October 18, 2009 |
Though Wall Street investors are showing some enthusiasm about the direction of the economy, shell-shocked business owners in Southern California are still more inclined to shrink than grow their companies. Problems at white-collar firms are bleeding the region's enormous office rental industry. Almost 51 million square feet of office space in Los Angeles County, Orange County and the Inland Empire is now empty -- more than 17% of the total. The exodus from office buildings that started in late 2007 accelerated during the third quarter as the anemic business climate took its toll on the real estate rental industry, according to the Cushman & Wakefield real estate brokerage.
July 19, 2009 |
Real estate broker Carl Muhlstein maneuvered his silver BMW convertible through downtown Los Angeles traffic, one hand steering the car and the other pressing a cellphone to his ear. "Come on," he teased. "Insult me with an offer." While some who swim the deep and often lucrative waters of commercial real estate have retreated to the golf course, Muhlstein is among those pushing on -- joking, nudging and networking in hopes of making deals in a time of no deals.
April 10, 2008 |
Office vacancies in the U.S. rose for the first time in six months to 9.9% in the first quarter as employment fell nationwide, real estate broker Cushman & Wakefield said. The national office vacancy rate was up from 9.7% the previous quarter, New York-based Cushman said. The rise in vacancies coincided with a drop in the amount of space newly leased, which fell to 17.5 million square feet in the first quarter from 18.1 million square feet in the previous three months.
January 31, 2007 |
The three-story Gucci building on Rodeo Drive in Beverly Hills has been sold for more than $40 million to Festival Cos. and Goldman Sachs Group Inc. At more than $3,000 per square foot, the price was one of the highest ever paid for a multistory building on Rodeo Drive, said Steve Algermissen of Cushman & Wakefield, who represented seller Friedman Equities. Roger Vincent
December 20, 2006 |
Cushman & Wakefield Inc., the world's second-largest real estate services company, said an investment group controlled by Italy's Agnelli family bought a majority stake in the company for $563 million. The family's Ifil Group will acquire a 67.5% stake, New York-based Cushman and Turin, Italy-based Ifil said. Ifil will replace Rockefeller Group International Inc. as the controlling shareholder. Cushman employees will retain a 32.5% stake.
March 3, 2006 |
Intracorp Southern California has acquired the Savoy, a recently completed condominium complex formerly known as the Alexan Savoy in downtown Los Angeles, from Trammell Crow Residential. Newport Beach-based Intracorp Southern California paid $100 million for the 303-unit complex at the southeast corner of 1st and Alameda streets, according to real estate brokerage Cushman & Wakefield. It was completed late last year at a cost of about $65 million. More than 200 units have been sold.
January 29, 2002 |
Cushman & Wakefield Inc. plans to form alliances with independent real estate companies to build its business in Southern California and the U.S. Southeast. Cushman, the second-largest U.S. commercial real estate broker, is allying with Commercial San Diego; Commercial Carolina, which has offices in North and South Carolina; and Commercial Jacksonville, in Florida, each a former Cushman office. The other members of the alliance are Commercial Tennessee, with offices in Memphis, Little Rock, Ark.
July 10, 2001 |
Real estate services giant Cushman & Wakefield Inc. on Monday announced that it had completed its acquisition of Los Angeles-based Cushman Realty Corp., forming one of Southern California's largest commercial real estate brokers. Cushman Realty's approximately 200 employees and 11 offices have adopted the Cushman & Wakefield name and are being integrated into the New York-based company's operations.
April 10, 2001 |
The owners of Cushman Realty Corp. on Monday announced a tentative agreement to sell the prominent Los Angeles commercial real estate brokerage to Cushman & Wakefield Inc. The deal, which had been the subject of widespread speculation, is part of an industry shakeout that has created huge, global real estate firms that offer a variety of services to large corporate clients.