Invesco buys office property in Southern California for $316m
Invesco Real Estate has paid $316 million, or $731 per square foot, for an office campus in Playa Vista, Calif. The campus is known as The Reserve.
The seller, a joint venture between Worthe Real Estate Group and Shorenstein Properties, bought the property, a former U.S. Post Office distribution center built in 1971, for about $43.9 million in 2011. The firms redeveloped the land into a 432,000-square-foot creative office campus, with a park, car wash and fitness center, among other amenities. Major tenants include TMZ, Microsoft, Sony, Verizon Communications and Team One, an advertising agency.
Playa Vista is part of the Los Angeles market and in the submarket of Hollywood and Santa Monica. The submarket’s office sector thus far this year has had five office sales, totaling $396.6 million. The highest recent quarterly sales volume occurred during second quarter 2014, which had total transaction activity of $1.68 billion; however, activity dropped drasti