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Anschutz Entertainment Group announced Tuesday that they are dropping plans for a 755-room high-rise Marriott hotel near Olympic Boulevard, the Los Angeles Times reports. The project came to a halt because of the city’s plans to modernize the convention center and include a 1,000-room on-site hotel, a project that would pose competition to AEG’s entertainment complex L.A. Live.
ACQUISITION: Optimus moves into ‘microunits’ with $2.5 million deal.
Optimus Properties is jumping on the “microunit” trend with its new apartment building. The Century City real estate investment company paid $2.5 million for a Mid-Wilshire building where the 15 units range from 350 to 500 square feet.
Boasting a gaudy valuation north of $17 billion and more daily users than Twitter, Snapchat Inc. is the biggest unicorn on Silicon Beach. It’s also one of the hungriest consumers of real estate. In snapping up leases for offices and residential properties in Venice and Santa Monica, Snapchat is turning its beachside neighborhood into a sprawling urban campus.
Playa Vista’s last mega parcel has sold for $83 million to auto dealer Hooman Nissani who plans to build at least eight dealerships across its nine acres.
HOSPITALITY: PodShare hopes tight space stacks up as business.
PodShare has found room in the temporary residential market with its low-cost shared spaces.
The Los Angeles City Council voted on Tuesday to allow construction of the Palladium Residences, which would bring two 28-story towers with 730 units to Hollywood.
A construction worker fell to his death Thursday afternoon from the 53rd floor of the Wilshire Grand Center in downtown.
Handing a victory to developers, a judge this week overturned a measure enacted last year by Malibu voters to limit retail developments involving chain stores.
CIM Group of Los Angeles appears set to build the tallest residential tower west of the Mississippi River. CIM has closed on a $14.5 million purchase of nearly 2 acres in downtown Austin, Texas, the Austin American-Statesman reports.
Adler Realty Investments Inc. of Woodland Hills has sold a 210,281-square-foot office complex in Long Beach for $35.2 million to a joint venture that aims to convert it to a creative office space.
Westwood’s CityView announced Monday it has sold four multifamily properties in Los Angeles County that it acquired at deep discounts during the downturn. It did not say how much it had paid for the properties, but said it sold them for $141 million. The properties are located in Hollywood, North Hollywood, Covina and La Mirada.
Downtown L.A. real estate giant CBRE Group Inc. is expanding its retail footprint in the Midwest.
A fund formed by San Francisco real estate investment firm Roxborough Group and Santa Monica investment firm Montana Avenue Capital Partners has reeled in a big one.
UCLA has purchased the former headquarters of Occidental Petroleum Corp., which relocated to Houston last year, for $92.5 million.
Capital Group Cos., one of downtown L.A.’s biggest tenants, made a commitment last month to stay at 400 S. Hope St. for 15 more years after its lease runs out in 2018.