Compass snags another top agent from Coldwell Banker, co-working firm geared to women of color will open: Daily digest

A daily roundup of LA real estate news, deals and more for August 12, 2019

TRD LOS ANGELES /
Aug.August 12, 2019 04:00 PM

Every day, The Real Deal rounds up Los Angeles’ biggest real estate news. We update this page at 9 a.m. and 4 p.m. PT. Please send any tips or deals to [email protected]

This page was last updated at 4 p.m. PT

Ginger Glass jumps ship to Coldwell Banker. Another one of Coldwell’s top agents left for Compass this week, less than one week after the Realogy subsidiary lost its rainmaker, Chris Cortazzo, to the Softbank-backed firm. Glass, now based at Compass’ Beverly Hills office, was Coldwell’s top-selling and leasing agent at its Beverly Hills “North Office” on Canon Drive. [TRD

 
Blackbird founder Bridgid Coulter and the Culver City space as of August
Blackbird founder Bridgid Coulter and the Culver City space as of August

Blackbird, a co-working firm geared toward women of color, is opening in Culver City. Led by founder Brigid Coulter, Blackbird is opening a 12,000-square-foot space at 10600 Virginia Avenue next month. Though the private club will be open to everyone, it will feature programming that’s geared towards women of color. [TRD

 

Mani Brothers have donated $16,800 to Donald Trump’s re-election campaign. The West Hollywood-based developers own five office buildings on the Sunset Strip. The donations, which were posted on film editor Marta Evry’s Facebook page, come as prolific real estate developer Stephen Ross faces backlash for hosting a fundraiser for Trump at his home. [Wehoville

 
Oakview Estate and Rob Lowe
Oakview Estate and Rob Lowe

Rob Lowe has re-listed his massive Montecito estate for $43 million. The Oakview Estate, featuring koi ponds and rose gardens, is on the market at a 10 percent discount. The “Parks and Recreation” actor and his wife, Sheryl Berkoff, listed it for sale last summer at $47 million. [TRD]

 

VTS is expanding in Canada with a Toronto engineering hub. The firm plans to hire at least 50 staffers for the hub by the end of next year and may expand to Montreal and Vancouver as well, according to Bloomberg. The property tech startup is based in New York and has developed software that allows commercial real estate firms to manage the leasing process from a computer or cell phone. It is now valued at more than $1 billion. [Bloomberg]

 

Gilbert Group CEO Dennis Gilbert is seeking $27.5 million for his Paul Williams-designed home. The Holmby Hills mansion has five bedrooms within 6,250 square feet. Kurt Rappaport and Kevin Booker of Westside Estate Agency have the listing. [Redfin]

 
Madison Hildebrand

“MDL’s” Madison Hildebrand is the latest victim of an online scam. A phony contract scam has been targeting celebrities, and just took the “Million Dollar Listings” Los Angeles star and Compass agent for $300,000. Hildebrand signed what he thought was a legitimate deal to speak at an event in Dubai, but also had to wire money first. [CBS]

 

Downtown’s Hoxton hotel almost ready for its closeup. Rooms at the British brand’s first L.A. outpost will start at $179 per night. The hotel has a total of 174 rooms. British developer Ennismore bought the property — then a vacant office building — in 2015 for $30 million and has been renovating it since. [Curbed]

 

A Little Tokyo community organization launches real estate fund. The Little Tokyo Community Impact Fund was founded over concerns about the closure of long-standing stores in the neighborhood amid gentrification. The fund will invest in local properties to support what it calls heritage-based businesses in the neighborhood. [TRD]

 

L.A. developers step up competition for tenants with luxury amenities. Hankey Investment Company has added custom cabanas that cost as much as a car to its 2-acre amenities deck at Downtown L.A.’s Circa condo tower. Meanwhile, Cusumano Real Estate Group’s Talaria at Burbank has a 34-seat theater. Residents can have staff deliver groceries from the ground-floor Whole Foods to their refrigerators. [LAT]

 

Colony Capital’s losses widen. Tom Barrack’s Downtown L.A.-based firm posted a $442 million loss in the second quarter, more than six times its loss over the same period in 2018. Colony plans to sell a multibillion-dollar portfolio of 450 industrial properties by the end of the year to raise money. [LABJ]

 
Joe Farrell, Donald Trump, and Stephen Ross (Credit: Getty Images)
Joe Farrell, Donald Trump, and Stephen Ross (Credit: Getty Images)

Here are the real estate bigwigs who went to Trump’s fundraisers in the Hamptons this weekend. President Trump held two fundraisers on the famed vacation spot this weekend: one at developer Joe Farrell’s home in Bridgehampton and another hosted by Related Companies chair Stephen Ross, which had prompted a massive backlash against Equinox and SoulCycle. Guests at the fundraisers from the world of real estate included Neal Sroka, Vornado’s Steve Roth, Richard LeFrak, Cantor Fitzgerald’s Howard Lutnick, Steve Witkoff and Andrea Catsimatidis. [NYP]

 

Lower mortgage rates probably aren’t enough to speed up the slow housing market. The low rates might provide the market with a modest increase, but the main problem is still expensive home prices and the lack of options for starter homes in several markets, according to the Wall Street Journal. Average 30-year mortgage rates fell to 3.6 percent last week, their lowest level since November 2016, and they have been dropping throughout most of the year. [WSJ]


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