How Tishman Scored Yahoo
The tech crowd wants to be in Silicon Beach and Playa Vista. But landlords need to understand what today's highly coveted, creative-type tenants are looking for. That's why we're excited to host Bisnow's Silicon Beach: The Rise of the Tech Corridor, Thursday, Feb. 26, at The Water Garden in Santa Monica, starting at 8am. (Sign up here.)
Our all-star panelists will include Tishman Speyer managing director John Ollen, who is director of leasing for Southern California, shown here at Bisnow’s Rise of Playa Vista last year. Tishman has started the year on fire. Just last month, we told you about the 10-year, 131k SF lease the company scored with Yahoo at The Collective at Playa Vista, with occupancy slated for Q4 of this year.
Market observers say Tishman looks to be on track to deliver all five of The Collective's buildings in August. Our market sources say the company has an additional lease underway with a 72k SF tenant, which would make the project fully leased. Tishman also is in design development for 407k SF of first-class office product on Parcels 1 and 2 in Playa Vista. Construction on two buildings containing 100k and 307k SF will start this year, with delivery slated for Q4 '16.
Another panelist will be Lincoln Property SVP Kent Handleman, also snapped at last year's event. While Lincoln and ASB Investments sold the 301k SF Latitude 34 to Clarion Partners last summer, the firm continues to lease (with LA Realty Partners) and manage the complex. Clarion has big plans to transform the complex and brought in Gensler for the work. Now known as i|o at Playa Vista, the project, which stood empty since opening in 2011, recently signed its first two leases: a 50k SF deal with advertising giant Group M Worldwide, and 60k SF with media company Fullscreen. Sexy amenities include individual entrances, roll-up doors, balconies, exterior stairways and outdoor areas.
Kent tells us that one meaning of i|o is indoor/outdoor, and the project will provide both the office building efficiencies tenants need plus the creative aspects they want. Elsewhere on the tech office front, institutional money has arrived, with Invesco paying $300M for The Reserve, an old US Postal Service facility overhauled by Jeff Worthe and Shorenstein Properties. That project counts Microsoft, TMZ and Sony Playstation as tenants.
In addition, Kent notes Playa Vista's new residential development is slated for completion this year--2,000 apartment units and 600 for-sale homes will join 3,000-plus existing units. The capstone will be Runway, Lincoln's 220k SF retail complex that will provide Playa Vista households and workers with a large amenity base seemingly overnight. Kent should know--he's not only a Playa Vista booster but also a resident. He's looking forward to the completion of Runway, which will be just a short walk from home. Come hear more at Bisnow's Silicon Beach: The Rise of the Tech Corridor, Thursday, Feb. 26, at The Water Garden in Santa Monica, starting at 8am. Here's another chance to sign up.
