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Mike Ungari Of Strategic Value Partners And Lincoln Property Company Acquire Office Campus From Morgan Stanley For $187.5M

Property Image
SOLD
$187,500,000

California

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Office500,000 SF
Sold 10/28/2024
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Property Image
SOLD

Mike Ungari Of Strategic Value Partners And Lincoln Property Company Acquire Office Campus From Morgan Stanley For $187.5M

12121 West Bluff Creek Drive

See Similar Deals
Office500,000 SF
Sold 10/28/2024
the dealdetailscomps

Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$375
Total Square Footage:500,000 SF
Transaction Type:Sale

The Bluffs, located at 12121 & 12181 West Bluff Creek Drive in Playa Vista, is an office campus consisting of 500,000 square feet. It was sold for $187,500,000, which reflects a price per square foot of $375. The asset has experienced a significant change in value compared to its previous sale price of $413 million approximately eight years ago.

Summary of transation details:

  • Property Type: Office
  • Transaction Amount: $187,500,000
  • Square Footage: 500,000
  • Address: 12121 & 12181 West Bluff Creek Drive
  • Market: Playa Vista
  • Buyer: Mike Ungari - Strategic Value Partners; Clay Duvall & David Binswanger - Lincoln Property Company
  • Seller: Morgan Stanley
  • Price per Square Foot: $375

The acquisition was facilitated by Strategic Value Partners and Lincoln Property Company following a default by Edward J. Minskoff Equities on a substantial loan from Morgan Stanley. This situation reflects the ongoing challenges faced by the tech industry in L.A.'s "Silicon Beach" area as companies reconsider their office space requirements.

Details

SOLD
IMAGE: Mike Ungari, Clay Duvall & David Binswanger DATE: 10/28/2024 ADDRESS: 12121 & 12181 West Bluff Creek Drive MARKET: Playa Vista ASSET TYPE: Office BUYER: Mike Ungari - Strategic Value Partners; Clay Duvall & David Binswanger - Lincoln Property Company SELLER: Morgan Stanley SALE PRICE: $187,500,000 SF: 500,000 ~ PPSF: $375 NOTE: Strategic Value Partners and Lincoln Property Company purchased The Bluffs, a 500,000-square-foot office campus in Playa Vista, for $187.5 million after former owner Edward J. Minskoff Equities defaulted on a $250 million loan with Morgan Stanley. The acquisition highlights challenges in L.A.'s "Silicon Beach" as tech companies scale back office space.

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