Play from here - Menu option fails for PIE

The PIE menu option of “Play from here”, using the 3rd person project, fails. Following is the log

LogEditorViewport: Clicking on Actor (context menu): StaticMeshActor (Floor)
LogBlueprintUserMessages: Early PlayInEditor Detection: Level ‘/Game/ThirdPersonCPP/Maps/ThirdPersonExampleMap.ThirdPersonExampleMap:PersistentLevel’ has LevelScriptBlueprint ‘/Game/ThirdPersonCPP/Maps/ThirdPersonExampleMap.ThirdPersonExampleMap:PersistentLevel.ThirdPersonExampleMap’ with GeneratedClass ‘/Game/ThirdPersonCPP/Maps/ThirdPersonExampleMap.ThirdPersonExampleMap_C’ with ClassGeneratedBy ‘/Game/ThirdPersonCPP/Maps/ThirdPersonExampleMap.ThirdPersonExampleMap:PersistentLevel.ThirdPersonExampleMap’
LogPlayLevel: PlayLevel: No blueprints needed recompiling
PIE: New page: PIE session: ThirdPersonExampleMap (Dec 2, 2015, 6:41:40 AM)
LogPlayLevel: Creating play world package: /Game/ThirdPersonCPP/Maps/UEDPIE_0_ThirdPersonExampleMap
LogPlayLevel: PIE: StaticDuplicateObject took: (0.037343s)
LogAIModule: Creating AISystem for world ThirdPersonExampleMap
LogPlayLevel: PIE: World Init took: (0.003430s)
LogPlayLevel: PIE: Created PIE world by copying editor world from /Game/ThirdPersonCPP/Maps/ThirdPersonExampleMap.ThirdPersonExampleMap to /Game/ThirdPersonCPP/Maps/UEDPIE_0_ThirdPersonExampleMap.ThirdPersonExampleMap (0.041563s)
LogInit: XAudio2 using ‘Speakers (VIA High Definition Audio)’ : 2 channels at 48 kHz using 32 bits per sample (channel mask 0x3)
LogInit: FAudioDevice initialized.
LogWorld: Game class is ‘test2E410GameMode’
LogWorld: Bringing World /Game/ThirdPersonCPP/Maps/UEDPIE_0_ThirdPersonExampleMap.ThirdPersonExampleMap up for play (max tick rate 0) at 2015.12.02-13.41.40
LogActor:Warning: GameSession /Game/ThirdPersonCPP/Maps/UEDPIE_0_ThirdPersonExampleMap.ThirdPersonExampleMap:PersistentLevel.GameSession_1 has natively added scene component(s), but none of them were set as the actor’s RootComponent - picking one arbitrarily
LogActor:Warning: GameNetworkManager /Game/ThirdPersonCPP/Maps/UEDPIE_0_ThirdPersonExampleMap.ThirdPersonExampleMap:PersistentLevel.GameNetworkManager_1 has natively added scene component(s), but none of them were set as the actor’s RootComponent - picking one arbitrarily
LogWorld: Bringing up level for play took: 0.017935
PIE: Info Play in editor start time for /Game/ThirdPersonCPP/Maps/UEDPIE_0_ThirdPersonExampleMap 0.642
LogBlueprintUserMessages: Late PlayInEditor Detection: Level ‘/Game/ThirdPersonCPP/Maps/ThirdPersonExampleMap.ThirdPersonExampleMap:PersistentLevel’ has LevelScriptBlueprint ‘/Game/ThirdPersonCPP/Maps/ThirdPersonExampleMap.ThirdPersonExampleMap:PersistentLevel.ThirdPersonExampleMap’ with GeneratedClass ‘/Game/ThirdPersonCPP/Maps/ThirdPersonExampleMap.ThirdPersonExampleMap_C’ with ClassGeneratedBy ‘/Game/ThirdPersonCPP/Maps/ThirdPersonExampleMap.ThirdPersonExampleMap:PersistentLevel.ThirdPersonExampleMap’

The only thing done after creating the project was to build it.