Trigild Appointed Receiver for Nearly 600,000-square-feet at The Campus at Playa Vista

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Los Angeles Development Once the Site of Hughes Aircraft- Receiver Appointed for 575,000-square-feet of LA Film Production/Office Space

SAN DIEGO, Calif. - December 8, 2009-(PressReleasePoint) Trigild — a San Diego-based distressed property management, loan recovery and receivership specialist — has been appointed receiver for 575,000-square-feet of industrial, film production and office space at The Campus at Playa Vista, a new office development in West Los Angeles.

Encumbered by an $155 million defaulted loan, the property — which is on 56 acres and includes an industrial building, four bungalows and ten historically designated buildings built by renowned industrialist/filmmaker/aviator Howard Hughes — is located within Playa Vista, a 1,087-acre master planned community just south of Mariana Del Rey.

In its role as receiver, Trigild assumes responsibility for day to day operations, readying the property for a quick sale and assisting in the disposition process. Phase One of the development — which includes four recently completed office buildings by Tishman Speyer and 15 acres owned by Lincoln Property Development Company — is not included in the receivership.

The portion of the development in receivership has entitlements for approximately 1,875,000 square feet of office, movie production support facilities and sound stage uses. Once home to the famed Hughes Aircraft Company, the buildings in the historic district have no long-term tenancies, but are commonly used by movie studios for film production, shooting and other ancillary activities. The most historically significant building is known as the “Goose” — in fact, Howard Hughes' legendary Spruce Goose airplane was built within this structure and housed here in the 1940s.

According to Bill Hoffman, president of Trigild, his company was selected for the project due to its extensive expertise in serving as receiver for — and marketing for sale — large and complex portfolios for lenders nationwide, and has enlisted CB Richard Ellis to help ensure an efficient sale.

Headquartered in San Diego with regional offices throughout the country, Trigild manages 150 real estate assets representing over three billion dollars of assets. The company has more than 30 years of expertise in managing a wide array of commercial real estate assets and operating businesses, specializing in turnaround management and repositioning of troubled properties -- combining receivership, operations management, and disposition services under one roof for maximum loan recovery. Trigild is located at 12707 High Bluff Drive, Suite 300, San Diego, 92130. For further information, visit www.trigild.com.

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