February 2, 2012 |
Kodak wants out of Tinseltown. Eastman Kodak Co., in a filing in its U.S. Bankruptcy Court case in New York this week, asked to be released from its 2000 naming rights deal with the Hollywood Boulevard theater that hosts the Oscars. Under the contract, the company had the naming rights "in exchange for a significant annual fee," according to the filing. The move by the Rochester, N.Y., company, a pioneer in film and camera production, comes after it filed for bankruptcy protection last month as it faces a failing business model born in the pre-digital age. It also comes as the Academy of Motion Pictures Arts and Sciences has begun discussions to move the annual Academy Awards ceremony out of Hollywood to the Nokia Theatre in downtown Los Angeles.
December 19, 2011 |
Los Angeles developer and landlord CIM Group spent $47.8 million for two Beverly Hills office buildings that were once part of the former William Morris Agency headquarters. CIM Group, which is the largest commercial property owner in Hollywood, bought 150 and 151 S. El Camino Drive. The three-story buildings with a combined total of more than 116,000 square feet of office space occupy two blocks just south of Wilshire Boulevard and the so-called Golden Triangle heart of downtown Beverly Hills, said broker Bob Safai of Madison Partners.
December 5, 2011 |
New York investment firm Phoenix Realty Group bought a Long Beach apartment complex last month for $34.5 million, the latest in a string of acquisitions targeting Southern California residential properties. Since December 2010, Phoenix Realty has spent $228 million to acquire and improve 11 apartment complexes in the region. Most of them were in Riverside and San Bernardino counties, where company executives expect to see growing demand from renters even though the Inland Empire was hit hard in the economic downturn.
August 10, 2011 |
A historic Sunset Boulevard property approved for high-rise construction has been purchased by Hollywood's largest commercial landlord — the latest sign of the neighborhood's economic comeback. CIM Group bought the former Old Spaghetti Factory building, recognizable by its row of Greek columns, on 1.7 acres at Sunset and Gordon Street. The company said it plans to build the retail, office and residential project approved by the city for previous owners. CIM Group didn't reveal how much it paid Washington Real Estate Holdings for the property at 5939 W. Sunset Blvd., but real estate experts who track Hollywood valued the transaction at more than $20 million.
October 21, 2010 |
A major real estate investment fund has agreed to cut its fees by $50 million over five years and not use controversial sales intermediaries to help close deals with the California Public Employees' Retirement System. CIM Group in Los Angeles entered into a "new strategic relationship" with CalPERS, Joseph Dear, the fund's chief investment officer, said Wednesday during a CalPERS board meeting in Long Beach. CIM has invested about $1 billion of CalPERS' capital in urban real estate projects, such as the Third Street Promenade in Santa Monica, the Sunset and Vine tower in Hollywood and a number of downtown Los Angeles residential loft conversions.
August 9, 2010 |
Celebrity photographer and music video director Matthew Rolston, who is helping a Los Angeles developer launch a hotel, hates beige. Or anything else that could be considered a safe choice in decorating. That's why Rolston is doing his best to make sure the tone of the new Redbury in Hollywood goes over the top and stays there, in no way resembling an outpost of a big hotel franchise. Guests can expect, for example, a 20-foot red velvet curtain over the grand staircase, paisley throw pillows and old-fashioned record players in every room with vinyl albums to play on them.
CALIFORNIA | LOCAL
May 29, 2010 |
The Los Angeles City Council approved a plan Friday to jumpstart the long-stalled Midtown Crossing shopping center, bringing the total amount of city loans and subsidies for the project to $34 million. On a 9-2 vote, the council agreed to provide real estate developer CIM Group with a new $19.3-million loan to finish the center, which would include a Lowe's home improvement store. Under the terms of the deal, the loan would operate more like a grant. CIM would be able to pay the money back using sales, business and utility tax revenue generated by the project — money that normally goes into the city's budget.
May 25, 2010
Oil questions Re " 'A confluence of unfortunate events,' " May 23 "A single flaw in [the cement] seal, perhaps a crack the size of a human hair, can be enough to unleash a volcano of petroleum"? And how many offshore wells do we have? And how many deepwater wells, which may "involve risks that no technology can anticipate"? And now we want to drill in the Arctic? Are we nuts? Crista Worthy Los Angeles Why doesn't the United States government have the capacity to stop an oil leak?
CALIFORNIA | LOCAL
May 20, 2010 |
Stung by the recession, one of the most prominent developers in Los Angeles is turning to the city for an additional $19.2 million to bring a long-delayed Lowe's Home Improvement store to Mid-City. CIM Group — owner of the Hollywood & Highland mall, investors in renewable energy and a prospective bidder on 10 city-owned parking garages — has asked officials for a new 20-year loan to help it complete Midtown Crossing, a shopping center at the junction of Pico and San Vicente boulevards.
December 26, 2009
Pension systems' investments Los Angeles developer CIM Group has amassed much of its investment capital from public pension systems. Here is a sampling of the commitments to CIM made by such agencies: California Public Employees' Retirement System: $1.87 billion Teacher Retirement System of Texas: $375 million New York State Common Retirement Fund: $250 million California State Teachers' Retirement System: $245 million University of California Retirement Plan: $150 million Arizona State Retirement System: $125 million City of Los Angeles (two systems)