CALIFORNIA | LOCAL
September 5, 2012 |
The imposing white U.S. Courthouse on Spring Street overlooking the 101 Freeway has hosted some of Los Angeles' most memorable legal dramas. Clark Gable and Charlie Chaplin faced paternity trials there. The House Committee on Un-American Activities convened at the court for hearings on communism in Hollywood. In the summer of 1971, Daniel Ellsberg spoke out against the Vietnam War on its front steps as he defended himself in the Pentagon Papers case. But the grand courthouse now sits at the center of a political battle over its future.
August 23, 2012 |
Smoky Hollow. Is that a good or a bad name for a neighborhood meant to attract people in creative fields such as entertainment, technology and advertising? That's one of many questions El Segundo leaders have pondered in their campaign to turn the aging Smoky Hollow industrial district into a fashionable enclave of offbeat office buildings and workshops. The attraction? Former warehouses and manufacturing buildings are in demand on the Westside and can command higher rents than traditional high-rises.
August 6, 2012 |
Work is underway on a $105-million apartment and retail development at the crossroads of two major Los Angeles thoroughfares, Wilshire Boulevard and La Brea Avenue. The six-story complex called Wilshire at La Brea is being erected by San Francisco apartment developerBRE Properties Inc.It will house 480 residential units and fill the block at the southeast corner of the intersection. "Through careful planning, this project comes to market at the right time and provides much needed housing in an area already rich with valuable amenities and easy access to mass transit," BRE Vice President John Selindh said.
August 5, 2012 |
Venerable Los Angeles office landlord Kilroy Realty Corp. has made its first move into Hollywood with the $79-million purchase of Sunset Media Center, a high-rise near the intersection of Sunset Boulevard and Vine Street. Kilroy plans to spend “many more millions of dollars” to renovate the 22-story tower built in 1972, said David Simon, Kilroy's executive vice president for the Los Angeles region. The goal is to reposition the building at 6255 W. Sunset Blvd. as more upscale and attract tenants capable of paying higher rents.
July 27, 2012
Re "Grand green dream," July 25 Having worked for 34 years at the L.A. Department of Water and Power's John Ferraro Building before I retired, I have seen numerous attempts to enhance the public area between the county's government office buildings in the Civic Center. All have failed because of the unattractiveness of the aforementioned office buildings. The latest attempt will probably be another failure for the same reason. The only viable solution is to build an enclosed mall - perhaps with a huge atrium - to block the view of the government office buildings.
July 25, 2012 |
A Torrance office building called South Bay Tower was sold for $52 million Tuesday to real estate investment firm Bixby Land Co. The purchase is part of a strategy by Bixby to acquire underperforming or financially troubled commercial properties during a low point in the real estate cycle. In the last two months, the Irvine company also bought two office buildings in Silicon Valley. "Given the downturn that we have just had, there are throughout California a number of good-quality assets that either have a broken capital structure or have occupancy that is substantially lower than would be attractive to many investors," said Bill Halford, chief executive of Bixby.
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 2, 2012 |
The Hollywood stalwart Musicians Institute College of Contemporary Music has expanded again with the purchase of two buildings on Highland Avenue. The music school paid $6.2 million for two buildings totaling 18,662 square feet, real estate broker Kathleen Silver said. The property includes an office building at 1518 Highland Ave., a retail building next door at 1522 Highland Ave., a billboard and a parking lot. Musicians Institute already occupies the two-story office building, which it has been leasing.
CALIFORNIA | LOCAL
May 5, 2012 |
Orange County social service staffers who say they work inside a toxic building that has made them sick now contend that the county has tossed out some of their most damning evidence -- 350 tons of potentially contaminated soil. But on Friday, when the employees' union went to court to get a restraining order to prevent any more soil from being disposed of, the judge said it was too late. "Whatever has occurred, has occurred," Orange County Superior Court Judge Steven Perk said.
April 16, 2012 |
Former executives of office landlord MPG Office Trust Inc. have launched their own property company with the purchase of a landmark Los Angeles office building. Nelson and Christopher Rising of Rising Realty Partners expect their acquisition of Pacific Center at 6th and Olive streets to close Monday. Terms of the purchase from Alliance Commercial Partners were not revealed, but experts familiar with downtown real estate prices value the deal at $60 million. The new owners will change the name of the complex to the PacMutual Building, in keeping with origins of the Beaux Arts-style complex that can be traced to railroad tycoons Charles Crocker, Leland Stanford and Mark Hopkins.