E
dward Minskoff's EJM Equities has sold a 500,000-square foot office campus in Playa Vista to Lincoln Property and Strategic Value Partners for $187.5 million. The Bluffs campus at 12121 and 12181 Bluff Creek Drive was purchased eight years after Minskoff's company bought it for $413 million, or $826 per square foot, and defaulted on hundreds of millions in loans. The new deal works out to $375 per square foot.

    Tenants at the property include Google and Fox Interactive Media, but occupancy rates and tenant rosters were unavailable at the time of sale. In 2022, Google put 98,000 square feet of offices at The Bluffs on the sublease market. Minskoff's company had acquired the campus in 2016 as part of a bet on L.A.'s Silicon Beach region.

    The property was developed by Lincoln Property and sold to JPMorgan in 2011 for $294 million, or $587 per square foot. After Minskoff's company defaulted on $271 million in unpaid debt last year, the new owners plan to renovate the outdoor courtyard and buildings' lobbies. The Bluffs campus played a key role in establishing Silicon Beach as a hub for tech and media companies, but many have since downsized or vacated their leases due to the pandemic.