October 31, 2012 |
CBRE Group Inc., the world's largest commercial real estate brokerage, turned a profit in the third quarter even as transactions slowed in the U.S. The Los Angeles firm said Tuesday that income from arranging deals to buy or rent space in offices, warehouses and other commercial properties was down slightly from the same period a year earlier. The reduction was more than offset by growth in CBRE's business of managing the real estate assets of other companies and growth in CBRE's mortgage brokerage.
July 8, 2010 |
Suspense over whether the Gas Co. Tower in downtown Los Angeles will remain the headquarters of Southern California Gas Co. is over: The big utility is staying put in its signature tower for the next 15 years. Real estate industry analysts had been watching to see whether the gas company would bail out on troubled landlord MPG Office Trust Inc., formerly Maguire Properties Inc., and move its offices elsewhere. Southern California Gas said Wednesday that it would keep its more than 1,300 employees in 350,000 square feet in the building at 555 W. Fifth St., where it has been the anchor tenant since the tower was completed in 1991.
October 13, 2013 |
After a decade of delays, a $100-million real estate development in the heart of Chinatown is getting underway as the changing neighborhood catches a wave of investment sweeping through downtown Los Angeles. Work began this month on the Blossom Plaza apartment and retail complex that will take over the space formerly occupied by Little Joe's, an Italian restaurant and bar that was once a beloved fixture on North Broadway. The eatery has been closed for 15 years, and its shabby-looking building and parking lot have long been considered a blight on the community's main thoroughfare.
February 20, 2013 |
Word is out that financier Gary Winnick is quietly floating his storied estate in Bel-Air for sale at $225 million. Winnick, who founded and later sold Global Crossing, bought the Bellagio Road mansion in 2000 from Dole Food Co. owner David Murdock. The $94-million deal, which involved the telecom mogul ponying up a parcel of land, stood as the highest-priced home sale in California for years. Although a seller can ask any amount for a property, the 8.4-acre trophy home is for sale at the right price, said a person familiar with Winnick's real estate dealings who wasn't authorized to speak publicly.
October 6, 2010 |
The site of a former department store in Beverly Hills considered one of the most desirable pieces of real estate in the country sold for $148.3 million on Tuesday to investors from Hong Kong and Singapore. Joint Treasure International, a Hong Kong-based private equity firm, purchased the 8-acre parcel at the intersection of Wilshire and Santa Monica boulevards. The firm intends to develop luxury condominiums on the site. "This is an incomparable site that cannot be replicated," said Daniel Yiu, senior advisor to Joint Treasure, which specializes in global real estate.
October 21, 2012 |
WASHINGTON - No one wants to take the blame for the housing bust in this political season, but scammers and rip-off artists in the hundreds are working overtime to siphon dollars out of the wreckage of the crash and its still-vulnerable victims. You've probably heard about the loan-modification predators who promise financially ailing homeowners that they'll prevent or forestall foreclosures - but are really after thousands of dollars in fees, for which they do nothing. Now the second-largest source of mortgage money in the country - Freddie Mac - is warning about a troubling wave of post-crash fraud: scammers who illegally rent out foreclosed and for-sale homes to unsuspecting consumers.
October 7, 2012 |
The El Royale apartment tower in Hancock Park, a magnet for celebrity tenants since the Jazz Age, has sold for nearly $30 million in what may be the largest price-per-unit sale in Los Angeles history. The 12-story building, at 450 N. Rossmore Ave., was built in 1929 for the Hollywood crowd, and early residents included Clark Gable, William Faulkner and Loretta Young. It was designed in a mix of Spanish and French Renaissance styles by the same architect who created the famous Chateau Marmont hotel in West Hollywood.
September 11, 2011 |
Andrea Angott has a doctorate in psychology and is a postdoctoral associate in the Fuqua School of Business at Duke University. She generally spends her days studying how consumers make decisions about their healthcare. But last year she detoured into the curious world of home staging. Staging, for those of you who have never flicked on the HGTV cable channel, is the process of decluttering, rearranging and otherwise dressing up your home to make it appeal to a broad array of potential buyers.
November 23, 2012 |
Fed up with severe water damage to her home and embroiled in litigation with contractors and real estate agents, superstar singer Rihanna put her Beverly Crest mansion up for sale last year for $4.5 million. That was roughly half what she paid for it. A local buyer pounced. He repaired the structure, gave the pool a face-lift and re-landscaped the property. A few months ago the 8,500-square-foot contemporary-style home was back on the market with a new price tag: $9.95 million. Home flipping is back - and it's going upscale.
March 15, 2012 |
To find out where the smart money is buying real estate these days, one need look no farther than the Hollywood Hills. Billionaire venture capitalist and hedge fund manager Peter Thiel recently cherry-picked a house there for $11.5 million. Thiel has a track record as a shrewd businessman, having been an early investor in Facebook. He is the former chief executive and co-creator of PayPal. The 1.25-acre property he bought is a rarity among local homesites; it has two driveways that lead to different streets.