MIAMI – Feb. 12, 2016 – A team of Greenberg Traurig attorneys recently represented longtime client Invesco Real Estate in the acquisition of Runway Playa Vista, a mixed use project consisting of 216,759 square feet of retail, 33,044 square feet of office and 420 apartment units. The deal closed February 9, 2016.
Runway is located in the Lower Westside of Los Angeles in Playa Vista, a rising hub of technology and creative companies. Playa Vista is the first master-planned community in West Los Angeles in more than 50 years. Runway is the Town Center and represents 85 percent of all retail square footage within the Playa Vista Master Plan. The project’s anchor retail tenants include Whole Foods, CVS and Cinemark Theatres, as well as a pending lease with Fred Segal.
The Greenberg Traurig team successfully navigated the complexities of this mixed use acquisition including several special land use regulations, community agreements, legal issues related to the ongoing construction of the project, and a $252 million acquisition loan. The acquisition continues Invesco’s investments in this up and coming area, where the real estate investment trust already owns the Hercules East and South Campuses.
Miami Co-Managing Shareholder, Richard J. Giusto, led the team of 23 attorneys representing nine offices and five practice areas. The team included shareholders Gregg D. Bernhard (Los Angeles), Bennett I. Deutsch (New York), Robert S. Fine (Miami), Danielle Gonzalez (Miami), Michael T. Lynott (Miami), Bradley R. Marsh (San Francisco), Robert R. McDonald (Tallahassee), Eric V. Rowen (Los Angeles), Carl J. Riley (New York), William R. Siegel (Miami), Karen M. Willis (Silicon Valley); Of Counsel attorneys Shannon Bothwell (Miami), Norman H. Lane (Los Angeles), Deborah Wiacek Mintz (Boca Raton); and associates Kathryn R. Alvarez (Miami), Alexa Camarena (Los Angeles), Adam S. Fischer (Miami), Robert Galbo (Miami), Jason R. Kleiss (Miami), Noam Lipshitz (Fort Lauderdale), Ari B. Lustig (Delaware), Alexander Zachariah (Fort Lauderdale).
Invesco Real Estate is a global leader in the real estate investment management business with over $64.0 billion under management, 434 employees and 21 regional offices across Asia, Europe and the US. It was established in 1983 and has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is an investment center of Invesco Advisers, Inc., which is an indirect, wholly owned subsidiary of Invesco Ltd., one of the largest investment management firms in the world with $775.6 billion in assets under management and on-the-ground presence in 25 cities worldwide. Information as of December 31, 2015.