PLAYA VISTA, CA-Shorenstein Properties of SanFrancisco and joint venture partner Worthe Real EstateGroup of Santa Monica have acquired a 20-acre site at13031 Jefferson Blvd. and plan to redevelop the site, which isentitled for up to 380,000 square feet of office space. Terms ofthe transaction were not disclosed, but the purchase was madethrough a lender-facilitated sale.

The property includes two existing office/warehouse buildingstotaling 380,000 square feet. One is a 330,000-square-foot buildingthat was constructed in 1971, with a smaller single-story annexadded in 1995. Both buildings are vacant but until 2005 were usedas a distribution center by the US Postal Service.

Charlie Malet, EVP of investments forShorenstein, commented in an announcement regarding theacquisition: “The prime location and fundamentals of this siteprovide us with a perfect opportunity to create a state-of-the-art,sustainable office campus offering one of the largest contiguousblocks of space in the Playa Vista market with broad appeal tousers, especially creative companies such as technology firms aswell as digital, arts and media tenants.”