LOS ANGELES — Clarion Partners has acquired Latitude 34, a 301,642-square-foot office campus within the master-planned community of Playa Vista, for a reported $132 million. The two-building campus is located along Millennium Drive in the Westside submarket, minutes from Los Angeles International Airport.
Clarion plans to implement a capital improvement program at the property, in addition to new landscaping and creative speculative suites. The design will be handled by Gensler.
“This premier property will offer tenants a dynamic, high-performance office environment designed for creativity and collaboration, located within a vital 'live/work/play' setting that is attracting prominent media, advertising and high-tech groups,” says Khalid Rashid, vice president of Clarion.
ASB Real Estate Investments was the seller. Lincoln Property Company and L.A. Realty Partners will be retained as the leasing and management entities.
“This acquisition gives us a significant position in one of the fastest-growing submarkets in Los Angeles,” says Rick Schaupp, Clarion's director and portfolio manager. “Our intention is to create a new breed of workplace, one where ideas become opportunities and people move fluidly between work spaces — indoors and outdoors — in order to connect and enjoy a sense of community.”
— Nellie Day