Los Angeles Business Journal

Burbank Tower Comes Up Short

REAL ESTATE: Building left by Disney grabbed for low price.

A 32-story tower in the heart of Burbank’s media district – the tallest office building in its market – is expected to trade hands this week in a deal many consider a steal.

Burbank Tower Coming Up Short

A 32-story tower in the heart of Burbank’s media district – the tallest office building in its market – is expected to trade hands next week in a deal many consider a steal.

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Tide Finally Turns In San Pedro for Residential Project

DEVELOPMENT: Long-stalled residential project at a former Navy housing complex sets sail in San Pedro.

A long-stalled 61-acre residential project in San Pedro has been given the go-ahead by the Los Angeles City Council, paving the way for work to begin on one of the largest infill residential developments in the city.

Westside Property Owner Moves Into Koreatown

ACQUISITION: Roberts pays hefty $22.6 million for apartment building.

Koreatown, an affordable residential market for downtown L.A. and Hollywood office workers, has lately proved hot for multifamily investors.

Large San Pedro Development Approved

An expansive residential development project in San Pedro nearly 10 years in the making gained final city approval today.

Tower Developer Set to Take Run At Miracle Mile

REAL ESTATE: Developer Jerry Snyder is preparing to go the distance on a new office tower for Miracle Mile.

Surprise Proposal at Recovery Site

A few weeks ago, Ray Adamyk, 52, hosted a ribbon-cutting ceremony for a historic home in La Verne that his Pomona company, Spectra Co., worked to renovate and restore.

Manhattan Beach Brokerage a Luxury Purchase

ACQUISITION: Shorewood buy offers Herman Group access to wealthy clients.

South Bay residential real estate brokerage Shorewood Realtors Inc. has been acquired by Denver real estate holding company Herman Group for an undisclosed price.

Developer Evoq Properties Considering Sale of Business

Downtown L.A. developer Evoq Properties Inc. announced today that it was exploring “strategic alternatives,” including a possible sale of the company.

Shorewood Realtors Sold to Denver Investor

South Bay residential real estate brokerage Shorewood Realtors Inc. has been acquired by Denver real estate holding company Herman Group for an undisclosed price.

Historic High-Rise Reaches Top Sustainability Level

REAL ESTATE: Pac Mutual rated Platinum after Rising’s $25 million renovation.

REAL ESTATE – Rising Realty’s $25 million renovation takes Pac Mutual to top of sustainability scale.

Serial Seller May Be Picking Up Purchasing Pace

ACQUISITION: $50 million property deal Jamison’s biggest since 2008.

After a year spent selling more properties than it acquired, Jamison Services Inc. seems to be back in buying mode.

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Building Interest

Investor moves crowdfunding model into real estate

It may have seemed unremarkable when Beverly Hills real estate company Realty Mogul Co. invested in five Baldwin Hills apartment buildings last month in deals that totaled $15 million. But it was remarkable because of this: They were financed through crowdfunding.

Historic Pasadena Site Touts Creative Appeal

LISTING: Disney Store’s lease may boost sale price of former laundry building.

The three-building creative office complex in Pasadena that is home to Disney Store’s western region headquarters was put up for sale earlier this month.

Deal For Building Sign Looking Up

Developer expects to get rise out of buyers for Hollywood space.

REAL ESTATE: Owner of building-side ad space in Hollywood expects a few bidders to sign up for property.

Playa Vista In Home Stretch

Real Estate: Developers launch the project’s final phase.

REAL ESTATE: Developers home in on Phase 2’s range of residential projects in Playa Vista.

Former Star-News Building Turning the Page

REAL ESTATE: Beaux arts property in Pasadena bought for $16.5 million.

The historic beaux arts building that once housed the Pasadena Star-News was sold last week in a bankruptcy auction for more than $16.5 million.

Kilroy Earnings Beat Analysts’ Expectations

Kilroy Realty Corp. yesterday reported earnings that rose in concert with the overall improvement to the commercial real estate market.

Kilroy Purchases Hollywood Film Academy Site for $46 Million

West L.A. real estate company Kilroy Realty Corp. announced today it had purchased a four-acre development site in Hollywood from the Academy of Motion Pictures Arts and Sciences for $46 million. The off-market deal closed in November.

Westwood Takes Constructive Approach to Change

SPECIAL REPORT: Real Estate Quarterly

Westwood Village residents and business groups, particularly those who remember its glory days, have a lot of pride in their neighborhood.

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Doughnut Company Sees Holes to Fill in SoCal

Food: Krispy Kreme’s area franchisee plans to open 20 shops in next seven years.

Krispy Kreme plans to go hole hog in Southern California with 20 new stores.

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Re-Digging Westwood

REAL ESTATE QUARTERLY: Developers’ ground-up and renovation projects aim to draw crowds back to village.

Developers launch projects to rebuild Westwood Village’s appeal as a destination.

Pre-Sales Spark Start of Industrial Developments

Construction: Lack of Class-A space, tight market spur Vernon groundbreaking.

Housing: December home and sales in L.A. County by ZIP code.

Dallas Duo Lassoes Fourth Santa Monica Building

Acquisition: Lincoln and Centennial buy Promenade property for $20.3 million.

Santa Monica’s Third Street Promenade, a top destination for tourists visiting the region, seems to hold a similar allure to out-of-town investors.

High Lease Rates Drew Big Interest From Bidders

Real Estate: Invesco arm buys five-building office campus for $100 milllion.

Real Estate: Institutional investor scoops up Westlake Village office property with high lease rates.

High Riser

Jim Thomas went from a small North Carolina town to shaping L.A.’s skyline as a real estate developer.

Interview – Jim Thomas’ towering real estate career includes developing some of downtown L.A.’ s landmark buildings

West L.A. Campus Sale Reflects Market’s Appeal

Real Estate: Hines shells out $506 million for Howard Hughes Center.

Real Estate: Hines’ $506 million deal for the Howard Hughes Center shows L.A.’s market can be an asset for outside investors.

City of Bell Rings Up Blockbuster Land Deal

Sale: Developer pays $44 million for 39 acres of undeveloped property.

In the largest land deal in central Los Angeles in more than a decade, the city of Bell has sold 39 acres of undeveloped property along the 710 freeway to Long Beach developer Pacific Industrial for more than $44 million.

Howard Hughes Center Sold for $506 Million

Hines Real Estate Investment Trust Inc. of Houston agreed last week to buy the expansive Howard Hughes Center in Marina del Rey for $506 million.

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Opened House

Path to first Santa Monica B&B took five years, $2.8 million

Santa Monica welcomes its first bed-and-breakfast after a five-year struggle for the property’s owners.

Rehab Hospital Plan Resuscitates Ailing Property

Lease: Deal between UCLA, Cedars marks revival of medical market.

A major lease deal co-signed by longtime medical rivals Cedars-Sinai Medical Center and UCLA Health System last week might indicate that the health care real estate market is back on track after years of uncertainty.

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Branching Out

Live-tree firm sprouts elsewhere after billionaire buys in

Retail: Living Christmas is growing its tree rental business with a rooting interest from billionaire Mark Cuban.

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Tech Connects To Downtown

REAL ESTATE: City core takes some shine from Silicon Beach.

Real Estate: Software firm Daqri’s lease is another sign downtown L.A. is clicking with tech companies.

Downtown L.A. Center in Bed With Big Brands

Lease: Fig at 7th signs up shops for Victoria’s Secret, Bath & Body Works.

Downtown Los Angeles will soon make way for lotion and lingerie.

Landmark Boyle Heights Sears Building Is Sold

After more than six years of headaches and false starts, Santa Monica real estate company MJW Investments finally sold the historic Sears Roebuck & Co. tower in Boyle Heights.

Miracle Mile’s Moving Media

REAL ESTATE: Area’s older buildings lose pull with sector.

Real Estate: Miracle Mile landlords may need to go to greater lengths to hold on to their media company tenants.

City of Industry Tailor Fit for Apparel Company

REAL ESTATE: Michael Kors expands, takes bulk of Gateway Pointe facility.

New York fashion company Michael Kors Holdings Ltd., whose namesake designer creates and sells high-end women’s and men’s apparel and accessories, has expanded in the City of Industry.

Hard Knocks For Homebuilder

Construction: Stock of Ryland falls after tough feedback from analysts

Construction: Investors move out of Ryland stock after the homebuilder’s revenue fails to meet expectations.

Riot Games to Move Headquarters

After coming close to a deal for 300,000 square feet in Playa Vista earlier this year, the growing tech company switched gears and has signed a 15-year lease for 284,000 square feet at Element LA, a project by West L.A. real estate company Hudson Pacific Properties Inc. at Olympic Boulevard and Bundy Drive.

Beverly Hills Retail Properties Rich With Appeal

REAL ESTATE: RREEF pays $35.5 million for pair of North Beverly buildings.

Rodeo Drive might be the toniest shopping district in Beverly Hills, but lately it’s nearby North Beverly Drive that has investors and tenants clamoring for space.

Meet Broker and Crime Fighter

At the end of a long work week, broker Carter Magnin doesn’t unwind with his fellow real estate buddies by going to the latest hot restaurant or bar.

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Getting Back On Track

New team takes wheel at raceway

Racing: New management team looks to revive Irwindale auto track after it had been driven into the ground.

Architects Have Cross to Bear

Two firms will team up to prepare Crystal Cathedral for Catholic ceremonies.

Two architecture firms meet at the alter in the change-over of the evangelical Crystal Cathedral to a Catholic church.

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New York Investor Sold on West Hollywood Retail

ACQUISITION: Thor buys Robertson Boulevard site in $27 million deal.

A major New York landlord is paying top dollar to make inroads in L.A.’s retail real estate.

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Culver City Surge


Culver City got projects moving in part by focusing on its transportation advantages such as a Metro line stop.

Fashion Forward

REAL ESTATE: Urban Outfitters lease lifts retailers’ morale in Westwood Village.

Urban Outfitters’ double-lease deal raises hopes that Westwood Village is back in fashion.

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Room for Parking Takes Lots of Focus in Projects


Parking space remains a driving issue for developers.

Big Apple Business Plucks Downtown Portfolio

ACQUISITION: Deal for MPG expands Brookfield’s Class A holdings in market.

New Yorkers this week will hold the keys to a huge chunk of the office space in downtown Los Angeles.

Headphones Maker Sounds Out Culver City Move

LEASE: Beats Electronics to leave Santa Monica for Hayden Tract space.

Audio equipment company Beats Electronics, which sells high-end headphones branded by rapper and music producer Dr. Dre, will move its headquarters from Santa Monica to Culver City next year.

NY Firm Buys Stake in One California Plaza for $295 Million

New York real estate firm Madison International Realty announced Wednesday that it had purchased a 49 percent interest in One California Plaza, a 42-story office tower at 300 S. Grand Ave. in downtown Los Angeles.