Los Angeles Business Journal

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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.

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.

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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.

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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.

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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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.

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.

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.

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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.

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.

Marshalling Disaster Efforts

Team Rubicon enlists military veterans to aid in catastrophes.

Team Rubicon deploys military veterans to assist in disaster zones.

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.

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.

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.

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.

Hotel Developers Check Into Blossoming Scene

Hoteliers are bringing room service to what they see as a growing scene in Hollywood.

Investors Bottle Up Former Coca-Cola Building

acquisition: Duo plans office-retail renovation for downtown Los Angeles.

Commercial property sales are surging in downtown L.A.’s Arts District as more developers and investors see potential in the once heavily industrial area.

McMorrow Makes Gift to USC Marshall

The University of Southern California and its Marshall School of Business announced Tuesday that local real estate executive William J. McMorrow made a substantial gift to the school to establish a global real estate program.

Twitter Wings Way to New Santa Monica Space

LEASE: Social media giant sheds temporary outpost, signs up for five years.

Another major Silicon Valley company is getting serious about Silicon Beach.

Audio Engineering School Sounds Out New Home

LEASE: SAE Institute to move across Hollywood to former Kodak property.

February home and condo sales in Los Angeles County by ZIP code.

Century Plaza Partners Shuffle

REAL ESTATE: Hines to buy major stake in record valuation.

Co-owners of Century Park to shift their stakes in a deal that would yield a record valuation.

OWN to Move to West Hollywood

The Oprah Winfrey Network signed a lease Monday to move from the Miracle Mile to West Hollywood, a deal real estate insiders have anticipated for months.

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Old Ford Factory May Shift Gears

REAL ESTATE: Site seen as likely mixed-use development.

Plans for former Ford plant could rev up downtown L.A.’s Arts District.

Pasadena Properties Maintain Pull With Buyers

ACQUISITION: Saunders picks up former AT&T building for $82 million.

Pasadena office properties have lately proved popular investments.

Lawyer Takes His Case to the Whisky

Mark Sullivan is a senior litigation paralegal for Century City law firm Cox Castle & Nicholson. He’s also the firm’s resident rocker.

El Segundo Remains First Choice for E-Tailer

LEASE: JustFab signs up for additional space near current headquarters.

While plenty of technology companies are still clamoring for space in hot Silicon Beach locales such as Santa Monica, others are content to stay a bit farther afield.

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.

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.

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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.

Large San Pedro Development Approved

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

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.

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.

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.

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.