Playa Phase 1 Commercial Land Company has completed the sale of approximately 12 acres of property zoned for commercial development at Playa Vista to a joint venture of Dallas-based Lincoln Property Company and Bethesda-based ASB Capital Management.

An additional three acres of property are under contract to the Lincoln/ASB venture.

The Lincoln/ASB team is planning to construct office buildings totaling more than 820,000 square feet in the eastern portion of the Playa Vista community known as “The Campus at Playa Vista.”

The land involved in the transaction includes various lots that collectively total approximately 15 acres.

Lincoln/ASB expects to begin construction on the first phase of the office development project in the spring.