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A steel and glass office building on the east side of Long Beach just sold for nearly $26 million, according to a source familiar with the transaction. The nearly 120,000-square-foot property called Park Tower was purchased by Anaheim-based Milan Capital Management from Bahrain-based Investcorp Bank B.S.C. The sale translates to just under $218 a square foot.
Hostess Brands co-owner Daren Metropoulos has purchased the Playboy Mansion for $100 million, he said in a statement. The deal, which allows 90-year-old Playboy Enterprises Inc. founder Hugh Hefner to spend the rest of his life living in the storied Holmby Hills estate, closed $100 million below the asking price, but likely marks a record home sale for Los Angeles.
When Gladstone’s lease expires in October 2017, the Pacific Palisades beachside restaurant may be eligible to snag a four-decade lease that would encourage investors to put up millions in renovation funds.
A West Adams retail center built in 1924 sold for $6.6 million, or $295 a square foot, to a buyer who plans to convert the 22,400-square-foot site into a senior day care center.
Ares Management revenue jumped to $304 million, Colony Capital Inc. had solid quarter ahead of merger, Aecom rebounded with earnings, and Jacobs Engineering Group Inc. held steady with revenue.
REAL ESTATE: Developers tap hipster haven for projects.
Developers hope downtown’s blossoming Arts District works as a home for office properties.
Google sees big office space opportunity in former residence of Spruce Goose
Google advances plans to relaunch the former Spruce Goose hangar as a massive office space.
ACQUISITION: Storefront buyer plans to shift gears to restaurant or retail site.
Across from the chic Melisse restaurant on Wilshire Boulevard in Santa Monica, a 23,500-square-foot property just traded hands for $16 million, or $680 a square foot.
Across from the acclaimed Melisse restaurant on Wilshire Boulevard in Santa Monica, a 23,500-square-foot property just traded hands for $16 million, or about $680 a square foot.
MWest Holdings of Sherman Oaks purchased the 170-unit Park Wilshire apartment in Westlake for $27.4 million and plans a $1 million renovation of the 92-year-old site near MacArthur Park.
Lightstone Group is moving forward with plans to build a $450 million hotel with 1,100 rooms across from the Convention Center. The New York developer recently submitted its application to city planners for a Gensler-designed project of two towers, one of 40 stories and the other of 28, which would be run by three hotel brands.
A pair of Playa Vista offices built during the bottom of the market in 2009 are slated to sell for $425.8 million, or $850 a square foot, according to a source working in the market. The buyer expected to pick up the silvery buildings on Bluff Creek Drive from JP Morgan Chase & Co. is Edward J. Minskoff Equities of New York. A representative at Minskoff declined to comment. JP Morgan, represented by Eastdil Secured, could not immediately be reached.
HOSPITALITY: Demand for rooms near Convention Center spurs large project.
Lightstone Group is moving forward with plans to build a $450 million hotel with 1,100 rooms across from the Convention Center.
The Los Angeles Clippers could be moving out of downtown’s Staples Center once their current lease expires in June 2024, ESPN reported Wednesday.
REAL ESTATE: El Camp’s founder Eric Johnson sees strength in sector focus.
Founder of co-working space El Camp still sees ad industry focus as a plus.