February 15th//Marina Del Rey, PT News

Google Acquires 12 Acres in Playa Vista – LA’s Forthcoming Tech Nucleus

As Playa Vista increasingly builds a reputation as an epicenter for technology and innovation in Los Angeles, Google is helming the charge with a recent purchase of over 12 acres in Playa Vista.

The tech leader spent $120 million to acquire the 12 vacant acres near Marina Del Rey, adjacent to the hangar where famed aviator Howard Hughes built his famous “Spruce Goose” airplane. While the hangar has housed sound-stages for film and television production in recent years, it is expected that Google will lease this structure as well.

Screen Shot 2017-02-14 at 11.40.32 AM*Photo courtesy of Mike Hume

The land is zoned for nearly 900,000 square feet of commercial space that presumably will house offices or studios for Google employees. This is a vast increase from the space Google currently occupies within various buildings throughout LA.

A sector of the locale dubbed Silicon Beach in the Westside region of Los Angeles, Playa Vista has largely been the focus for young companies and entrepreneurs. There is a palpable sense of creativity and vibrancy within the community of Playa Vista, making it one of the most sought-after locales for start-ups. Google’s purchase is largely reflective of the upsurge in the neighborhood’s commercial expansion and, to support this, demand for residential real estate.

Partners Trust Associate Tony Potts has lived in Playa Vista since 2008 and has witnessed this momentous transformation. “Just walk into Starbucks or Coffee Bean and sneak a look at some of the laptop screens and you will see code being written, movie and tv scripts, startup pitch decks, and you have a good chance to overhear actual pitch sessions,” says Potts. “Not to mention people playing with new technology that is not even on the market yet!”

Where business comes, people follow and real estate prices are also reflecting this uptick in demand. “Prices have skyrocketed in three years,” Potts said. “A 3,700-square-foot house that sold for $1.35 million in 2013 sold for $2.4 million in 2016.”

“People fall in love with Playa Vista,” and there’s more and more reason for them to stay. With Google setting down roots, interest in this westside community will only increase.

Posted in Marina Del Rey, PT News .

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