LOS ANGELES--(BUSINESS WIRE)--LPC West, the West Coast arm of leading national real estate firm Lincoln Property Company, has acquired the Entrada site, a future creative office development that will encompass more than 300,000 square feet of office space catered to entertainment, media, and technology tenants. The site currently operates as a parking lot next to the DoubleTree by Hilton Los Angeles – Westside, and is situated between the booming media and technology markets of Culver City and Playa Vista, which are home to industry giants including Amazon, Apple, and Google, among many others.
LPC West and Broad Street Principal Investments, L.L.C., an affiliate of Goldman Sachs, purchased the site from the owner of the DoubleTree hotel, Woodbine Legacy Investments, a fund led and owned by Dallas-based Woodbine Development Corporation. LPC West will spearhead development of the project.
As an early developer of office product in Playa Vista, LPC West’s vision for a creative and dynamic office space helped make Playa Vista attractive to the top-tier technology and media companies that later flocked to the area, eventually earning it the nickname Silicon Beach. LPC West also developed Runway, Playa Vista’s central retail and mixed-use destination that features anchor tenants Whole Foods and CVS as well as variety of retail and restaurant tenants and apartments.
“Entrada will be a world-class project with a highly-visible location between Culver City and Playa Vista - two of the region’s most important locations for entertainment, media and technology,” said Rob Kane, Executive Vice President at LPC West. “This project will be a premier trophy asset with a cutting-edge design in an area that has seen much activity and innovation in recent years. We are thrilled to develop the region’s newest creative office project.”
The building includes flexible floorplans to cater to creative media and technology tenants. Each office suite within the project will open to a private balcony, offering an indoor-outdoor working experience, as well as a shared 15,000 square foot outdoor sky deck with sweeping views of Los Angeles.
In addition to a fitness center, ground floor retail, and outdoor workspaces, the project will share in the amenities of the neighboring hotel, including a state-of-the-art conference center. Woodbine is set to kick off a $35 million renovation to the hotel in early 2019. The major overhaul will update all guest rooms and guest baths with new furnishings, surfaces, lighting and décor, while upgrading the fitness center, pool and food-and-beverage outlets and experiences. Enhancements will also extend to all public spaces, the exterior façade and landscaping as well as 25,000 square feet of meeting space—ultimately evolving the DoubleTree to reflect the surrounding fast-growing, modern and tech-forward neighborhood.
Located in Culver City directly adjacent to Playa Vista, the Entrada site is highly visible from the 405 freeway, offering easy access to tenants and visitors across the Southern California region. The project is set to be completed in 2021.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 130 million square feet of commercial space and over 212,000 multifamily residential units. Lincoln Property Company is the second largest apartment manager in the United States. Access www.lpcwest.com for more information.
