Nike has expanded its presence in Silicon Beach by filling up a 161,000-square-foot office building in Playa Vista.
The global sportswear brand has now taken up the entire WE3 building at the Water’s Edge campus at 5533 EA Way, expanding its lease by 93,000 square feet, the Commercial Observer reported.
The lease widens another name-brand footprint within a Westside submarket that’s now home to offices of Google, Facebook, Apple and Electronic Arts.
Asking rent for the two new floors Beaverton, Oregon-basd Nike added to its existing lease at WE3 is $4.75 per square foot, according to online listings, which pencils out to $5.3 million per year for the expansion.
Rockwood Capital, owner of the Water’s Edge campus, and CBRE, which has the listing, both declined to comment to the Observer about the deal. Representatives of Nike were not immediately available.
Located in a prime section of Silicon Beach, the Water’s Edge campus features three buildings totaling 430,000-square-feet of Class-A creative office space. The property features a soccer field, an Olympic-sized pool, basketball court, sand volleyball court, and gym operated by LA Fitness.
San Francisco-based Rockwood Capital bought the 6.5-acre complex in January 2018 for $190 million, then developed a third building, WE3 – for Water’s Edge building 3 – for $80 million.
The four-story, 400-foot-long building designed by SPF:architects, based in Culver City, features a sky garden and a “floating” exterior of custom corrugated aluminum that allows natural light to permeate the building. It was completed in 2020.
[Commercial Observer] – Dana Bartholomew
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