LOS ANGELES – Chicago-based Equity Office Properties Trust has purchased an 87.5% interest in a joint venture with Los Angeles-based MaguirePartners, a commercial developer, for the development of the 450,000 sq. ft. Water’s Edge office complex.
Water’s Edge will include three office buildings and a 1,238-vehicle parking facility. MaguirePartners will immediately break ground on 260,000 sq. ft. of office space for Phase I, which is expected to be completed by August 2002. Phase I of the project will cost about $91 million, including $14.5 million for Phase II’s land parcel. The first phase will feature 62,000 sq. ft. and 198,000 sq. ft. office buildings. Equity Office will fund 87.5 % of Phase I’s $74.3 million development cost. Phase II will consist of 190,000 sq. ft., but the start date will depend on the future market, demand and vacancy rates.