Fox Interactive employees, you will now pay for the political sins of Fox executive Roger Ailes by having to commute to Playa Vista. It was announced today that all of Fox Interactive's operations (which include MySpace, Fox Sports Interactive and Rotten Tomatoes) will be be moving to the Horizon commercial office at Playa Vista. All 2,000 interactive employees will work in a two-story building being designed by local architecture firm Johnson Fain. According to the press release, the firm will strive for gold LEED certification with this building.
Horizon at Playa Vista Reaches Mega Lease Agreement with Fox Interactive
More Than 2,000 Employees Will Move to New Headquarters Site by June 2009
LOS ANGELES--(BUSINESS WIRE)--Lincoln Property Company and ASB Real Estate Investments signed a blockbuster lease agreement with Fox Interactive Media for a deal encompassing 421,000 square feet of Class A office space at “Horizon at Playa Vista.”
Horizon will become the corporate headquarters for Fox Interactive Media. The company will occupy virtually all of the square footage in the first phase of the new 15-acre, creative-style office campus that will ultimately include nearly one million square feet of office space. Fox Interactive will consolidate its Los Angeles facilities, currently housing companies including MySpace, Fox Sports Interactive and Rotten Tomatoes. Fox Interactive plans on locating more than 2,000 of its employees onto the campus by June 2009.
The first phase of Horizon consists of two, five-story buildings surrounded by pedestrian pathways and open courtyard spaces. The buildings incorporate a number of modern aspects, including a progressive contemporary design by renowned architecture firm Johnson Fain, and state-of-the-art workplace technology. The project team will be seeking gold LEED certification.
The property, at the intersection of Bluff Creek Drive and Campus Center Drive, is adjacent to the Westchester Bluffs and located in the in “The Campus” section in the eastern portion of the mixed-use Playa Vista development. For much of the 20th century, this property was home to the famed Hughes Aircraft Company.
“There is tremendous demand for Class A office space on the Westside of Los Angeles, and we’re thrilled that Fox Interactive Media has decided to move its corporate headquarters to Horizon at Playa Vista,” said David Binswanger, executive vice president of Lincoln Property Company. “As a result of this deal, Lincoln and ASB will move forward immediately on the second phase of Horizon, encompassing nearly 350,000 square feet.”
“This is a huge milestone for Playa Vista,” said Playa Vista Chairman Steve Soboroff. “One of the great companies is coming to one of the greatest urban projects in the world. This validates the Playa Vista vision to bring together the finest array of homes, shopping, parks and high tech office spaces offered anywhere.”
Cushman and Wakefield arranged the lease on behalf of Lincoln and ASB and negotiated with Studley Inc., which represented Fox Interactive Media, to secure the 12-year lease.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 100 million square feet of commercial space and over 185,000 multifamily residential units. Lincoln Property Company is one of the largest commercial real estate companies in the world. Access www.lpc.com for more information.
About ASB Capital Management
ASB Capital Management is an SEC-registered institutional investment advisor with over $8 billion in net assets under management in real estate, equity and fixed income investments. Based in Bethesda, Maryland, with offices in San Francisco, California and Chicago, Illinois, ASB has $1.34 billion in gross real estate assets under management in 108 buildings located throughout the United States.
About Playa Vista
Today, more than 6,500 people live at Playa Vista, the first mixed-use community to be built in West Los Angeles in the last 50 years. With 70 percent of its original 1,086-acre land area designated as parks and open space, Playa Vista has been hailed as a model urban development, including recognition as a recipient of the prestigious Ahwahnee Award. Situated between Marina del Rey and Westchester, just about a mile from the beach, Playa Vista is adding critically needed housing on Los Angeles’ Westside. Commercial, retail and open space are mixed into this balanced community. All properties are located within walking distance of at least one of a dozen parks, and the community is within easy reach of Santa Monica, Venice, Century City and LAX.