Google Signs 53K-SF Lease in Silicon Beach
By Greg Cornfield April 4, 2022 5:25 pm
reprints
Everyone’s favorite Internet search engine is taking more office space in Los Angeles’ Silicon Beach.
Google has signed a new lease for 52,782 square feet at an office campus called The Bluffs at Playa Vista, according to Savills’ first quarter leasing report. The property is located at 12181 Bluff Creek Drive next door to Google’s facility in the converted “Spruce Goose” hangar.
Property records show the campus is owned by an entity named Karled Jandy Ltd, which is managed by Edward J. Minskoff Equities (EJME). Neither Google nor EJME returned requests for comment.
EJME acquired the 500,000-square-foot campus in October 2016 in a $413 million deal, records show. Fox is the biggest tenant.
Playa Vista’s average office asking rent is at $5.49 per square foot per month, according to Savills, compared to the county average of $3.88 per square foot. That submarket rate would put the value of the Google lease at nearly $3.5 million per year.
Quarterly leasing activity in L.A. County in the first quarter this year hit 3.5 million square feet, highlighted by CAA’s massive 400,000-square-foot relocation to Century City; Lionsgate’s extension in Santa Monica; and Nike’s expansion, which was also in Playa Vista. That’s significantly better than the 2 million square feet of leasing completed in the same period in 2021; however, the amount of space available to lease or sublease increased to record-high levels.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
