Newmark Group Inc. has successfully facilitated the sale of the i|o at Playa Vista, a creative workplace campus in Playa Vista, California, for $150.7 million. This transaction marks the highest sale price in Los Angeles for the year to date. The 306,809 square-foot campus, known for its collaborative indoor/outdoor spaces and distinct architectural design, was sold to Barings. The sale underscores a strong recovery in the office sector, with institutional investors showing robust interest. The property, strategically located with access to major highways and amenities, has maintained an occupancy level of over 90% since its redesign in 2016 and has attracted new leasing at market-leading rates, highlighting its tenant appeal.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.