March 6, 2012 |
MPG Office Trust Inc., the largest office landlord in downtown Los Angeles, narrowed its loss in the fourth quarter even as occupancy in its buildings continued to slip. The Los Angeles real estate investment trust also faced rising costs of office space improvements required to keep and attract tenants. "The downtown L.A. market continues to bounce along the bottom, and MPG faces considerable leasing challenges," said analyst Michael Knott of Green Street Advisors. "Tenants hold the upper hand, as MPG's leasing costs increased to even higher levels, and its occupancy is now below 80%. " MPG, which also owns buildings in Orange and San Diego counties, finished the quarter with a net loss of $31.5 million, or 62 cents a share.
February 24, 2012 |
An asking price of $78.8 million will make a splash in any neighborhood. And the fact that this one includes a temperature-controlled trout pond with a two-story waterfall doesn't hurt. Donald Abbey , the founder of a commercial real estate investment and management firm bearing his name, has listed a recently completed estate in Bradbury, in the San Gabriel Valley. More than nine years in the making, the Palladian-style compound occupies an 8-acre promontory with city and ocean views.
July 5, 2011 |
In one of the largest real estate sales since the last boom, investors have purchased the Pasadena headquarters of engineering company Parsons Corp. for $320 million. The 22.7-acre campus on the northern edge of Old Pasadena was bought from Parsons by Morgan Stanley Real Estate Investing and Lincoln Property Co. The international engineering firm has agreed to remain in its signature 12-story headquarters tower as a tenant for 15 years. The sale was the largest office transaction in Los Angeles County since Aon Center in downtown Los Angeles sold for $327 million at the peak of the real estate cycle in 2007, according to real estate brokerage statistics.
May 20, 2011 |
Los Angeles real estate investor Ezri Namvar, the former owner of such high-profile properties as the Marriott hotel in downtown Los Angeles and the Cal Neva hotel and casino near Lake Tahoe, was convicted on wire fraud charges stemming from allegations that he stole $21 million from investment clients. A federal jury in Los Angeles convicted him Thursday on four wire fraud charges related to his company, Namco Financial Exchange Corp., which held proceeds from real estate sales until clients needed the money for new transactions.
April 21, 2011 |
The downtown Los Angeles apartment building know as the Pegasus has been sold to Chicago real estate investment trust Equity Residential for $100 million. It was one of the largest residential property sales ever in the central business district and a sign that downtown's revitalization has caught the attention of national institutional investors, said real estate broker Marc Renard of Cushman & Wakefield. "Equity Residential's purchase is a tremendous endorsement of downtown L.A.," Renard said.
February 16, 2011 |
CB Richard Ellis Group Inc. has agreed to buy ING Group's real estate investment management business in a $940-million deal that would make CB Richard Ellis the global leader in that business. Los Angeles-based CB Richard Ellis, already the world's largest commercial real estate brokerage, said that the proposed transaction, announced Tuesday, would substantially increase its footprint in Asia and Europe by taking over ING Group's 20 investment offices and 760 employees. Investment managers raise money from pension funds, universities and other institutional investors and buy commercial real estate such as offices, warehouses and shopping centers on their behalf.