September 5, 2013 |
Los Angeles commercial landlord Thomas Properties Group Inc., which revived downtown's massive City National Plaza, is fading from the local landscape. The company has agreed to be sold to Parkway Properties Group Inc., a real estate investment trust based in Orlando, Fla., for $294 million in stock. The deal, which the two companies value at about $1.2 billion after including the value of debt and other costs, will give Parkway two properties in Houston and five in Austin, Texas.
August 1, 2013 |
Negotiations are underway for the sale of a prime 6.3-acre slab of empty land in downtown Los Angeles near the Staples Center and the L.A. Live entertainment complex. A Shanghai-based real estate company called Greenland Holdings Group announced late last week that it had signed a “corporation agreement” to buy the development project, known as Metropolis. But the current owners -- a joint venture between IDS Real Estate Group and the California State Teachers' Retirement System -- caution that there has not been an official deal completed, despite media reports.
July 22, 2013 |
Los Angeles commercial property landlord Thomas Properties Group Inc. has struck an agreement with its longtime investment partner that would allow Thomas to take full ownership of mammoth City National Plaza in downtown Los Angeles and other properties. “We want to increase the number of properties we wholly own or control,” Chief Executive James A. Thomas said. “This is a transformative opportunity for us.” Thomas Properties formed a joint venture with the California State Teachers' Retirement System in 2003 to acquire and upgrade the former Arco Plaza in downtown Los Angeles.
CALIFORNIA | LOCAL
April 4, 2013 |
In a closely divided vote, the board that oversees retirement benefits for Los Angeles police officers and firefighters on Thursday chose a former official with the U.S. Department of Interior as its new top executive. The board voted 5-4 to hire Ray Joseph to lead the Fire and Police Pensions retirement system. Joseph spent a year serving as executive director for the Office of the Special Trustee for American Indians, overseeing Indian trust assets, according to his resume. All five board members who voted for Joseph were appointed by Los Angeles Mayor Antonio Villaraigosa, while the four who dissented represent current and retired public safety employees, city officials said.
February 19, 2013 |
SACRAMENTO -- The nation's biggest public pension fund is taking a stand against gun violence by voting to sell all its investments in two firearms manufacturers: Smith & Wesson Holding Corp. and Sturm, Ruger & Co. On Tuesday, the Investment Committee of the California Public Employees' retirement System voted to sell about $5 million worth of the gun makers' stock and other securities. Some of the two companies' products -- particularly assault weapons and cheap handguns, known as Saturday night specials -- are illegal in California.
February 14, 2013 |
SACRAMENTO -- The country's second-largest public pension fund is opposing the reelection of Walt Disney Co. Chairman and Chief Executive Robert Iger to the entertainment and theme-park giant's board of directors. Citing concerns about the company's corporate governance, the $158-billion California State Teachers' Retirement System, known as CalSTRS, announced Thursday that it will vote its 5.3 million shares of Disney stock against Iger and five other board members who are up for election at an annual meeting March 6. CalSTRS' holdings in Disney are worth $263 million and represent 0.3% of the company's outstanding shares.