US real estate group Rockwood Capital has led a group of investors including Singapore’s sovereign wealth fund GIC to buy a portfolio of office assets in California.
The parties have formed a joint venture to buy the assets made up of e Water’s Edge, a 259,000sqft two-building creative office campus in north-west Playa Vista, and Playa Jefferson, a 251,000sqft five-building multi-tenant complex in central Playa Vista.
The venture has also commenced construction on the second phase of Water’s Edge, a 160,000sqft office building which will be known as WE3. Construction is expected to be completed in the second quarter of 2020.
Lee Kok Sun, the CIO of GIC Real Estate, said: “This investment reflects GIC’s long-term confidence in the West Los Angeles office market. We expect continued growth of the technology and creative media industries to benefit this dynamic national and international gateway.
“We also look forward to expanding our partnership with Rockwood Capital, given its strong track record in this sector across the US”
Peter Kaye, a managing partner of Rockwood Capital, said: “Playa Vista is a dynamic submarket that continues to evolve. These investments consist of high-quality product in visible campus settings.
“We believe that world-class tenants will continue to migrate to these locations and that, over time, investments in such locations will outperform.”