Singapore Sovereign Wealth Fund Backs Rockwood Capital in Playa Vista Office Recap
New Venture Funding Construction of Second Phase of Water’s Edge Office Complex
Singapore’s sovereign wealth fund, GIC, is joining a group of investors in a joint venture led by Rockwood Capital to recapitalize a portfolio of Playa Vista office buildings consisting of Water’s Edge, a two-building, 259,000-square-foot office complex at 5510 and 5570 Lincoln Ave., and Playa Jefferson, a five-building, 251,000-square-foot, multi-tenant office complex at 12777 W. Jefferson Blvd.
In addition, the reconstituted venture has provided financing for the construction of Water’s Edge 3, a 160,000-square-foot office building dubbed WE3. Construction on the second phase office project is underway and expected to be completed in the second quarter of 2020.
In a statement announcing the investment, Lee Kok Sun, chief investment officer for GIC Real Estate, said, “We expect continued growth of the technology and creative media industries to benefit this dynamic national and international gateway.”
Rockwood Capital is led by Senior Managing Partners Peter Falco and Walter Schmidt.