Culver City’s Official New Neighbor: Facebook
As most of you are well aware, Los Angeles is currently going through several significant changes that will shape the history of our city. Not only has the NFL announced it’s move to Inglewood with the Rams, the Expo Line reached completion, and now we have just learned that Facebook will officially make Playa Vista it’s largest office in Southern California…. sooner than you may think.
As your trusted Culver City Realtor who has made a lifetime career of selling Culver City Real Estate, all I can say is that the future for LA certainly seems bright. So bright, in fact I don’t know what could possibly out-shine it. Get ready for soaring prices of Culver City homes for sale and Culver City Condos for sale.
Facebook, hailing from Menlo Park, originally signed a lease for a 35,000 square foot office space, located at 122777 West Jefferson Boulevard, which is commonly called the Playa Jefferson Campus. The lease was signed with Vantage Property Investors.
Now, word on the street is that the office space will consist of five buildings and is currently it is under construction with hopes to officially move into the 250,000 square feet of creative space come spring or early summer.
How much does it cost to lease the Playa Jefferson space, you ask? The lease value is estimated to be about 1.5 million per year. It is believed, however, that Facebook’s lease was signed before 2016, reflecting a lower rate.
A few years ago, in 2011, there was speculation that Facebook signed a letter of intent to lease a much smaller space (approximately 8,000 to 15,000 sf) at Playa Vista’s Campus. Area experts say that Facebook will be moving out of there promptly, and into the new space as soon as possible.
Needless to say, we are excited for Facebook and the prosperity to property values that they will bring!