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.
October 14, 2012 |
A Beverly Hills office building popular with entertainment industry tenants has sold for $80 million to New York real estate investment manager Clarion Partners. The property at 100 N. Crescent Drive is home to record industry giant Concord Music Group, movie maker Village Roadshow Pictures and RealD Inc., the world's leading supplier of 3-D technology to cinemas. The 120,000-square-foot, four-story building at the intersection of Crescent and Wilshire Boulevard is one of the first fully occupied offices to be sold in Beverly Hills since the economic downturn.
October 7, 2012 |
The long-planned Columbia Square mixed-use development planned around the historic former CBS headquarters in Hollywood will be revived by new owner Kilroy Realty Corp. Kilroy, a Los Angeles real estate investment trust, bought Columbia Square at 6121 Sunset Blvd. for $65 million from iStar Financial. Previous owners planned an $850-million project with offices, condominiums and a hotel, but the project stalled in the recent economic downturn. Kilroy plans a scaled-down development valued at about $235 million, Executive Vice President David Simon said.
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.