It’s been pegged as one of the largest LA area leases of the decade by the LA Times. Fox Interactive Media has signed on to lease 421,000 square feet of space in Playa Vista. That’s a lot of square footage. If you’re trying to picture how much – the average square footage of homes on the market in Playa Vista is 1,975 square feet. So you could fit 213 of those average-sized homes into the space that’s being leased.
In case you’re not familiar (I wasn’t), Fox Interactive includes the social networking site that every remotely savvy Internet surfer knows about – MySpace. Here’s a little snippet from the article.
In one of the largest office leases in the Los Angeles region in more than a decade, Fox Interactive Media on Monday agreed to rent 421,000 square feet of space in the Playa Vista development south of Marina del Rey.
Real estate developer Lincoln Property Co. said that Fox Interactive — which includes popular social-networking website MySpace — will occupy almost all of the space in two buildings under construction in the Horizon at Playa Vista complex.
The price of the lease was not disclosed, but real estate experts who know about the deal but asked not to be identified because negotiations were confidential valued it at about $350 million over 12 years.
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