Newmark facilitated the $150.7-million sale of i|o at Playa Vista, a 306,809-square-foot creative workplace campus in Playa Vista. The buyer was Barings.
Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairmen Ken White, Rob Hannan, Laura Stumm and Michael Moll represented the seller, Clarion Partners. Newmark Co-President, Global Debt & Structured Finance Jonathan Firestone, Vice Chairman Blake Thompson and Director Henry Cassiday provided support on debt strategy and financing considerations throughout the transaction process.
“The response from institutional investors for i|o at Playa Vista was exceptionally strong — a clear sign that institutional capital is re-engaging in the office sector,” said Shannon. “The managed bid process was highly competitive which speaks to a broader sense of recovery in the capital markets for quality office product.”
The two-building, mixed-use campus, delivered in 2010 and completely redesigned by Gensler in 2016, has maintained an average occupancy level of over 90% since the redesign.
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