Sale of Playa Vista Property Is Completed

The $100-million sale of 14 acres of commercially zoned land at Playa Vista to Lincoln Property Co. closed as expected, clearing the way for new office construction in the planned community south of Marina del Rey.

Dallas-based Lincoln and partner ASB Capital Management plan to start construction in about one year on the first phase of more than 820,000 square feet of office buildings. The land in the campus area of Playa Vista was once part of aerospace mogul Howard Hughes’ empire.