Hines Acquired Runway at Playa Vista for $428.1 Million

Hines, a global real estate investment manager, acquired Runway at Playa Vista, a 630,000-square-foot mixed-use property for $428.1 million. The property was 94% leased at the time of sale. It consists of grocery-anchored retail and 420 residences. It simultaneously announced that it acquired a retail asset dubbed Montrose Collective in Houston for $137.5 million.

“These acquisitions reflect our conviction in the long-term strength of the living and retail sectors and our commitment to deploying capital into high-performing, mixed-use environments that align with our growth strategy,” said Alfonso Munk, co-head of investment management at Hines, in a statement. “Runway and Montrose Collective represent cornerstone investments, each distinguished by exceptional occupancy and strategic locations in two dynamic submarkets.”

Runway features 420 luxury residences located on 14 acres and 246,000 square feet of marquee retail, dining and medical office space, anchored by Whole Foods. In the 1940s, Playa Vista was home to the Hughes Aircraft Company and became the birthplace of the Spruce Goose, a giant wooden flying boat designed by Howard Hughes for transatlantic military transport during World War II. Runway is situated on the former site of the Hughes Airport runway. The iconic, now-renovated Spruce Goose Hangar serves as Google’s Los Angeles headquarters. In addition to Google, Meta, YouTube, Imax, Activision and NBCUniversal all have a significant presence in the area.

The seller was represented by JLL.

Information for this article was sourced from the Hines.