The Lincoln/ASB team's development will take shape in the eastern portion of the large Westside project, in an area known as the Campus at Playa Vista. It will be the first new office space to be built in the Campus portion of the development. Terms of the land purchase were not disclosed, but industry sources believe the developers paid about $100 million.
The land, which is fully entitled, is part of a historic district that was home to the Hughes Aircraft Co. during much of the 20th century. The development site is just east of the intersection of Centinela Avenue and Bluff Creek.
The developers expect to start construction within a year on the first phase of the project, which will total about 410,000 sf. That first phase is expected to be completed within two years.
David Binswanger, EVP of Lincoln Property, cites the market fundamentals in West Los Angeles as factors in the JV's decision to develop the property. Besides enjoying strong absorption and decreasing vacancy rates, the Westside lacks large blocks of contiguous class A office space like that which will be available in the new Lincoln/ASB development.
Playa Vista, which formerly was the site of Howard Hughes' aircraft plant, runway and hangars, has been developed into housing for more than 4,000 residents in a mixed-use project.
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