LOS ANGELES—Maguire Investments has obtained a $105 million loan for the recapitalization of Water's Edge, a 6.5-acre amenity rich, creative office campus in the Los Angeles submarket of Playa Vista. The funds will be used for tenant improvements and leasing commissions for new leases on available space. The financing was arranged for Maguire by Rob Verrone of Iron Hound Management.
Maguire Investments has also retained Jones Lang LaSalle to handle the leasing at the premier property. Leading the leasing efforts for the property are JLL Los Angeles team members Chris Strickfaden, Anthony Gatti, Brian Niehaus and Jaclyn Ward.
Phase I of Water's Edge, which includes two buildings totalling 260,000 sq. ft., has immediate availability for users ranging for 8,000 sq. ft. to 71,000 sq. ft., including the 50,000-sq.-ft. top floor featuring panoramic views from the ocean to the snow caps on Mt. Baldy. This property is also entitled for a 180,000-sq.-ft. Phase II building which the company will start when preleasing is completed.
"We have the team and capital to aggressively get deals done at Water's Edge," Maguire Investments CEO Rob Maguire said in a statement. "We offer a seamless and obstacle-free opportunity for companies to relocate to Los Angeles' premier campus environment featuring spectacular views and abundant amenities."
Designed by Gensler, Water's Edge is Los Angeles' premier creative office campus featuring unsurpassed amenities, breathtaking views and first-class ownership. The campus offers tenants a very desirable lifestyle environment with numerous onsite amenities, including a café, soccer field and a 31,000-sq.-ft. flagship LA Fitness with full court basketball, sand volleyball and an outdoor swimming pool which will open on the campus in summer 2013. Water's Edge is situated adjacent to 350 acres of open space at the Ballona Preserve, providing vast biking and jogging trails leading to the Pacific Ocean. The property is ideally located with easy access from Pacific Coast Highway, I-405 Freeway and SR 90 Freeway.