LOS ANGELES--(BUSINESS WIRE)--Representing one of the largest retail acquisitions in Los Angeles this year, real estate investment and development firm Laurus Corporation has taken ownership of the Promenade at Howard Hughes Center, an approximately 250,000 square-foot retail center positioned along the 405 Freeway at Sepulveda Boulevard. Plans are moving ahead for a $30 million facelift for the property, along with an enhanced mix of restaurants, entertainment options and retailers. The plans call for a new pedestrian-friendly layout with more indoor-outdoor connections, vibrant courtyards, enhanced landscaping and updated interior design throughout the six-acre property.
The renovation marks the first major investment in the property since it was constructed in 2001. “Our decision to acquire the Promenade at Howard Hughes Center and invest at this level demonstrates our confidence in an important, growing community, and the purchasing power of the residents and employees who live and work in such close proximity – both in the Howard Hughes Center and in Playa Vista,” said Jean Paul Szita, President and co-founder of Laurus Corporation. “Our significant investment aligns well with our core strategy of adding value to compelling assets in prime locations, and will help set a solid foundation for the long-term vision for the property.”
The property renovation will begin immediately, and is the latest in a series of new developments in the Howard Hughes Center community, which will soon hold nearly 3,200 new multifamily units and more than 1.3 million square feet of office space. The upgrade, led by architect Jerde Partnership, will create easier access for residents of the adjacent apartment properties and nearby office workers with new south-facing escalators that bring visitors directly into the retail space as well as a new pedestrian crossing at Center Drive that connects directly to the Howard Hughes Center.
The courtyard adjacent to the theaters will become the new heart of the Promenade at Howard Hughes Center, with a new outdoor screening area and fire pit, as well as new restaurants, food venues, an outdoor dining area and casual lounge space. The team will also update the current Art Deco retail facades throughout the center to reflect a more modern aesthetic.
“The Promenade at Howard Hughes Center is one of the most well-recognized retail properties in Los Angeles given its proximity to the 405 Freeway, and we are looking forward to making some strategic enhancements to bring even more customers through the door,” said Laurus Chief Executive Officer, Philip Cyburt. “With better pedestrian access, gathering areas, entertainment options and wayfinding, we hope to transform this asset into the true destination lifestyle center it was always envisioned to be.”
Positioned along the west side of the 405 Freeway, the Promenade at Howard Hughes Center is viewed by nearly 725,000 people traveling on the main traffic artery each day. The center is also in close range of the Silicon Beach movement in Playa Vista, which has attracted companies including Google, Yahoo!, IMAX and Electronic Arts, among many of the most progressive technology companies in the country.
About Laurus Corporation
Laurus Corporation is a real estate investment and development company that specializes in hotels and resorts, office buildings, multifamily and mixed-use properties. With more than $1 billion in assets under management, Laurus employs an entrepreneurial investment strategy designed to consistently achieve attractive risk-adjusted returns by creating capital appreciation opportunities through repositioning, restructuring, re-development and intensive post acquisition asset management. The company was founded in 1999 by Andres and Jean Paul Szita, and is affiliated with Ethika Investments, LLC, a real estate private equity firm.