Los Angeles briefs

Los Angeles briefs

Oct.October 01, 2017 01:00 PM

A rendering of the Martin family’s West Lost Angeles megaproject

Martin family shops stake in massive West L.A. development

When the Martin family first proposed a public-transit-oriented megaproject on the site of its West L.A. Cadillac dealership, some thought it ironic. Were the purveyors of Escalades really embracing walkability?

Recent marketing materials from Eastdil Secured show the Martins are serious about the project, and they’re looking for someone to ride shotgun.

The family is seeking a co-developer or partner to buy a 49 percent stake in the 807,200-square-foot development. Some industry sources said the site will more likely sell outright, for a price that could top $200 million. Hudson Pacific Properties, Boston Properties and Kilroy Realty are all rumored to be circling the site, but none could be reached for comment. 

The Martins secured the 4.6-acre property in September 2016. The Gensler-designed proposal includes 619 apartment units, 150,000 square feet of creative office space and 100,000 square feet of retail space. Construction is set to begin in 2018 and end in 2021.

The site sits next to Kilroy’s Westside Media Center, an office campus and home of video game developer Riot Games. The area has seen significant development interest in recent years. CIM Group recently proposed a 154-unit mixed-use development in West L.A. Alan Casden broke ground on Casden West L.A, a 595-unit apartment building with 15,000 square feet of retail.

Blackstone is buying big in Burbank

Blackstone Group is making a major recapitalization play in Burbank.

The real estate giant agreed to buy majority stakes in five or six office properties in Burbank in a deal estimated to be worth $1.5 billion. The sellers are the various partners of investor Jeffrey Worthe, who heads Santa Monica-based Worthe Real Estate Group. They will cash out of the buildings, while Worthe will retain a small interest and continue to manage them. Eastdil Secured is arranging the deal.

The portfolio includes  office buildings Pinnacle 1 and Pinnacle  2 on West Olive Avenue; the Pointe offices at 2900 West Alameda Avenue; the Tower Burbank at 3900 West Alameda Avenue; the Central Park at the Toluca Lake building at 3500 West Olive; and the Disney building at 3800 West Alameda, according to REAlert.

Trump advisor Carla Sands lists Malibu pad for $18M

Carla Sands has had it with sand.

Carla Sands

The Vintage Capital chair — who President Trump recently nominated as the U.S. ambassador to Denmark — listed her 7,500-square-foot villa on Broad Beach in Malibu for sale on Sept. 14.

Ocean views surround the two-story home, which has five bedrooms, a three-car garage and a Crestron smart-home system. Sands purchased the home with her late husband, real estate businessman and Vintage founder Fred Sands, for $14.7 million in 2013, property records show.

Coldwell Banker’s Christopher Cortazzo and Hilton & Hyland’s Linda May have the listing.

Sands joined the Trump’s economic advisory council in 2016, and last month she was nominated to the ambassador position, which is subject to Senate confirmation.


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Aby Rosen and Jay Penske in front of 475 Fifth Avenue (LoopNet, Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Aby Rosen teams up with Rolling Stone publisher on $290M office deal
Aby Rosen teams up with Rolling Stone publisher on $290M office deal
L-R: Savanna's Chris Schlank, Eastdil Secured's Will Silverman, JLL's Bob Knakal (Photos by Paul Dilakian)
Office royalty talk conversions, distress and the “downsize upgrade” trend
Office royalty talk conversions, distress and the “downsize upgrade” trend
From left: Amy Schumer and 190 Riverside Drive; Jimmy Fallon and 34 Gramercy Park East (Getty Images, Beyond My Ken, CC BY-SA 4.0 - via Wikimedia Commons, iStock)
Jimmy Fallon, Amy Schumer selling Manhattan pads
Jimmy Fallon, Amy Schumer selling Manhattan pads
OKO's Vladislav Doronin and the Crown Building ( OKO Group, Aman)
Crown Building notches another peak sale with $55M condo
Crown Building notches another peak sale with $55M condo
Columbia Property Trust's Nelson Mills and 799 Broadway (Columbia Property Trust, 799 Broadway, iStock)
Columbia Property Trust signs investment firm to 71K sf at 799 Broadway
Columbia Property Trust signs investment firm to 71K sf at 799 Broadway
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...