|12099 and 12126 W. Waterfront Drive|
With Yahoo! on the cusp of signing a 130,000-square-foot lease in the under-construction Collective campus, Tishman Speyer Properties is now forging ahead with plans for their remaining Playa Vista real estate.
According to a November case filing from the Department of City Planning, the New York-based developer intends to construct two low-rise office buildings adjacent to Playa Vista Central Park. The first, a six-story structure, would rise from a nearly four-acre site at 12126 West Waterfront Drive. Directly across the street, plans call for a five-story building and associated surface parking on the six-acre property at 12099 West Waterfront Drive.
City records do not currently indicate the exact footprints of the proposed buildings. However, a January article from the Los Angeles Times reported that Tishman Speyer had entitlements to build up to 400,000 square feet of office space on the two properties
The proposed office complex may also be motivated by a major transaction which recently occurred west across Campus Center Drive. Google has reportedly spent $120 million to purchase a twelve-acre site located catacorner to the Tishman Speyer properties. The tech behemoth has entitlements to build up to 900,000 square feet of offices on the land, and is also expected to lease space in the adjacent aircraft hangar which was once used by Howard Hughes to construct the legendary Spruce Goose.