"Smart companies want innovative space. Conventional office space is going to have a hard time competing. The monolithic granite and glass towers Maguire built for corporate titans of the late 20th century are not attractive to technology, entertainment and digital media firms now leading the region's economic recovery."
"Santa Monica is full. The obvious replacement for major tenants is Playa Vista. The Playa Vista office market is roaring, in part because the tech-centric Westside, sometimes known as Silicon Beach, is running out of space."
"The complex, about a mile from the Pacific Ocean, was intended from the start to be a campus for creative technology types, but the timing was off. The roaring tech boom of the late 1990s was over by the time Water's Edge hit the market and it sat empty until video-game giant Electronic Arts Inc. moved there in 2004."
Robert F. Maguire III, who shaped Los Angeles's skyline in the 1980s and '90s by developing iconic office buildings including U.S. Bank Tower, is returning to development at age 79. He plans to build WE3, an unconventional office building at Playa Vista, the former Howard Hughes headquarters site now attracting technology and creative firms. Maguire recognizes that the monolithic granite and glass towers he built for corporate titans no longer appeal to modern tech, entertainment, and digital media companies. The Playa Vista office market is booming as Silicon Beach runs out of space, making it the logical expansion location for major tenants. Water's Edge, a campus Maguire built in 2002, now operates at over 90% occupancy and will serve as the foundation for WE3's development.
#real-estate-development #los-angeles-office-market #technology-and-creative-firms #playa-vista #commercial-real-estate
Read at Los Angeles Times
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