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CALIFORNIA | LOCAL
June 22, 1997 | TED ROHRLICH, TIMES STAFF WRITER
In downtown Los Angeles, a modern, 11-year-old skyscraper stands completely empty, an unplanned monument to an unbridged cultural chasm in this most multicultural of cities. The shuttered, 37-story luxury office tower was built by a successful East Asian businessman, Tsai Ming Yu, who had decided to expand his financial empire to the United States. But even when the downtown Los Angeles real estate market was hopping in the late 1980s, he had little success.
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MAGAZINE
August 12, 2001 | JAMES RICCI
when steve clare drives around venice, his mind's eye plays tricks on him. Along the canals where new mansions loom ostentatiously over the water, he sees ghosts of wooden working-class bungalows connected by dirt paths. On North Beach he sees shades of departed Holocaust survivors spending the last years of unimaginably darkened lives in the sun by the sea.
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CALIFORNIA | LOCAL
February 27, 1997 | HUGO MARTIN, TIMES STAFF WRITER
Despite objections from the real estate industry, the Los Angeles City Council voted unanimously Wednesday to require home buyers to install valves that seal off gas pipes during an earthquake. Realtors complained the additional $350 cost of installing the valves could hurt home sales. "This will be another impediment to buying a home," said Mel Wilson, president of the San Fernando Valley Assn. of Realtors.
BUSINESS
August 4, 2001 | BOB HOWARD, SPECIAL TO THE TIMES
In a sizable economic boost for the downtown area, Los Angeles will become one of the leading U.S. centers of the gift industry with the signing of a lease for 1 million square feet of showroom space in the garment district, it was disclosed Friday. The new tenants will fill the unoccupied portion of the 3-million-square-foot California Mart at 9th and Los Angeles streets, Mart officials said.
BUSINESS
August 20, 1989 | KARL SCHOENBERGER, Times Staff Writer
After pumping $2.7 billion into the United States over the past several years, Shigeru Kobayashi owns a large chunk of downtown Los Angeles and a string of landmark American office buildings. He hobnobs with presidents, dabbles in philanthropy and celebrates his achievements in a high-profile publicity campaign. But he has an image problem at home. Kobayashi, 62, founder and president of the real estate giant Shuwa Corp.
CALIFORNIA | LOCAL
June 1, 1991 | FREDERICK M. MUIR, TIMES STAFF WRITER
Over the noisy protests of homeowners and the real estate industry, the Los Angeles City Council on Friday narrowly approved a controversial real estate transfer tax that brings the city's record $3.9-billion budget into balance at the eleventh hour. By the bare minimum of votes, and with just one day to go before a City Charter-imposed deadline for delivering a balanced budget package, the council approved the $52.7-million tax rather than cut into essential city services.
CALIFORNIA | LOCAL
November 7, 1997 | MYRON LEVIN, TIMES STAFF WRITER
A Los Angeles Superior Court judge sentenced real estate swindler Timothy Barnett to a nine-year prison term Thursday, saying the punishment was warranted by the "egregiousness" of his crimes. Clad in jail coveralls and handcuffed to his brother, Darryl, Barnett sat impassively as his sentence was pronounced by Judge Morris B. Jones. Jones then sentenced Darryl Barnett, 36--described by prosecutors as a bagman for Timothy--to a year in County Jail.
BUSINESS
January 14, 1998 | MELINDA FULMER, SPECIAL TO THE TIMES
Five years ago, few investors would have considered buying one of downtown Los Angeles' older office buildings. With lease rates plunging in the city's sleek granite and glass high-rises, these second-tier structures just couldn't compete for tenants and several closed their doors. But with rents edging up across the Southland, a handful of brave investors are starting to buy these mostly pre-1980s buildings, confident that they will eventually fill up again.
BUSINESS
April 6, 1999
Downtown Los Angeles Office Net Absorption in millions of square feet, for buildings greater than 5,000 square feet 1997 QII: 0.01 1997 QIII: 0.19 1997 QIV: -1.33 * 1998 QI: 1.12 1998 QII: -0.24 Eight-quarter average: 0.16 1998 QIII: -0.33 1998 QIV: 0.20 * 1999 QI: -0.92 Downtown Los Angeles Office Vacancy Rates For buildings greater than 5,000 square feet 4th-quarter 1998, with sublet: 9.0% 1999 QI: 1st-quarter 1999, with sublet: 22.1% 1999 QI: Without sublet: 20.
BUSINESS
May 11, 1999 | JESUS SANCHEZ, TIMES STAFF WRITER
The clubby world of Los Angeles' commercial real estate brokers has been hit by a wave of high-level employee defections and at least one lawsuit as an industrywide shakeout promises even more changes. Much of the recent upheaval has been triggered by the arrival of New York-based real estate brokerage giant Insignia/ESG. It wasted little time hiring away top rival brokers with signing bonuses--unheard of in local real estate circles--that in some cases exceeded $1 million.
BUSINESS
July 3, 2001 | JESUS SANCHEZ, TIMES STAFF WRITER
The Los Angeles area office market continued to show signs of softening during the second quarter as vacancy rates rose and rents flattened out and even dipped in a few once red-hot markets, according to several recent real estate reports. Much of the weakness was centered on the Westside, where the dot-com bust and several newly constructed buildings resulted in a sharp increase in the amount of available space in recent months.
CALIFORNIA | LOCAL
July 1, 2001 | SUE FOX, TIMES STAFF WRITER
It all started with Great Uncle Fred. Half a century ago, the stubborn old banker had a mind to rent out the family farm. A rather bad deal in retrospect: $1,000 a month, regardless of inflation, for 50 years. That choice chunk of San Fernando Valley real estate is now the Studio City Golf and Tennis Club, a 17-acre spread still owned by Fred Weddington's great-nephew and other relatives.
CALIFORNIA | LOCAL
June 19, 2001 | ANDREW BLANKSTEIN, TIMES STAFF WRITER
Driven by a huge leap in May, single-family home prices in the San Fernando Valley hit a record high median price of $260,000, a real estate trade group reported Monday. The median cost of a single-family resale home in the Valley, or the price at which half the homes sold for more and half for less, surged by 6.3% between April and May. The May sales numbers represented an 8.8% jump over the same month last year, according to the monthly report by the Southland Regional Assn. of Realtors.
BUSINESS
June 5, 2001 | Brad Berton
Plans have been announced for 67 apartments to be built on the site of 20 aging bungalows in the Valley Village district of Los Angeles by a joint venture of Adler Realty Investments Inc. of Woodland Hills and Westside-based California Villages Inc. The three-story, garden-style complex of two- and three-bedroom apartments will replace the small 1940s bungalows on about 1 1/2 acres along the 5300 block of Corteen Place in the San Fernando Valley, said Adler Realty principal Michael Adler.
BUSINESS
June 5, 2001 | From a Times Staff Writer
Sprint Corp. has agreed to lease more than 100,000 square feet of space in the former Terminal Annex building in downtown Los Angeles for its Internet services operation. Sprint is one of three tenants that have leased 57% of the former postal facility--now known as Infomart Los Angeles--that is being renovated for use by telecommunications and high-tech firms.
BUSINESS
June 5, 2001 | JESUS SANCHEZ, TIMES STAFF WRITER
Since emerging from the depths of recession in the mid-1990s, the Los Angeles area's industrial real estate market had posted record levels of activity year after year--until now. Leasing rates have leveled off after climbing steadily for years. Tenants have postponed decisions and are shopping around more as space opens up. The volume of property being leased and sold has dropped sharply from last year's red-hot levels.
BUSINESS
February 23, 1999 | BOB HOWARD, SPECIAL TO THE TIMES
Owners of many large Southern California apartment complexes are on a remodeling spree, improving their properties--and raising rents--in an investment strategy that depends on a growing economy. Thanks to the growing demand for apartments and a lack of sites for new construction, investors say they can spend thousands of dollars per unit in renovations to create complexes that are almost like new for substantially less than the cost of building from scratch.
BUSINESS
August 4, 2001 | BOB HOWARD, SPECIAL TO THE TIMES
In a sizable economic boost for the downtown area, Los Angeles will become one of the leading U.S. centers of the gift industry with the signing of a lease for 1 million square feet of showroom space in the garment district, it was disclosed Friday. The new tenants will fill the unoccupied portion of the 3-million-square-foot California Mart at 9th and Los Angeles streets, Mart officials said.
BUSINESS
May 15, 2001 | JESUS SANCHEZ, TIMES STAFF WRITER
Who is going to blink first? That's the question players in the Los Angeles commercial real estate market are asking as the slowing economy leaves a lot of office landlords and tenants waiting to see which direction rents are headed before making commitments. Many tenants are taking more time to shop for space as vacancies rise. The lackluster economy has made them skittish about expanding or making long-term financial decisions.
CALIFORNIA | LOCAL
May 15, 2001 | ANDREW BLANKSTEIN, TIMES STAFF WRITER
After a fast start to the spring buying season, San Fernando Valley home sales cooled in April, the result of continued consumer uncertainty about the economy, real estate officials said. The number of homes that closed escrow in April fell 2.6% to 1,031, from 1,058 in March. Compared with April 2000, sales skidded 6.1%, according to the Southland Regional Assn. of Realtors. "It's not a fundamental shift in the real estate market," said Jim Link, executive vice president of the association.
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