January 26, 2011 |
The vacant former headquarters of Hilton Hotels Corp. in Beverly Hills has been purchased by a New York landlord, underscoring the growing strength of the commercial real estate market as investors swoop in on upscale properties. On Tuesday, Tishman Speyer bought the two adjoining office buildings on Civic Center Drive from Hilton. The hotelier was acquired by corporate buyout giant Blackstone Group in 2007 and moved from Beverly Hills to McLean, Va., in 2009 to be closer to Blackstone's New York headquarters.
October 27, 2010 |
CB Richard Ellis Group, the world's largest commercial real estate brokerage, on Tuesday reported a strong third quarter propelled by increased property sales and leasing in the U.S. and abroad. Although local commercial rents are still falling and property values remain uncertain, a growing number of transactions helped the Los Angeles company report a 360% increase in profit to $57 million, or 18 cents a share, compared with $12.4 million, or 4 cents, in the third quarter of 2009.
October 17, 2010 |
Commercial building vacancies climbed and rents went down ? again ? in the third quarter as Southern California's white-collar companies reduced the size of their offices. Overall vacancy was nearly 20%, up significantly from 17.5% in the third quarter a year earlier, according to statistics compiled by real estate brokerage Cushman & Wakefield. The average asking rent was $2.35 a square foot a month, 13 cents less than in the July-September quarter of 2009. "Vacancies are at their highest in 15 years," said Joe Vargas, the brokerage's Southern California area manager.
September 13, 2010 |
After slipping into the red in early 2009, Los Angeles commercial real estate brokerage CB Richard Ellis Group Inc. climbed back to profitability as business improved and the company found new sources of revenue. CB Richard Ellis turned a profit in the second half of last year that was fueled by internal cuts and a real estate rebound in Asia. Revenue has continued to grow this year as property sales and leasing picked up in Europe and the U.S. The industry's largest brokerage firm has about 29,000 employees in more than 300 offices worldwide.
July 28, 2010 |
CB Richard Ellis Group Inc., the world's largest commercial real estate brokerage, reported a return to the black in the second quarter as revenue rose in nearly all its business lines around the world. Although much of the local commercial property market remains depressed, improving global conditions allowed the Los Angeles company to report a profit of $54.8 million, or 17 cents a share, compared with a net loss of $6.6 million, or 2 cents, in the second quarter of 2009. The company posted adjusted earnings of 18 cents a share after deducting select charges, well ahead of Wall Street analysts' prediction of 9 cents.
June 12, 2010 |
One of the country's largest commercial real estate brokerages, Marcus & Millichap Real Estate Investment Services, has named a new president and chief executive. John J. Kerin, 54, will replace Harvey Green at the helm of the company July 1. Green announced his pending retirement in April after leading the company for a decade. Marcus & Millichap is headquartered in Palo Alto, but Green directs operations from his base in the Encino office and so will Kerin. Kerin joined the company in 1981 as an agent and rose through the ranks.
June 9, 2010 |
After nearly three years of declines there are signs that Southern California's beaten-down commercial real estate market has struck bottom — setting up the possibility of a rebound later this year. In a sign of the easing, heavyweight investors armed with buckets of cash are on the prowl, looking to snap up office buildings, warehouses, shopping centers and apartments at the market's low, industry observers say. The buyers are choosy, but the most desirable buildings elicit bidding wars when they come up for sale.
April 29, 2010 |
CB Richard Ellis Group Inc., the world's largest commercial real state brokerage, reported a first-quarter loss Wednesday but said the business of selling and leasing buildings was picking up. The Los Angeles-based company said it had a net loss of $6.6 million, or 2 cents a share, compared with a loss of $36.7 million, or 14 cents, in the same period a year ago. The company posted adjusted earnings of 1 cent a share after deducting one-time...
January 24, 2010 |
Bill Hoffman has logged more than 1.5 million airline miles in his travels to troubled hotels, office buildings and other business properties. As a court-appointed receiver who takes care of distressed commercial real estate, Hoffman has a long way to go to catch up with George Clooney's ambitiously nomadic character Ryan Bingham in "Up in the Air." But Hoffman is adding mileage points fast. These are boom times for receivers. With the brutal real estate market causing owners to lose their buildings to their lenders, more professionals like Hoffman are being tapped to look after properties until they can be resold.