Tech giant purchases 12 acres near Spruce Goose hangar as part of a $120-million investment

google

By Gary Walker

One foot firmly planted in Venice, Google is expanding its operations in West Los Angeles with the purchase of 12 acres of open land in Playa Vista’s creative office space zone.

Google announced on Wednesday that it will be making a nearly $120-million investment toward locating in Playa Vista but did not disclose a purchase price for the land. The property along Millennium Drive abuts the airplane hangar where Howard Hughes built the Spruce Goose, a 319,000-square-foot space that Google is expected to lease.

“This is great news for the Westside and for the Los Angeles economy. I have been very pleased to have Google as an anchor tenant in Silicon Beach for years, and the fact that they are expanding in Los Angeles and putting down even deeper roots in Playa Vista is phenomenal news for our city,” Los Angeles City Councilman Mike Bonin said. “This further solidifies Playa Vista as the tech and innovation capital of Los Angeles.”

Google established its Southern California presence three years ago by leasing three buildings in Venice, including the Frank Gehry- designed “Binoculars Building” on Main Street.  A Google spokeswoman said the company has “no plans” to leave Venice and that Google is “excited about the new opportunities in Playa Vista.”

News of the sale broke Wednesday in the Los Angeles Times and came after an Aug. 26 report in The Wall Street Journal that Google was eyeing the Spruce Goose hangar, which has been used for film and television production in recent years.

“The presence of some of the world’s leading innovation companies in Playa Vista represents the transformation of this area from Howard Hughes’ 20th-century aerospace empire to a thriving 21st-century technology and entertainment center,” said Robert Bellinger of ASB Real Estate Investments.

ASB Real Estate Investments is the financing partner of Lincoln Property Co., the seller of the property and Playa Vista’s largest commercial developer.

“The recent sale of ASB’s Playa Vista land investment in partnership with Lincoln Property Co. puts an exclamation mark on our involvement in what has been a true success story,” Bellinger said.

Share