Los Angeles Business Journal

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.

Santa Monica Apartment Building Trades at Peak Price

A 60-unit apartment complex just five blocks from the beach in Santa Monica sold recently for $26.5 million, or nearly $442,000 a unit.

InterContinental Will Operate New Wilshire Grand Hotel

British hospitality company InterContinental Hotels Group announced Tuesday that it would operate the hotel atop the $1.1 billion Wilshire Grand project in downtown Los Angeles.

Zealot Networks Leases Former Ray Bradbury Home

Danny Zappin, co-founder and former chief executive of Maker Studios Inc., has cinched coveted creative space in Venice for a fledgling digital media studio.

Healthy Snack Maker Sweet on Southern California

FOOD: Popchips to ditch San Francisco headquarters for Playa Vista building.

San Francisco healthy snack maker Popchips has new Playa Vista headquarters in the bag.

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Chinese Investor Makes Move on Burbank Media

ACQUISITION: Property aimed at entertainment tenants sells for $22 million.

Burbank Civic Plaza, a Class A office building in the city’s civic center, has sold to a Chinese investment group for $22 million, or about $287 a square foot.

Law of Jungle in Action

Mark Robinson knew when he embarked on an African safari this summer with his wife, Pamela, that he’d get to see all kinds of wildlife up close. But the executive director of Cushman & Wakefield’s Century City real estate brokerage never imagined just how close.

Sunset Complex Sells for Big Bucks

A Sunset Boulevard apartment building with 183 units has sold for $92.7 million, about $507,000 a unit.

Pershing Square Overhaul Gets $2 Million Boost

Efforts to overhaul Pershing Square, a five-acre urban park spanning a full city block in the heart of downtown Los Angeles, got a major boost Wednesday when a San Francisco real estate developer and the city together pledged $2 million to its revitalization.

Chinese Investment Group Sets Flag in Burbank

Burbank Civic Plaza, a Class A office building in the city’s civic center, has sold to a Chinese investment group for $22 million, or about $287 a square foot.

Popchips to Move Headquarters to Los Angeles

San Francisco snack food manufacturer Popchips Inc. will move its headquarters to Playa Vista next month.

Downtown Investor Caught in Laundering Sweep

A downtown L.A. investor who recently purchased a prominent South Park development site was among those arrested last week when federal agents raided the Fashion District in connection with an alleged money-laundering scheme for international drug cartels.

USC Embarks on Major Expansion

With the demolition of its outdated University Village complete, USC was expected to formally break ground Monday on the $650 million first phase of its $1.1 billion two-phase master-planned Village at USC.

Will That Monet Fade Away?

Conservation specialist devises index to assess risk for collectors.

Emily MacDonald-Korth’s index system lets collectors frame the value of paintings and other works.

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Carwash Buyer Arrested for Money-Laundering

LEGAL: Investor among group accused in alleged drug cartel scheme.

A downtown L.A. investor who recently purchased a prominent South Park development site was among those arrested last week when federal agents raided the Fashion District in connection with an alleged money-laundering scheme for international drug cartels.

Taking Stand for History

Affordable housing project preserves Fatburger’s first spot.

Affordable housing project made preserving the first Fatburger stand a main ingredient.

Carwash Buyer Arrested for Money-Laundering

A downtown L.A. investor who recently purchased a prominent South Park development site was among those arrested last week when federal agents raided the Fashion District in connection with an alleged money-laundering scheme for international drug cartels.

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Redondo Pursues Tourist Beach Head

Development: City fights wave of resistance to waterfront projects.

Development: Redondo Beach still works to shore up its waterfront despite some local activists making waves.

Hotel Developer Welcomes Hospitality Tenant

Real Estate: DDR reaches deal for Hyatt to handle future property in Pasadena.

A developer with plans to build a hotel on the site of what used to be a Macy’s department store at the Paseo Colorado retail center in Pasadena has signed a major hospitality tenant in advance of construction.

Who’s Who in Real Estate: Gregory J. Karns

Gregory J. Karns began practicing real estate law more than three decades ago, and for most of that time he has worked almost exclusively with investors and lenders from Asia, particularly China.

Who’s Who in Real Estate: Bill Nan Zhou, Feng Feng

When a delegation of real estate professionals from China came to the United States a little over a year ago to tour major gateway cities for investment opportunities, longtime Southern California business buddies Bill Nan Zhou and Feng Feng helped pave the way.

Who’s Who in Real Estate: Laurie Lustig-Bower

Laurie Lustig-Bower has spent 26 years working in real estate in Los Angeles, with a focus on multifamily properties and developable land with entitlements for condominium projects and apartment buildings.

Museum Tenant May Leave Oil HQ High, Dry

LISTING: Oxy deal to sell to Hammer in 2021 likely to scare off investors.

Six months after announcing a move to Houston, oil company Occidental Petroleum Corp. has put its Westwood headquarters building on the market.

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Mainland Buyers Shore Up Business

Eddy Chao has been advising Chinese real estate investors for more than 30 years.

Who’s Who in Real Estate: Richard Alter

Richard Alter has been sourcing real estate deals for Chinese investors for more than two decades, working closely with Asia Pacific Capital Co.’s Eddy Chao.

Architect Drawn To Business Side

After less than a year in Los Angeles, I-Fei Chang has already established a reputation for the incredible scale and speed of her work.

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.

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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.

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.

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.

‘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.

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.

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.

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.

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.

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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.

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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.

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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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.

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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.

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.