjacent to Howard Hughes, has now become a place where a lot of companies want to be,” Steven D. Kolsky, EVP and managing director at Newmark Grubb Knight Frank and a market expert, tells GlobeSt.com. “Those companies weren't looking for Howard Hughes-type product; they were looking for the product that was being built in Playa. That boom didn't really affect the Howard Hughes or Corporate Point markets; however, you now have strong markets surrounding Howard Hughes, and that is only a benefit to the property.” Equity Office and Blackstone declined to comment on the renovation.

Historically, the property was a lower cost alternative on the Westside. “Firms that are looking to save money or that are getting priced out of the market would look at the Howard Hughes Center,” says Kolsky. The renovation will add “best-in-class amenities and innovative, active spaces,” according to Equity Office. Upgrades will include new outdoor entertainment areas, drought-tolerant landscaping with mature trees, upgraded wired lobbies, contemporary spec suites and customizable floor plans.

The Howard Hughes Center has gone through several renovations—including the retail portion called the Promenade at Howard Hughes—to evolve with the surrounding market. “Hines had previously started a program to reshape the property to be closer to what the tech and related companies wanted,” says Kolsky. “Hines started that program, and my understanding is that Equity is going to take it to the next level. I do think that the property is ripe to benefit from the growth in the market.”

Blackstone purchased the property from Hines in November 2016 for a reported $617.8 million. Hines had purchased the property in 2014 as part of a portfolio, and had begun renovations shortly after the acquisition.