January 20, 2013 |
Office vacancy in Los Angeles County decreased in the fourth quarter in the first year-over-year drop since the economic boom year of 2006. The drop in vacancy to 18.4% was barely measurable at less than half of 1 percentage point, but it's a further sign that the office rental market has reached an even keel and is poised for modest improvement, industry observers said. "We are at the point where we want to be. We are stabilized and going in the right direction," said Joe Vargas, regional manager of real estate brokerage Cushman & Wakefield.
December 24, 2012 |
Britain's largest independent television production company, All3Media, will consolidate its Southern California studios in Westchester. The company behind such shows as "Undercover Boss" and "Ramsay's Kitchen Nightmares" has agreed to rent two floors in a Howard Hughes Center office building near the 405 Freeway and Sepulveda Boulevard, real estate broker Jacob Bobek of Cushman & Wakefield said. The lease for 51,000 square feet of space is valued at $16 million, Bobek said. All3Media's five Los Angeles-area studios are now in separate locations in Culver City and on the Westside, and the consolidation will reduce their total rented space about 20%. More than half of All3Media's revenue comes from international operations, and the U.S. is its fastest-growing market, according to British industry website Broadcast.
December 23, 2012 |
Inland Empire Health Plan, a not-for-profit public health plan serving residents of Riverside and San Bernardino counties, will move its headquarters from San Bernardino to Rancho Cucamonga. IEHP has agreed to rent 207,000 square feet in the Atrium at Empire Lakes where it will consolidate its operations from five buildings into one, real estate broker Josh Gorin of Studley said. The 15-year lease with landlord Torchlight Investors is valued at about $84 million. The health plan is a joint powers entity serving 565,000 residents through government-sponsored programs including Medi-Cal.
November 26, 2012 |
The parent company of Playa Vista is set to be sold to a Canadian developer that intends to finish building the housing approved for the planned community near Marina del Rey, according to people close to the deal. Brookfield Homes is buying Playa Capital Co. and gaining command of more than 50 acres of land near the coast. The transaction, valued at more than $250 million, is set to close at the end of the month, according to the individuals, who wished to remain anonymous because the deal isn't wrapped up. Playa Vista has been under development for more than a decade.
November 26, 2012 |
The parent company of Playa Vista is set to be sold to a Canadian developer that intends to finish building the housing approved for the planned community near Marina del Rey, according to people close to the deal. Brookfield Homes is buying control of Playa Capital Co. and gaining command of more than 50 acres of land near the coast. The transaction, valued at more than $250 million, is set to close at the end of the month, according to the individuals, who wished to remain anonymous because the deal isn't wrapped up. Development at Playa Vista has been going on for more than a decade.
November 19, 2012 |
The Psychic Temple, a long-abandoned Long Beach landmark that is one of the city's oldest commercial structures, will be converted to office space as redevelopment attracts new residents and businesses to downtown. Advertising agency InterTrend Communications will start making improvements this week on the brick building at 224 E. Broadway near Long Beach Boulevard. It is converting the top two floors that were formerly residential spaces into offices for the firm and preparing the ground floor and basement for retail tenants such as a restaurant.
November 13, 2012 |
WASHINGTON - After a grueling campaign season that left the Capitol all but deserted for nearly two months, the House and Senate were buzzing for the start of the lame-duck session. As senators and congressmen trickled into their offices Tuesday, the newly elected class of House members was checking into a hotel down the street, preparing for a marathon introduction to the ways of Washington. On the agenda: seminars on ethics and parliamentary procedure, a class photo, dinners and meet-and-greets, and an office space lottery.
November 8, 2012 |
As the federal government reduces military spending, aerospace giant Boeing Co. is continuing to shrink its footprint in Southern California. One of the region's largest employers, the Chicago company said it is trimming its executive workforce 30% from 2010 levels, selling office buildings in Seal Beach and demolishing one in Huntington Beach. It has already sold property in Anaheim. These are the latest moves by the company in the last two years to bring down costs by relocating defense programs, slowing production lines and reducing its workforce in Southern California.
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.
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.