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incoln Property Company has secured a $197 million acquisition loan from Blackstone Group to finance its purchase of The Bluffs at Playa Vista office complex. The property, which spans 500,000 square feet and counts Google and Flexport as tenants, was acquired by Lincoln Property and Strategic Value Partners for $187.5 million. The financing package includes additional funds for lease-up and office costs.

    The acquisition follows Edward Minskoff's EJM Equities defaulting on a $271 million Morgan Stanley debt earlier this year. Minskoff had purchased the complex from JPMorgan Chase in 2016 for $413 million, with Fox Interactive Media occupying nearly all of the property at the time. The campus was about 70% vacant in October, according to CoStar data.

    Playa Vista has struggled to maintain its status as a tech hub, with many companies reducing their office footprints in recent years. LaSalle Investment Management sold two Playa Vista office buildings for $50.3 million in May, roughly half of what JLL paid for them seven years ago. Facebook also put 130,000 square feet of its Playa Vista space on the market for sublease in February.

    A Newmark team led by Jonathan Firestone and Jordan Roeschlaub arranged the financing for Lincoln Property's acquisition. Representatives from both companies declined to comment on the deal.