Universal Music Group is expanding in Santa Monica, The Mountain of Beverly Hills auction is postponed: Daily digest

A daily roundup of LA real estate news, deals and more for August 15, 2019

TRD LOS ANGELES /
Aug.August 15, 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

 
Universal Music Group CEO Lucian Grainge and a rendering of Colorado Campus Building B
Universal Music Group CEO Lucian Grainge and a rendering of Colorado Campus Building B

Universal Music Group is expanding in Santa Monica. The music giant is close to leasing another building at the Colorado Campus office complex in Santa Monica. The lease for the 33,140-square-foot “Building B” at the campus is valued at $2.3 million per year, sources said. Lincoln Property Company and Northwood Investors own the recently-renovated, 2-acre office development. [TRD

 

The Mountain of Beverly Hills can’t sell, and the scheduled auction didn’t happen. It was postponed. The massive 157-acre spread, hit the market last summer for $1 billion, has been on the brink of foreclosure for several months, and was expected to be sold to the highest bidder Thursday. It’s unclear what will happen next as the owners try to salvage the historic spread. 

 
From left: Prologis CEO Hamid Moghadam, and Randall L. Stephenson, chairman and CEO of AT&T Inc, with the site
From left: Prologis CEO Hamid Moghadam, and Randall L. Stephenson, chairman and CEO of AT&T Inc, with the site

Industrial mega-landlord Prologis has picked up another property in Commerce. The firm acquired the 85,000-square-foot industrial building from AT&T, which leased the building back. It spans 11.24 acres off Interstate 5. [TRD]

 

An 180-unit complex is for South LA. Archeon Group submitted plans to build a multifamily building at 9402 South Broadway. The project, which was recently revised, will include 20 affordable units in the otherwise market-rate project. [TRD

 

Restaurants in L.A. are closing and rents are to blame. Restaurateurs are finding themselves unable to compete as rents grow more expensive across the county. In Koreatown, rates doubled to $6 per square foot from 2010 to 2016. Add costly ingredients and minimum-wage increases to the recipe, and restaurants are finding it tougher to compete. [LAT

 

“Rick and Morty” creator buys in Valley Village. The writer-producer spent $3.6 million for a 1930s hacienda, renovated by actress-designer Mimi Rogers and interior designer Natalie Zimmerman. It spans 6,200 square feet. [LAT

 

Government will back more condo loans amid cooling housing market. The Trump administration is making it easier for first-time condo buyers to get a government-backed mortgage. The Federal Housing Administration is backing more loans for those first-time buyers. [TRD]

 
Angels star Mike Trout and the Long Beach shorefront (Credit: Getty Images)
Angels star Mike Trout and the Long Beach shorefront (Credit: Getty Images)

A new stadium for the Angels can wait. At least that’s what Anaheim City Council members found out this week, learning the home team can play out its current Angel Stadium lease — which extends through 2029 — if it forgoes plans for a new $1 billion stadium in Long Beach. In January, elected officials had approved a one-year lease for the team to remain in Anaheim. [LAT]

 

Bond financing is on tap for a South L.A. residential complex. The Coalition for Responsible Community Develpment’s planned 60-unit affordable housing building in Florence is set to receive $20 million in bond financing. Called Marcella Gardens, the four-story construction would replace a commercial property on 68th and Main streets and comes amid the continued rise in L.A.’s housing prices. [Urbanize]

 

Sweet relief for orange grove? The last remaining commercial orange grove in Los Angeles, which hit the market last month for $14 million, is now formally under consideration as a Historic-Cultural Monument. Last month, City Councilman Bob Blumenfield proposed the idea of landmarking the site, to save the 14-acre Bothwell Ranch in Tarzana. Marketing materials say it is zoned for 26 half-acre single-family home lots. [Curbed]

 

A sale for a singer. Brian McKnight, the R&B crooner, unloaded his 7,200-square-foot Chatsworth home for $1.7 million. The five-bedroom, six-bathroom pad was on the market for a little less than two months, bucking a recent trend in L.A. — perhaps because of its modest price-point — that has seen high-end homes take months to sell. McKnight, who was a contestant on Season 2 of “Celebrity Apprentice,” bought the home in 1999 for $1.27 million. [LAT]

 
WeWork CEO Adam Neumann (Credit: iStock)

WeWork’s IPO filing laid the company bare. CEO Adam Neumann has borrowed almost $1 billion from WeWork and its lenders. This was one of many disclosures in WeWork’s IPO filing Wednesday. We broke down the rest. [TRD]

 

Morgan Stanley lost the lead in WeWork’s IPO financing. The co-working giant rejected has Morgan Stanley’s pitch to be the top underwriter on its impending IPO, so the financial giant pulled back from the deal entirely. [Bloomberg]

 

An accuser of Jeffrey Epstein has sued his estate. A woman who claims Epstein sexually abused her when she was a teenager filed a civil lawsuit against his estate Wednesday — the first of many anticipated lawsuits in the wake of the financier’s death. [NYT]

 
Clockwise from left to right: 50 Hudson Yards, Farley Post Office redevelopment, 1 Madison Avenue, and Apple CEO Tim Cook (Credit: Hudson Yards, Skanska, Google Maps, and Getty Images)

Apple is on the hunt for massive office space in Manhattan. The company has reportedly looked at 50 Hudson Yards, the Farley Post Office redevelopment and One Madison Avenue. It’s joining tech giants Facebook and Amazon in the race to find prime office space in the city. [TRD]

 

FROM THE CITY’S RECORDS:

A developer submitted plans to demolish a 6,000-square-foot commercial structure and build a new 38-unit mixed-use development at 412 & 418 South Robertson Boulevard in Beverly Grove. The development would reserve four units for extremely low-income residents, and is eligible for Tier 2 Transit Oriented Communities Incentives. [LADCP]


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