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Success Stories

Campus at Playa Vista

Property Type: Office Building

Location: Marina del Ray, CA

SF: 600,000 SF

BACKGROUND

Encompassing industrial, film production and office space spanning 600,000-square-feet, this high profile project is located within The Campus at Playa Vista, a new office development in Marina del Ray, CA. The property is situated on 56 acres and includes an industrial building, four bungalows and 10 historically designated buildings, including an expansive hangar that once housed the famed Spruce Goose aircraft — all built by Howard Hughes. In its role as receiver, Trigild assumed responsibility for day-to-day operations, readying the property for a quick sale and assisting in the disposition process.

CHALLENGES

  • Due to a breakdown in the relationship between the owner and the lender, the execution of a lucrative license agreement to film a major motion picture in the main hangar had stalled.
  • A key utility provider was threatening to terminate service due to improper improvement work.
  • With the rainy season approaching, there were storm water quality compliance concerns.
  • Complex development entitlements encompassing 600,000 – square-feet of office, movie production support facilities and sound stage uses.

PERFORMANCE SUMMARY

  • Within a week of being appointed, Trigild had the major motion picture license executed, generating immediate cash flow for the asset.
  • Trigild immediately engaged appropriate contractors to correct the improvement work, address the utility’s concerns, finish grading work, hydro seed, and implement proper storm water management practices and avoid fines.
  • Engaged a leading sales team in Los Angeles to help market and sell the project.
  • Generated national press coverage about the project’s status, thereby exposing the property to interested buyers.
  • Due to its high profile and national press exposure, as well as Trigild’s quick action to remedy problems, the property has received considerable interest from potential buyers.