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BUSINESS
February 3, 2011 | By Roger Vincent, Los Angeles Times
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.
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BUSINESS
October 27, 2010 | By Roger Vincent, Los Angeles Times
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.
BUSINESS
July 28, 2010 | By Roger Vincent, Los Angeles Times
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 | By Maeve Reston
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
January 14, 2010 | By Catherine Saillant
Gov. Arnold Schwarzenegger's much-ballyhooed plan to ease the state budget crisis by selling off landmark properties is facing a surprisingly tough first test in Orange County, a place where public officials regularly talk up free markets and privatization of government. A rare bipartisan wave is rising to block the governor's proposed sale of the beloved Orange County Fairgrounds, including conservative politicians who at first backed their Republican governor but are now urging him to call off today's auction and keep the land in public hands.
CALIFORNIA | LOCAL
December 3, 2009 | By Tony Barboza
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.
BUSINESS
September 23, 2009 | Roger Vincent
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.
BUSINESS
May 18, 2009 | Peter Y. Hong
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.
CALIFORNIA | LOCAL
March 12, 2009 | Tony Barboza
A man has been charged with trying to sell the property of a once-popular Anaheim nightclub by pretending to be the property owner. Anaheim police arrested Danny Lee Kirkey, 39, at a shopping center Tuesday on suspicion of trying to sell the site of the Boogie Nightclub and Flakey Jake's restaurant in Anaheim for $11 million. He is expected to appear in court today on felony charges of attempted grand theft, forgery and recording false documents. The Orange County district attorney's office said Kirkey filed three false documents last year with the county claiming he owned the six-acre property on South Manchester Avenue, then met with real estate brokers and tried to list the property for $11 million by providing forged documents.
BUSINESS
August 7, 2008 | From Times Wire Services
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.
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