The Real Deal Los Angeles

  • LA’s multifamily market sees record year for sales,
    uptick in vacancy

    Nearly $10B was invested countywide in 2016, but looming Measure S complicates forecasts
    January 20, 2017 06:40PM By Justin Sayles
    Map of LA

    Los Angeles County (credit: Transwestern)

    Thanks to a “scorching-hot” fourth quarter, 2016 was a record-setting year for multifamily sales in Los Angeles County, despite mid-year prognostications that seemed to suggest the opposite trend, CoStar’s year-end report shows.

    Nearly $10 billion was invested countywide in apartments. That included more than $3 billion in the fourth quarter alone, which made it one of the biggest quarters in the history of CoStar’s tracking, said Steve Basham, a senior market analyst for the firm who authored the report. [more]

  • Rockwood Capital closes $1.1B real estate fund

    LA-based firm will expand assets including retail, residential and hotel properties
    January 20, 2017 05:35PM

    Rockwood Capital Century City headquarters, Tyson Skillings (Equity Office/Rockwood Capital)

    Century City-based real estate investment firm Rockwood Capital closed its “Real Estate Partners Fund X,” which received $1.1 billion in capital commitments, the company announced in a release. [more]

  • Trump scraps FHA fee reduction for poor homebuyers

    New HUD Secretary Ben Carson had criticized Obama's move
    January 20, 2017 05:00PM

    Ben Carson and Donald Trump (Credit: Getty Images)

    From the New York website: Shortly after being sworn into office, Donald Trump’s administration overturned the Obama administration’s decision to lower the cost of buying a home for low-income Americans. [more]

  • Santa Monica Sears owner plans creative office conversion

    Seritage plans to shutter store to make way for adaptive reuse project
    January 20, 2017 04:25PM

    Santa Monica Sears, CEO Edward Lampert (Laurie Avocado, Flickr/Getty)

    The cash registers at the Santa Monica Sears will be ringing up the store’s final sales in April.

    The 100,600-square-foot store at 302 Colorado Avenue will close its doors to make way for a mixed-use creative office and retail development, Santa Monica Daily Press reported. [more]

  • Ohio developer plans mixed-use project at West Hollywood car wash site

    Lot traded in one of highest ppsf land deals in submarket
    January 20, 2017 03:15PM By Cathaleen Chen

    Brandon Michaels and the car wash at 431 North La Cienega

    Stark Enterprises — no, not the Stark from “Iron Man” — recently plopped down $21.25 million, or about $652 per square foot, for a West Hollywood car wash in one of the highest price-per-square-foot land deals in the submarket’s recent history.

    The Cleveland, Ohio, based firm plans to build a mixed-use development on the quarter-acre site at 431 North La Cienega Boulevard, which is occupied by Mikey’s Car Wash. It has tapped Beverly Hills-based Robin Group as its local development partner, The Real Deal has learned. [more]

  • America gets its first developer-in-chief

    Real estate players have a lot to keep an eye on
    January 20, 2017 02:08PM By Kathryn Brenzel and Will Parker

    Donald Trump (Credit: Getty Images)

    From the New York website: Surrounded by family and a few pals from the real estate industry, Donald J. Trump on Friday became the 45th President of the United States — and the first developer-in-chief. [more]

  • $2.5B Century Plaza project is, in fact, happening

    Fairmont Hotels was named the operator of hotel that is now scheduled to open in 2018 after many delays
    January 20, 2017 01:15PM

    Woodridge CEO Michael Rosenfeld and a rendering of the Century Plaza project at 2025 Avenue of the Stars (Credit: Getty, Next Century Partners)

    One of the biggest projects in Los Angeles is slated to open next year with Fairmont Hotels & Resorts as its operator, developer Woodridge Capital Partners announced Thursday night. [more]

  • Cushman & Wakefield could close IPO as early as Q3: report

    But sources say an IPO would also mean layoffs in the lower echelons of the company
    January 20, 2017 12:05PM

    From left: Brett White and John Cushman III

    Looks like the stars are finally aligning for Cushman & Wakefield. The commercial brokerage has taken the first steps in seeking its long-rumored IPO after months of bulking up its teams in Los Angeles and New York with high-profile poaches. [more]

  • Witkoffs talk inauguration, presidency over lunch in DC

    Howard Lorber, Nicholas Mastroianni also stopped by the Café du Parc on Thursday
    January 20, 2017 11:30AM By Kathryn Brenzel

    From left: Steve Witkoff, Donald Trump and Howard Lorber

    From the New York website: The Witkoffs had just flown into Washington, D.C., on their private plane and sat down to lunch at the Café du Parc. [more]

  • Inside Hollywood’s jam-packed development pipeline

    Ranking the biggest commercial projects and deals
    January 20, 2017 10:45AM By Barry Lank

    A rendering of the 14-story Icon tower at Sunset Bronson Studios, where Netflix has leased the entire 323,000-square-foot office building.

    From the January issue: Hollywood commercial real estate is on a roll. And it’s not all about demand for office space, though the surge in occupancy by companies like Netflix certainly helps. Both mixed-use and multifamily projects are seeing their day in the sun, too, and developers have been quick to seize on the trend.

    “The outlook for Hollywood is very strong,” said Michael Soto of real estate firm Trans​western. He said the area was very attractive for development not just because it is the traditional nexus of L.A.’s entertainment industry, but also because it’s centrally located and well served by public transportation.

    The developments in The Real Deal’s ranking of the 20 largest projects in the pipeline would add more than 10 million square feet of space to the Hollywood market, including about 6,500 residential units. [More]