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Office vacancy rates in Los Angeles County tightened slightly in the second quarter, with rental rates reaching record peaks.
The future of Japanese restaurant Yamashiro in Hollywood is looking brighter following a period of flux after the property sold to a Chinese hotel company. The eatery recently reopened under new management by companies Boulevard Nightlife Group and Sugar Factory, which are planning upgrades to the space and the menu.
PCL Construction renovates restroom for Skid Row institution.
PCL Construction gives, and Los Angeles Mission receives, a new restroom.
Woo hopes to convert spare room at store into space for artists.
Design studio and boutique Woo pitches shop space as home for artistic pursuits.
ACQUISITION: ArcWest’s deal for historic Chapman site valued at $53 million.
Seizing on Chapman Plaza’s appeal as a hip dining and nightlife scene, ArcWest Partners has purchased the Spanish revival-style marketplace in Mid-Wilshire.
Anschutz Entertainment Group is abandoning plans to build a 755-room hotel next to its Ritz-Carlton and J.W. Marriott tower at downtown’s L.A. Live. The move comes as AEG claims that a planned 1,000-room hotel to be developed by the city across the street infringes on its property rights.
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.