The Real Deal Los Angeles

  • The Real Deal LA’s next print issue is almost here!

    Our upcoming magazine takes a look at top leasing brokers and the rise of the spec manse
    March 28, 2017 05:48PM By Hannah Miet

    TRD LA’s January issue

    We are pleased to announce that our next print magazine is almost here! The April issue will feature a major developer profile, rankings, market trend analysis and a healthy dose of controversy.

    The issue will include the first in L.A.’s Closing interview series — a longtime staple in our New York magazine. It will also include a deep dive into Downtown’s retail market; a look at L.A.’s top real estate families; a ranking of top brokers and an analysis of residential development trends. We will reach just outside of L.A. to give readers a Southern California market snapshot, with a focus on sunny Palm Springs.

    See the January edition as it appears in print here.

    To subscribe to the magazine, obtain a media kit — and for all advertising inquiries — please call Frank Morales at (310) 270-8124 or contact fm@therealdeal.com. The final deadline for advertising is March 28.

  • BRE Investment hit with tenant harassment allegations: report

    Tenant lawsuit claims BRE ignored rent stabilization laws in order to renovate and sell building
    March 28, 2017 05:19PM

    The building in the Westlake area (Redfin) and BRE’s David Bramante (BRE)

    The tenants of an eight-unit apartment building at 240 N Robinson Street in Historic Filipinotown are suing its owner, an entity connected to the brokerage BRE Investment. In a lawsuit filed last week, the tenants claim BRE ignored the city’s rent control laws in an effort to evict them, Curbed reported. [more]

  • Rams coach Sean McVay makes a $2.7M play for Encino

    Property on Encino Hills Drive first listed at $2.75M
    March 28, 2017 03:49PM

    Encino Hills home, Sean McVay (Crisnet/Getty Images)

    First a new job and now a new home for Sean McVay, the new head coach of the Los Angeles Rams.

    McVay purchased a contemporary-style home on Encino Hills Drive last week for $2.71 million, or $582 a square foot. [more]

  • The CRE tech merger wave continues: Industrious acquires sublet site PivotDesk

    Co-working startup also raises $25M in VC funding
    March 28, 2017 02:00PM

    David Mandell, Jamie Hodari and Industrious’ Brooklyn space

    From the New York website: Co-working startup Industrious acquired the office sublet listing site PivotDesk and announced a new $25 million funding deal as it prepares to take on WeWork in the flexible workspace market.

    The new capital raise, an add-on to a previously announced Series B round led by Riverwood Capital and including Outlook Ventures and Maplewood, brings the Brooklyn-based company’s capital raised to-date to $76 million. [more]

  • DTLA condo development hits fastest pace since 2008 crash: report

    Brokers point to oversupply in rental market and insufficient condo inventory
    March 28, 2017 12:15PM

    Rendering of the Metropolis project (credit: highrises.com)

    Condo development in Downtown Los Angeles is at an all-time high since the recession, according to the Wall Street Journal.

    Nearly 2,000 new condos are under construction or on the market, some of which are going for over $1,000 per square foot, insiders told the Journal. Prices for existing downtown condos are also up 3.3 percent over the past year to $628 per square foot, according to Polaris Pacific. [more]

  • Cecil B. DeMille estate returns for $25M

    Property briefly hit the market for $1M less in 2008
    March 28, 2017 11:00AM By Katherine Clarke

    Cecil B. DeMille and the Los Feliz house

    The famed Cecil B. DeMille estate in Los Feliz is back and pricier than ever.

    The property, on De Mille Drive, listed Monday for $24.95 million. It was most recently on the market in 2008, asking $23.95 million, but was delisted that same year. [more]

  • Solar company buys former Grammy building in SaMo from HPP for $35M

    Hudson Pacific will use proceeds towards acquisition of Hollywood Center Studios
    March 28, 2017 10:45AM By Hannah Miet

    The building at 3402 Pico and Cypress CEO Matthew McGovern (Google Earth, Novodradac)

    Solar company Cypress Creek Renewables has purchased the former Grammy building at 3402 Pico Boulevard in Santa Monica from Hudson Pacific Properties for $35 million, The Real Deal has learned.

    The company, led by CEO Matthew McGovern, paid $685 a square foot for the vacant 51,100-square-foot office building, which will serve as its headquarters starting at the end of the year, according to Jeff McKay, a company spokesperson. Cypress will vacate its current headquarters at 32500 Ocean Park Boulevard. [more]

  • Tensions rise in Pomona over homelessness plan

    The city approved a shelter system in January
    March 28, 2017 09:45AM

    A homeless man in Pomona

    Pomona officials recently approved $1.7 million in spending to buy land for a temporary shelter with 175 beds amidst growing tensions over homelessness in the area.

    Critics say the political discourse on the issue had been dictated primarily by residents and shop owners who complain about encampments and loiterers, the Los Angeles Times reported. Its detractors complain that the shelter is a way for officials to more strictly enforce an anti-encampment policy, which was recently put on hold because of a lawsuit. [more]

  • Billionaire Stan Druckenmiller shells out $36M for Malibu pad

    Former hedgie bought estate for $5,200 psf in off-market deal
    March 28, 2017 08:30AM By Katherine Clarke and Hannah Miet

    Stan Druckenmiller and Malibu Colony Beach

    Billionaire trader Stanley Druckenmiller and his wife Fiona look to have scooped up an oceanfront Malibu pad next door to action star Jason Statham for $36 million, The Real Deal has learned.

    The five-bedroom, seven-bathroom property on Malibu Colony Road, which totals 6,900 square feet, sold in an off-market deal for roughly $5,200 per square foot, records show. It last traded in late 2006 for $22.75 million, to an entity managed by attorney and wealth manager Andrew Katzenstein. The identity of the owner behind the entity was not clear. [more]

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