Los Angeles Business Journal

Downtown L.A. Landmark Gets New Owners

Transaction: Broadway Trade Center bought by pair of New York investors.

The historic Broadway Trade Center building in downtown Los Angeles was sold last week to a pair of New York investors.

Taking Top Honors After Sub Mission

Mike Margolis drove down to San Diego with his family earlier this month to cheer on his oldest son, 18-year-old James Wu, who was participating in an unusual event: an international robo-sub competition.

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Tower Buyer Orders Up Tall One in Downtown

ACQUISITION: Suitor to pay $270 million for L.A.’s second-highest building.

Aon Center, the second-tallest building in Los Angeles – and the state – is close to being sold for about $270 million.

Buyer Makes Triple Play for Office Properties

ACQUISITION: Rockefeller pays $210 million for three buildings in Beverly Hills.

A portfolio of three prominent Beverly Hills office buildings – UTA Plaza and its neighbor the Ice House – was sold late last month for $210 million, or about $910 a square foot, according to a real estate source with knowledge of the deal.

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Tenant Apple Shines in Deal

REAL ESTATE: Retail box sells for record $100 million.

Core value of Apple’s Third Street Promenade shop produces record $100 million deal.

Tenant Apple Shines in Deal

The global appeal of Santa Monica’s Third Street Promenade and the cachet associated with Cupertino tech giant Apple Inc. has made for another jaw-dropping real estate deal.

Chinese Investment Group Buys South Park Hotel

Shenzhen Hazens Real Estate Group Co., one of the largest development companies in China, has purchased the Luxe City Center Hotel and two adjacent parcels for $105 million.

SpaceX Headquarters Sold for Nearly $47 Million

A New Jersey real estate investment trust announced today that it has purchased the Hawthorne headquarters building of Elon Musk’s Space Exploration Technologies Corp., also known as SpaceX, for $46.7 million.

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Building Friction

DEVELOPMENT: Some residents say Arts District’s character at risk from new apartment, loft projects.

Arts District residential projects receive less than neighborly welcome from locals.

Dallas Buyer Dials Up Burbank Media Tower

ACQUISITION: Granite shells out $49 million to pick up second L.A. building.

Legacy Media Tower, a 10-story Class A office building in the heart of Burbank’s Media Center District, sold last week for $49 million, or about $335 a square foot, according to real estate sources.

‘Creative’ Space Debate Out in Open

Survey says popular floor plan not working for all businesses.

“Creative” office solution might be lacking as some question the value of open-floor plans.

TrueCar Inc. Moving to New Santa Monica Offices

Online car sales platform TrueCar Inc. announced that it will move its headquarters to 1401 Ocean Ave. from 120 Broadway, expanding its Santa Monica headquarters presence.

Upscale Co-Working Space NeueHouse Leases at Columbia Square

West L.A. real estate company Kilroy Realty Corp. said today that NeueHouse, New York’s stylish members-only coworking space, signed a 15-year lease for 93,000 square feet at Columbia Square, a $400 million mixed-use project in Hollywood on the site of a former CBS broadcast studio.

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Hotel Buyers Check In With Pricey Purchase

ACQUiSITION: $65 million for Figueroa could be per- room record for downtown.

The Figueroa Hotel, an eclectic tourist haven that has been a fixture in downtown Los Angeles since the late 1920s, has been sold for $65 million, according to sources with knowledge of the deal.

Office Properties by LAX Take Off With Investors

REAL ESTATE: Continental Tower goes for $98 million in most recent deal.

Desire takes off for headquarters properties near airport.

Mother’s Helper

Five years ago, Mother Co. founder and Chief Executive Abbie Schiller, 42, and her family decided to move in with her parents at her childhood home in Pacific Palisades to keep her then-fledgling children’s entertainment startup above water.

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Industrial Strength?

Tenants, buyers have few options as lack of land limits projects to ease tight market.

Dearth of developable land grounds L.A.’s industrial market as rents soar.

Industrial Projects Make Room for Office Space

Interest builds in industrial properties willing to share room with office space.

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Home Field

After post-college graduation break, Jeff Hyland found his niche as broker of L.A.’s biggest estates.

Broker Jeff Hyland has made a home for himself in L.A.’s high-end residential brokerage industry.

Music Company Still in Tune With Santa Monica

LEASE: Universal renews for 10 years in transaction valued at $100 million.

Universal Music Group, the largest music company in the world, has committed to keep its global headquarters in Santa Monica.

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Casden Lets Go of Hard-Won Westwood Property

SALE: Palazzo deal latest fallout from developer’s split with ex-partner Cerberus.

Beverly Hills developer Alan Casden, who in recent years has struggled to hold on to a diminishing real estate portfolio, has sold one of his most prized remaining properties.

Playa Vista’s Latitude Office Property Trades for $132 Million

ASB Real Estate Investments said today that it had sold Latitude 34, a prominent but vacant Playa Vista 300,000-square-foot office complex, for $132.7 million.

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Developer to Shed Property as He Scales Tower

REAL ESTATE: Plaza deal comes as Kambiz Hekmat ramps up Westwood project.

Developer sheds Westwood property as he looks to build support for the area’s tallest tower.

AEG Scoops Up Downtown Office Space Whole

LEASE: Former Desmond property offers chance to consolidate outposts.

Downtown L.A. entertainment giant Anschutz Entertainment Group signed a lease last week for the entire office portion of the historic five-story Desmond building in downtown’s South Park district, according to real estate sources.

Goal Was to Have Fun So They Kept Playing

Swagbucks Chief Executive Chuck Davis, an avid soccer fan, enjoyed this summer’s World Cup in person by heading down to Brazil to catch some games.

Curtain Finally Set to Rise on Hollywood Building

DEVELOPMENT: After years of delays, Jerry Snyder gets Vine Street project going.

After many years of delay, an eight-story office building on Vine Street at Selma Avenue – in the heart of heavy Hollywood development activity – will soon break ground.

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Bidders Quick to Move on Affordable Housing

REAL ESTATE: Subsidized building in Koreatown sells for more than $22 million.

Koreatown building drew many suitors willing to buy into its affordable housing subsidies.

99 Cents Only Relocating Headquarters in Massive Lease

Deep-discount retailer 99 Cents Only Stores Inc. has signed a mammoth lease for 615,000 square feet in the City of Commerce – the largest industrial infill lease ever signed in Los Angeles County.

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Hollywood Site to Be Recast as Apartment Project

DEVELOPMENT: Large mixed-use project set to rise amid boom in construction.

Partners snap up a Hollywood site for $28 million with plan to recast it as a mixed-use project.

Discounter 99 Cents Only Stocks Up on Property

LEASING: Deal for 615,000 square feet in Commerce is L.A.’s largest for infill.

Deep-discount retailer 99 Cents Only Stores Inc. has signed a mammoth lease for 615,000 square feet in the City of Commerce – the largest industrial infill lease ever signed in Los Angeles County.

Music Publisher Cues Up New Office in Valley

LEASE: Universal division consolidates outposts in deal valued at $46.6 million.

The largest music publisher in the world, Santa Monica’s Universal Music Group, signed a long-term lease in Woodland Hills for a whopping 146,600 square feet, the largest nonrenewal lease by square foot signed in the San Fernando Valley this year.

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Flipping Lid

Buyer/fixer-uppers move to higher-priced homes

Investment firms flip for buying and fixing higher-price homes after the lower-price market dried up.

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Buttoning Up

Developer styles Fashion District as new hot spot

Developer looks to tailor downtown L.A.’s Fashion District into a desirable work-live location.

Buyer Makes Second Move on El Segundo Market

ACQUISITION: DivcoWest follows up April deal with $124 million pickup.

DivcoWest has doubled down on its bet on the strength of the El Segundo office market.

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Property Buyer Sees El Segundo Market on Rise

ACQUISITION: DivcoWest shells out $75 million for office-retail complex.

Miracle Mile developer J.H. Snyder Co. has sold a five-building office and retail complex it redeveloped in El Segundo in 2009.

In Presence of Bugatti Greatness

Local attorney and car enthusiast Tim Lappen recently scored the gig of a lifetime: test driving and reviewing a $2.5 million Bugatti roadster.

Electric Cars Tapped For Positive Buzz

Property manager gets down to business with clean-energy fleet.

Property manager Concord Real Estate Services hopes to fuel business by touting its new fleet of electric cars.

U.S. Bank Tower Maintains Identity in Lease Deal

Renewal: Anchor tenant signs for another 10 years in tallest building in the West.

The name atop the tallest skyscraper west of Chicago will remain in place for the next decade.

Condo Broker Bids for TV Fame

Rhett Winchell to sell Glendale residences for HGTV program.

Vet broker Rhett Winchell channels 30 years of experience into auctioning condos for a new HGTV show.

Developer Hopes to Clean Up With Carwash

Acquisition: Ben Neman plans mixed-use tower at site across from L.A. Live.

A family-owned carwash across the street from L.A. Live was sold late last month to a developer who plans to build a mixed-use high-rise in its place.

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Rising Up

REAL ESTATE: Meta Housing to build Vernon’s first private multifamily project, partly in response to corruption questions.

Developer breaks ground on multifamily project designed in part to prevent corruption in Vernon.

Santa Monica Took Step Up With Walking Mall

Development: Leaders came together 25 years ago to construct Promenade.

Santa Monica business and city leaders recall how they stepped up 25 years ago to turn an outdoor mall into the Third Street Promenade.

Marshalling Disaster Efforts

Team Rubicon enlists military veterans to aid in catastrophes.

Team Rubicon deploys military veterans to assist in disaster zones.

Medical Company Has New R/x for Building

ACQUISITION: Buyer shells out $23 million for property; plans makeover.

A 46,000-square-foot, Class B Century City office building is about to get rescuscitated.

Equinox Leases Entire Retail Portion of Hollywood’s Camden Project

Camden Property Trust said today it had signed a 20-year lease with New York fitness club Equinox to take the entire 40,000-square-foot retail component of the Camden, a 287-unit residential project in development on Vine Street at Selma Avenue. The facility will be Equinox’s 15th in Los Angeles County.

New Equity Partner for Downtown’s Pac Mutual Building

Downtown L.A. real estate company Rising Realty Partners announced today that its equity partner in the historic Pac Mutual building, New York investment firm Mount Kellett Capital Management, had sold its stake to Houston pension fund advisor Lionstone Group for an undisclosed price.

Condos Tap Vintage Appeal

Granite Park Place serves private label to push luxury units.

Granite Park Place uncorks a private-label wine to bottle up buyers for its luxury condos.

Investor Group Takes Shine to Westside Market

INVESTMENT: Off-market deal for Brentwood office building hits $39 million.

A six-story Brentwood office building on an up-and-coming stretch of Wilshire Boulevard sold late last month for $39.3 million in an off-market deal.

You’re Going to Ecuador and Coming Back a Star

It wasn’t Hollywood where dreams of stardom came true for Steve Jaffe. It was Guayaquil, Ecuador.

Staging Comeback

Residential, retail developers look to get in on act as Hollywood’s star rises.

Residential and retail developers have taken a leading role in Hollywood’s revival.

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