April 26, 2013 |
The office rental market in downtown Los Angeles has been stagnant for decades, but New York real estate firm Brookfield Office Properties Inc. is betting millions of dollars that it will improve in the years ahead. Chief Executive Dennis Friedrich talked up downtown Los Angeles in a conference call with analysts Friday, a day after Brookfield announced plans to pay about $430 million for four large, prominent office buildings there. “We are being realistic about the downtown market,” he said.
April 25, 2013 |
One of the biggest players in Manhattan real estate is about to become the largest landlord in downtown Los Angeles, controlling five of the 10 tallest skyscrapers in the city. In a blockbuster deal, Brookfield Office Properties Inc. is paying about $430 million for some of the most prominent buildings on the city skyline, including Gas Company Tower and Wells Fargo Tower. The pending deal marks the end of one of Los Angeles' most celebrated office developers, MPG Office Trust, the financially struggling firm that just last month agreed to sell U.S. Bank Tower, the tallest building in the West, to foreign investors.
April 19, 2013 |
Downtown Los Angeles isn't the most hospitable place for dandies. The knot of business towers and lofts, saturated with mass-market or Santee Alley-style emporiums, is a wasteland for upscale retail. "It's criminal," sniffed Matthew Allnatt of the absence of a chic men's store in the area. He would know. Allnatt is the impeccably dressed chief operating officer at the Jonathan Club, an elite high-society hub that has been downtown for 118 years. Some of Los Angeles' most influential residents are members.
April 10, 2013 |
Jay Leno is welcome to stick around Burbank after “The Tonight Show” departs for New York next year, his landlord said, but the loss of the show will not wound the local entertainment real estate market. “We love having 'The Tonight Show' and specifically Jay Leno on the lot,” said Jeff Worthe, president of Worthe Real Estate Group, which owns the former NBC lot where the show has been filmed for four decades. If Leno wants to host another television show, Worthe said, “he is more than welcome to do it on our property.” Worthe expressed dismay that the state of New York recently approved tax breaks worth millions of dollars that apply only to established out-of-state programs such as “The Tonight Show.” “It's a political issue worth looking into later,” Worthe said.
March 29, 2013 |
Comedic actor and film star Sacha Baron Cohen and his wife, actress Isla Fisher, have leased out their Hollywood Hills West investment property for $10,000 a month. The Midcentury-style home, built in 1959 and later renovated, came on the market in March for lease at $9,950 a month or for sale at $2.595 million. The couple own another house nearby that they bought several years ago for $14 million. The single-story house for sale features canyon and mountain views, beamed ceilings, a river rock fireplace, a media room/den, four bedrooms, 2.5 bathrooms and 2,806 square feet of living space.
March 5, 2013 |
MPG Office Trust Inc., the largest office landlord in downtown Los Angeles, unloaded enough assets in the fourth quarter to show a profit. The Los Angeles real estate investment trust, which also owns an office building in Pasadena, repeated its recent pattern of cutting loose its stakes in heavily indebted properties including One California Plaza and Two California Plaza downtown. MPG reported fourth-quarter net income of $205.2 million, or $3.52 a share, compared with a loss of $9.9 million, or 20 cents, a year earlier.
CALIFORNIA | LOCAL
February 28, 2013 |
Low-income tenants fighting eviction will be disproportionately harmed by a Los Angeles County Superior Court plan to cut costs by reducing the number of courts handling landlord disputes, legal advocates for the poor say. The number of courthouses hearing such cases will be reduced from 26 to five throughout the county under a plan expected to be implemented by the end of June. Some people will have to travel up to 32 miles to litigate their cases, court officials said. For some, the trips could take several hours using public transportation and include transfers on multiple trains and buses, said Neal Dudovitz, executive director of Neighborhood Legal Services of Los Angeles County.
February 28, 2013 |
Actress and model Mischa Barton is looking for a new tenant for her gated Beverly Hills Crest-area compound listed at $35,000 a month. The main house and three separate guest quarters have six fireplaces, eight bedrooms, 10 bathrooms and 9,800 square feet of living space. The 1.2 acres include a swimming pool and spa. Barton, 27, starred in “The Beautiful Life” (2009) and “The O.C.” (2003-06). Her films include “Don't Fade Away” (2010), “The Sibling” (2012) and the upcoming drama “Bhopal: A Prayer for Rain.” Joseph Babajian of Rodeo Realty and Mitra Sisatar of Coldwell Banker's Beverly Hills North office have the listing.
CALIFORNIA | LOCAL
February 21, 2013 |
When Wendy Greuel announced a landlord group's support of her Los Angeles mayoral campaign this week, she called it a sign of her growing appeal among business and labor. But landlord endorsements are not entirely a badge of honor in a city where about 60% of the housing is occupied by tenants. One of the city's biggest landlord groups, the Apartment Assn. of Greater Los Angeles, threw its support behind both Greuel, the city controller, and mayoral rival Jan Perry, a City Council member.
February 10, 2013 |
Question: I recently asked the property manager to repair my shower after I noticed a leak damaging the floor. He sent me an email telling me that he would make the repairs, but that I had to give him a time and date in the next week when I would be present in the apartment for his plumber to come and do the job. I am a single mother and need to work during the day to support my family. I cannot afford to take time off. Do I have to agree to be present in order to get my bathroom repaired?