Construction begins on $80M office building in Los Angeles neighborhood

Construction is underway on an $80-million office building in Playa Vista, a neighborhood of Los Angeles.

The development team, led by San Francisco investor Rockwood Capital, is building the 190,000-sq.-ft. structure called WE3, the Los Angeles Times reports.

WE3, designed by SPF:architects, is a six-story creative workspace. It will be the third and final office building in the 6.5-acre Water’s Edge complex at Lincoln and Jefferson boulevards.

“Playa Vista is a dynamic submarket that continues to evolve. These investments consist of high quality product in visible campus settings. We believe that world class tenants will continue to migrate to these locations and that, over time, investments in such locations will outperform. We are very pleased to partner with GIC on these exciting projects,” Peter Kaye, managing partner of Rockwood Capital, said in a statement.

Construction is expected to be completed in 2020.