Los Angeles Business Journal


Recent and archived news stories on: Apartments, Architecture, Brokers, Construction, Housing, Mortgages, Offices, Property Management, Realtors...

Paley Center Site Draws Top Dollar

The Paley Center for Media property sold last week for the highest off-Rodeo Drive price paid for a Beverly Hills retail property since 2007.

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Popular Brentwood Retail Site Trades for $25 Million

A 12,000-square-foot retail building along a busy stretch of San Vicente in Brentwood sold last month for about $25 million, or more than $2,084 a square foot.

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Douglas Emmett Picks Up Carthay Office Property

Carthay Campus, a two-building Class A office campus in Carthay Circle, sold for $75.3 million, or about $351 a square foot.

Marketing Firm Trailer Park Settles Down in Hollywood

Entertainment marketing agency Trailer Park, which specializes in creating trailers for motion pictures, including for recent films such as “The Judge,” “Guardians of the Galaxy” and “Godzilla,” has expanded its commitment to Hollywood.

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American Realty Advisors Acquires Millennium Del Rey

Glendale real estate investment management company American Realty Advisors has acquired the Millennium Del Rey, a 196-unit apartment community in Playa del Rey, in a deal valued at nearly $100 million.

Stinking Rose Site Sold, May Bloom Anew

The site housing Beverly Hills’ famed Stinking Rose restaurant might bloom into something bigger.

Big Law, Big Lease

While the theme struck in downtown Los Angeles has been that most professional firms are contracting and putting more space back on the market, one firm is bucking the trend.

Home Sales Up

Southern California home sales inched up to a five-year high for September as prices have begun to stabilize, according to a report released Monday.

Large Inglewood Residential Redevelopment Moving Ahead

When Inglewood announced last week that it had chosen five developers to compete for a bid to build a transit-oriented project near the site of a future Metro light-rail stop, it put a big emphasis on housing.

Downtown’s Aon Tower Sold to San Francisco Firm

San Francisco’s Shorenstein Properties, a private real estate investment firm and fund sponsor confirmed on Friday the purchase of the Aon Center in downtown Los Angeles for $270 million. The 1.1 million square-foot tower at 707 Wilshire Boulevard is the second tallest building in Los Angeles.

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Feds Take Malibu Mansion, Michael Jackson Memorabilia From African Kleptocrat

The Second Vice President of the Republic of Equatorial Guinea, Teodoro Nguema Obiang Mangue, has agreed to forfeit his Malibu Mansion and other assets purchased with corruption proceeds as part of a settlement with the Department of Justice. The settlement forces him to relinquish assets worth an estimated $30 million and prevents him from hiding other stolen money in the United States.

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Chinese Investors Pay Premium for Pasadena Office

A private investor group from China last week paid a premium to buy a 90-year-old Pasadena office property in the city’s historic Old Pasadena district.

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Canadian Developer Flips Venice Apts for $18 Million

The recently completed 19-unit multifamily property at 13365 W. Washington Blvd. in Venice, known as Landmark 19, was sold to a pair of undisclosed investors out of Beverly Hills. The partners bought the 30,500-square-foot building from Canadian developer Bastion Development Corp., which had marketed the property for just shy of $18 million, or nearly $950,000 a unit.

‘Uniformly Flat’ L.A. Skyline Could Take Different Shape

Los Angeles will no longer require tall buildings in the city to have flat roofs and helipads, a change that means the city’s skyline could one day include the kind of narrow tops and grand spires seen in other big cities.

Deal Price for Tower Takes Elevator to Top Floor

In one of the priciest downtown L.A. office deals since the recession, real estate investment management company Cornerstone Real Estate Advisers has negotiated to buy the tower at 801 S. Figueroa St. for about $175 million, according to sources familiar with the transaction.