Who cares if Monday’s blue when you’re in sunny Los Angeles?
Monday Properties, a landlord and investment firm based in New York, is taking on the West Coast with its first L.A. office.
The company has tapped Philip Cyburt, the former CEO of Laurus Corp., to kickstart the expansion, the Los Angeles Business Journal reported.
Cyburt told the Business Journal that his goal is to manage $2 billion of office, multifamily and hotel assets in markets such as L.A., Seattle, San Diego, and Portland within the next five years.
Monday CEO Anthony Westreich said L.A. is an attractive submarket because supply is constrained, but prices remain lower relative to other cosmopolitan cities. The move will satisfy the demands of the firm’s capital partners, he told the Journal.
Monday recently benefited from Nestle’s departure from Glendale, as the candymaker signed a lease for 40 percent of the landlord’s 35-story office tower in Arlington, Virginia. [LABJ] — Cathaleen Chen