February 3, 2011 |
Two Playa Vista office buildings have changed hands, marking one of the largest commercial property sales in Los Angeles County in recent years. The buildings, rented mostly by Fox Interactive Media, were purchased by a J.P. Morgan-managed investment fund from developer Lincoln Property Co. and its partner ASB Capital Management. The price wasn't disclosed but real estate experts familiar with property values in Playa Vista said the buyers paid nearly $300 million. Lincoln started work in 2007 on a campus called Horizon at Playa Vista intended to appeal to young information-industry workers.
October 27, 2010 |
CB Richard Ellis Group, the world's largest commercial real estate brokerage, on Tuesday reported a strong third quarter propelled by increased property sales and leasing in the U.S. and abroad. Although local commercial rents are still falling and property values remain uncertain, a growing number of transactions helped the Los Angeles company report a 360% increase in profit to $57 million, or 18 cents a share, compared with $12.4 million, or 4 cents, in the third quarter of 2009.
July 28, 2010 |
CB Richard Ellis Group Inc., the world's largest commercial real estate brokerage, reported a return to the black in the second quarter as revenue rose in nearly all its business lines around the world. Although much of the local commercial property market remains depressed, improving global conditions allowed the Los Angeles company to report a profit of $54.8 million, or 17 cents a share, compared with a net loss of $6.6 million, or 2 cents, in the second quarter of 2009. The company posted adjusted earnings of 18 cents a share after deducting select charges, well ahead of Wall Street analysts' prediction of 9 cents.
CALIFORNIA | LOCAL
February 11, 2010 |
With Los Angeles facing a $212-million shortfall, City Controller Wendy Greuel called on City Council members Wednesday to give up their district's share of funds collected from the sale of city properties to help rebuild budget reserves. In an audit, Greuel found that over the last 12 years, property sales and franchise fees from the miles of pipelines under city streets have generated almost $25 million that has been diverted into real property accounts controlled by council offices.
CALIFORNIA | LOCAL
December 3, 2009 |
An Orange County assemblyman has joined other local politicians who have changed their minds about selling the Orange County Fairgrounds to help balance the state budget. In a letter Wednesday to Gov. Arnold Schwarzenegger, Assemblyman Jose Solorio (D-Santa Ana) said that although he had voted for the July bill that authorized the state to sell the fairgrounds, a public hearing he held last month in Costa Mesa with fellow Assemblyman Van Tran (R-Garden Grove) raised serious concerns that convinced him it should be halted.
September 23, 2009 |
Local and Asian investors bought a prominent Pasadena office complex for $52 million in what may be the largest office property sale of the year in Los Angeles County, a real estate brokerage said Tuesday. The 11-story tower was acquired by Singpoli of Arcadia with financial partners in Hong Kong and Taiwan, according to brokerage CB Richard Ellis. Also included in the sale of the property at the northeast corner of Colorado Boulevard and Lake Avenue was the two-story Lieberg Building, a historical landmark that was built in 1926 as the city's first department store and now is home to the Pasadena Star-News.
May 18, 2009 |
More than 170 people crowded the ballroom of a Long Beach hotel for what amounted to an upscale fire sale. The event was an auction. The products were 38 posh waterfront condominiums. And bidders like Mike Murphy came looking for bargains. The Internet marketing worker snapped up a two-bedroom unit for $376,000, less than half the original price. In all, he and other eager buyers ponied up $14.9 million in less than 90 minutes.
August 7, 2008 |
Drug-development services company Covance Inc. will buy an Indiana research center from Eli Lilly & Co. and enter a 10-year service deal with the drug maker worth $1.6 billion. Princeton, N.J.-based Covance will pay $50 million for Lilly's 450-acre drug development campus in Greenfield, Ind. Lilly is headquartered in Indianapolis.
July 30, 2008 |
Two New York commercial real estate brokerages have been selected by Tribune Co. to market the Los Angeles Times' main office downtown and Tribune Tower in Chicago to potential buyers, the company said Tuesday. Cushman & Wakefield will look for buyers for The Times' historic headquarters at 1st and Spring streets, and Eastdil Secured will try to sell the landmark Tribune building overlooking the Chicago River, said Stephanie Pater, director of real estate for Tribune.
July 12, 2008 |
German media company Bertelsmann said Friday that it was selling its North American book club business, including Columbia House and the Book-of-the-Month Club, to a private investor for an undisclosed sum. Bertelsmann, which also owns the Random House book publishing business, said the sale of Direct Group North America to Najafi Cos. in Phoenix should close during this quarter. Both companies are privately held. The Direct Group operates book, music and DVD clubs in the U.S.