The deal is valued at approximately $250 million and is set to close at the end of November, according to reports in The Times. Playa Vista consists of about 1,000 acres, and until last decade was mostly undeveloped. But about 2 million square feet of offices space and 3,000 homes have sprung up since.
The new owner, Brookfield Asset Management, plans to develop the vacant land with about 600 to 800 homes, 1,500 apartment units and a downtown area with a supermarket, movie theatre and office buildings. The sale has yet to be announced publicly, according to the Wall Street Journal.
Other developers in Playa Vista include Ratkovich Co. and Lincoln Property Co. and are in the process of repurposing buildings that once housed planes at Howard Hughes’ aviation company into office buildings and a $260 million shopping complex