November 18, 2012 |
Acclaimed and sometimes controversial Los Angeles artist Paul McCarthy and his son Damon will move their base to a new location on the Eastside following the purchase of a 1970s-era industrial building. Damon McCarthy bought the 150,000-square-foot building at 4540 Worth St. from Trammell Crow Co. for nearly $9 million, he said. “I make big, crazy art pieces for famous artists, especially my dad,” McCarthy said. His 67-year-old father is known for his provocative performance art and large-scale sculpture that often skewers the excesses of American culture.
October 21, 2012 |
Renters ruled the roost again in the third quarter as Southern California's office market remained flat even though some employers are expanding again. The bright spot in Los Angeles County continued to be the neighborhoods of Santa Monica, Venice and Playa Vista, where growing technology and entertainment companies are snapping up space, undeterred by rising rents. As one travels east, though, the picture grows more spotty for landlords. "It's like a wave heading out from Santa Monica," broker Josh Wrobel said.
July 22, 2012 |
Newport Beach real estate investment management firm Buchanan Street Partners bought a Rancho Cucamonga office building for $10.6 million. Buchanan bought a 75,000-square-foot building in HavenPark, a master-planned office campus, from Dallas-based Thackeray Partners. The three-story building at 9680 Haven Ave. was completed in 2007 during the last real estate boom and is 89% leased. “We are pleased to acquire this building at a significant discount to replacement costs,” said Kimberly Stevenson, a Buchanan vice president.
July 8, 2012 |
Calabasas technology company Ixia will expand its headquarters after signing a new lease worth about $26 million. Ixia, which provides wireless network tests, agreed to expand its offices to 110,000 square feet from 83,000 square feet in a 10-year deal at Corporate Center Calabasas, said David Binswanger, executive vice president of landlord Lincoln Property Co. The lease renewal and expansion were welcome because the economic downturn hit...
February 3, 2012 |
Asia - most notably Beijing - is experiencing a boom in office rents fueled by rising demand and increasingly limited supply, a real estate brokerage said. Rents for prime office space in Beijing rose 75% last year to $130 per square foot per year, the highest increase of any city in the world in 2011, according to Cushman & Wakefield. Hong Kong remains the most expensive city for office space in terms of total occupancy costs at $244 per square foot, followed by London's West End at $239 a square foot and Tokyo at $197 a square foot.
January 29, 2012 |
New industrial real estate leases signed in 2011 returned to levels not seen since prior to the recession of 2008-09, according to year-end statistics for the nation's industrial market compiled by a real estate brokerage. More than 306 million square feet of new leases were completed last year, up 14% from 2010, and the highest level of activity since 2007, Cushman & Wakefield said. Of the 33 U.S. industrial markets tracked by the brokerage, 22 reported an increase in new leasing activity, with Phoenix, Dallas-Fort Worth, northern and central New Jersey, Houston and California's Inland Empire among the markets with the most significant increases.