March 12, 2013 |
The tallest building in the West, the financially struggling U.S. Bank Tower in downtown Los Angeles, is being sold to Singapore investors for $367.5 million. At 72 stories, the circular structure has commanded the city skyline since it was completed in 1989 and is one of the best-known office buildings in the country. It was previously named Library Tower and also First Interstate World Center. The skyscraper designed by the New York firm of star architect I.M. Pei is the tallest building in L.A. - but not the most popular with tenants.
April 26, 2013 |
The head of the firm that wants to buy some of downtown Los Angeles' biggest skyscrapers is bullish about its long-stagnant office market. "We like the direction the market is heading and think it will be improving quarter over quarter. " Dennis Friedrich, chief executive of Brookfield Office Properties Inc., told industry analysts Friday. "Around the globe there has been a trend toward growth in urban centers and L.A. is looking at this over time. " "We are being realistic about the downtown market," he added.
CALIFORNIA | LOCAL
November 22, 2011 |
Los Angeles officials have offered Occupy L.A. protesters a package of incentives that includes downtown office space and farmland in an attempt to persuade them to abandon their camp outside of City Hall, according to several demonstrators who have been in negotiations with the city. The details of the proposal were revealed Monday during the demonstration's nightly general assembly meeting by Jim Lafferty, an attorney with the National Lawyers Guild who has been advocating on behalf of the protest since it began seven weeks ago. Lafferty said city officials have offered protesters a $1-a-year lease on a 10,000-square-foot office space near City Hall.
February 23, 2009 |
Professional matchmaker Julie Ferman, chief executive of Cupid's Coach, used to meet with clients in a hotel lobby or one of a dozen restaurants around town to save them the drive to her home-based office in Westlake Village. It wasn't always the best choice for clients expected to share personal information for their dating profiles, but like many start-up founders she was pinching pennies and testing her concept. Ferman spent the time between appointments trying to work in her parked car.
February 4, 2012 |
In a move to shed nonessential assets, Bank of America will sell and lease back some of its administrative office space. Only three office buildings — two in North Carolina and one in New York — have been identified for sale so far, but others are expected to follow. "Real estate ownership is not a core business for Bank of America," spokeswoman Kelli Raulerson said. "Therefore we are currently reviewing our administrative portfolio and may make the decision to sell our ownership interest in certain properties.
August 10, 2000
Tokyo remains the most expensive office market in the world, though growth in demand from computer and Internet-related companies has U.S. cities quickly closing the gap, according to a study by CB Richard Ellis Services Inc., the world's largest property brokerage firm. At No. 9, San Francisco is the highest- priced U.S. city and the first U.S. city to crack the top 10. The top 10 cities with the most expensive office space: *--* Leasing cost City (area) per square foot/year 1.