Los Angeles Business Journal

LA BUSINESS JOURNAL DAILY NEWS

Miracle Mile Office Tower Trades for $150 Million

A joint venture of San Francisco’s Swig Co. and Boston’s Intercontinental Real Estate Corp. has purchased 6300 Wilshire Blvd. in the Miracle Mile in a $150 million deal, or roughly $371 a square foot.

HelloTech’s College Kids Explain Wi-Fi to the Over-40 Set

Staffed by college techies, HelloTech wants to serve up older generations with tech support and the latest and greatest in technology.

City to Property Owners: Fix Your Own Sidewalks

The City of Los Angeles has taken on the responsibility for repairing sidewalks buckling under the force of tree roots for more than 40 years, but that may change soon.

Suicide Concerns Dissolve Amgen Partnership

Amgen Inc. will end a partnership to develop a drug for psoriasis because it could face restrictive labeling due to concerns from regulatory agencies that it might lead to suicidal thoughts.

Tuesday Rundown: Hot Topic Buys Geeknet, Legion Partners Claims Victory, 99 Cents Chief Resigns

City of Industry teen retailer Hot Topic Inc. announced Tuesday that it has agreed to buy Geeknet Inc. in Fairfax, Va. for $122 million in cash and stock.

Who’s On Adweek’s New Power List?

Adweek has unveiled its first ever Power List, ranking the 100 most influential, innovative and effective leaders controlling media, marketing and technology.

Buzzfeed Inks Hollywood Office Deal in Ongoing L.A. Expansion

Buzzfeed, a New York media and entertainment company, has moved some of its employees into the Sunset Media Center in Hollywood as it expands its L.A. team.

'Tomorrowland': Disney Money Loser?

“Tomorrowland, the sci-fi action adventure movie from Walt Disney Co., was the highest grossing film over the Memorial Day weekend, but that may not mean much given the lackluster box office take over the holiday.

Stocks Down; MannKind Climbs, Nova LifeStyle Falls

The Dow Jones industrial average fell 190 points in Tuesday trading to close at 18,042. The S&P 500 fell 22 points to 2,104. The Nasdaq fell 57 points to 5,033. The LABJ Stock Index fell two points to 232. Gainers and Losers: Tuesday’s biggest local gainer was Valencia diabetes drug developer MannKind Corp. Shares rose six percent on the day, closing at $4.81. Shares have been climbing since an analysts’ report suggested doctors might prescribe Afrezza, the company’s inhalable insulin treatment, at rates higher than initially expected. Tuesday’s biggest loser was Commerce furniture designer and manufacturer Nova LifeStyle Inc. Shares fell 15 percent on the day, closing at $2.83 and continuing what’s been a volatile six months for the company’s stock.

L.A. Launch List: May 22

A weekly roundup of L.A. tech company and product launches.

L.A. Tech Deal Flow: May 22

A weekly roundup of must-read L.A. tech investments and acquisitions.

Mattel Inks Deal for Mobile Games Based on Its Characters

In a move to link more of its traditional toys to technology, El Segundo toy maker Mattel Inc. has struck a deal with Hong Kong mobile games developer Animoca to create games based on the toy company’s brands.

Dockworkers, Employers OK Contract

Importers and exporters whose business depends on the L.A.’s twin ports and other West Coast harbors can breathe a sigh of relief: A tentative labor contract, reached in late February between dockworkers and terminal operators after months of work slowdowns and near gridlock, has been approved by both sides.

Holiday Weekend Travel Up, Summer Travel Expected to Climb

If you’re traveling this weekend, you may want to get to Los Angeles International Airport early.

NoHo Commons Retail Center Sells for $43 Million

The NoHo Commons retail center, a seminal North Hollywood development, has been acquired by an Orange County investment firm for $43 million, or about $681 a square foot, according to real estate data provider CoStar Group Inc.

E.U. Panel Backs Amgen Cholesterol Drug

Amgen Inc. announced Friday that a European Union committee has recommended approval of its drug Repatha to treat high cholesterol.

PE Roundup: Private Equity Deals Announced This Week

Beverly Hills firm Levine Leichtman Capital Partners announced Wednesday that it has made an investment in Tampa, Fla., foam manufacturer Allied Aerofoam Products. Terms of the deal were not disclosed.

MannKind, Qualstar Among Week’s Big Movers

The Los Angeles Business Journal’s index of the largest local public companies rose slightly for the week. The weighted LABJ index rose less than 1 percent to close at 234, with gainers outpacing losers 88 to 61. Seven companies closed the week unchanged.

Stocks Fall

The Dow Jones industrial average fell 54 points in Friday trading to close at 18,232. The S&P 500 fell five points to 2,126. The Nasdaq fell one point to 5,089. The LABJ Stock Index was flat at 234.

County Unemployment Holds Steady Amid Modest Job Gains

L.A. County’s unemployment rate was unchanged in April at 7.6 percent amid modest job gains that left the county just short of its all-time payroll jobs peak, state figures released Friday show.