John Miller, West Coast senior managing director for TishmanSpeyer, tells GlobeSt.com that the developer expects to beginconstruction of the first 400,000 sf of the office space inFebruary 2008 and have the 400,000 sf completed in about a year.That 400,000 sf will be part of 900,000 sf that Tishman Speyer willdevelop on one of the properties at Playa Vista. After that 900,000sf is absorbed, Tishman Speyer will redevelop the other property,which includes the Spruce Goose hangar and the 10 other existingbuildings.

The property that the Tishman Speyer-Walton Street JV bought islocated in the eastern portion of the Playa Vista community knownas "the Campus at Playa Vista," adjacent to the intersection ofJefferson Boulevard and Centinela Avenue. The 11 historic buildingsoccupy land that was home to the famed Hughes Aircraft Co. duringmuch of the 20th Century.

Playa Vista president Steve Soboroff calls the sale of the 64acres instrumental in developing "a key part of the vision of PlayaVista," which combines residential and commercial space with parksand open spaces in a master-planned design. The design calls forlow-rise office buildings "complementing the historic buildings onthe site," Soboroff says.