A high-profile development on Los Angeles' Westside is showing there's still demand for office space despite an overall slowdown in demand.
A trio of development partners — Hines, Affinius Capital and Philena Properties — wrapped construction last year on the mixed-use West Edge project. The development features roughly 600 luxury apartments, 80,000 square feet of retail and 217,000 square feet of office space pre-leased to video game maker Riot Games.
The development was selected by a panel of local industry professionals as the winner of the 2024 CoStar Impact Awards Sale of the Year for Los Angeles.
The property is located less than a block from L.A. Metro's Expo/Bundy station on a line that connects Santa Monica and downtown Los Angeles. It's also near desirable Westside neighborhoods such as Brentwood and Pacific Palisades.
On-site amenities include a resort-style pool, billiards room and a yoga zen garden along with a sports lounge with a terrace. In addition, the property features retailers including Gelson’s Market, Solidcore, Artha Yoga, Clean Juice and Presotea.
About the Project: The $650 million project that features 600 luxury apartments, 80,000 square feet of retail and 217,000 square feet of office space on Los Angeles' Westside. Video gamemaker Riot Games pre-leased all of the building's office space.
What the judges said: "This transformative live-work commercial development will greatly impact the community with its innovative architecture, technological and green environmental amenities, low income affordability, and its strategic location will appeal to wide range of Angelenos," said Bryan Riggs, owner and appraiser of Riggs & Riggs. Added Stephen Cheung, president of the Los Angeles County Economic Development Corporation, "600 units including workforce and very low-income housing will help address the dire housing shortage in the region."
They made it happen: Dan Martin, managing partner of of Philena Properties; Varun Akula, managing director of Hines; and Edmund Donaldson, executive managing director of USAA Real Estate, were involved in the project. Duncan Paterson, principal of Gensler; Matt Cobo, principal of AC Martin; and Mark Motonaga,creative director of Rios were involved in the project's creative vision. Brian Rush, vice president of W.E. O'Neil Construction Company, was involved in the development's construction.
CoStar Market Manager Brian DeHart contributed.