Saatchi & Saatchi makes El Segundo its LA HQ, another Coldwell Banker team jumps ship: Daily digest

A daily round up of LA real estate news, deals and more for August 29, 2019

Los Angeles /
Aug.August 29, 2019 03:15 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 3:15 p.m. PT

 
Chairman/CEO of Saatchi & Saatchi LA Kurt Ritter and 555 Aviation
Chairman/CEO of Saatchi & Saatchi LA Kurt Ritter and 555 Aviation

Saatchi & Saatchi has a new home. The global ad agency has signed a deal to occupy 80,000 square feet at Tishman Speyer’s 555 Aviation campus in El Segundo. The firm will be relocating from Torrance, making this spot its Los Angeles headquarters. [TRD]

 

In a housing crisis, seniors struggle the most. Households with at least one person 62 or older made up a quarter of no-fault evictions in Los Angeles city rent-controlled buildings between June 2014 and May 2019, according to city data. Even without evictions, seniors are often unable to withstand high rent increases, placing them in a vulnerable position. [LAT]

 

Developer agrees to preserve landmarked Beverly Grove bungalow court apartments. Neighbors of the Edinburgh Bungalow Court property struck a private deal with a developer who wants to demolish the landmarked apartments to redevelop the property. The developer agreed to a waiting period to allow neighbors to find a buyer property who would preserve the property. If they can’t, the redevelopment can move forward. [Curbed]

 

Culver City’s office market set for an addition. Redcar Properties wants to build a 9,850-square-foot office building in Hayden Tract near Metro’s Culver City Station subway stop. [Urbanize]

 

L.A. lawmakers move toward evacuating people from high-fire zones. A City Council committee moved forward with an ordinance to create off-limit areas on days with a high risk of wildfires. Much of the San Fernando Valley would be classified as high-risk zones. Mayor Eric Garcetti called the ordinance a step toward reducing homeless encampment fires like the one that sparked the Skirball Fire in 2017. [LADN]

 

Coldwell Banker team in NorCal jumps to Keller Williams. The Laugesen Team is the latest Coldwell Banker team to move to jump ship. In L.A., Coldwell Banker has lost some of its biggest producers, including Chris Cortazzo and Ginger Glass, over the last three months. Coldwell banker consolidated two Beverly Hills offices recently. [Inman]

 
Pierce Brosnan and his new home in Santa Monica
Pierce Brosnan and his new home in Santa Monica

007 picks up Santa Monica home. Pierce Brosnan and wife, Keely Brosnan, purchased a World War II-era single-story home in Santa Monica for just below asking price. The 2,300-square-foot home, which sold for $3 million, was on the market for just three months. [LAT]

 

Open house burglaries are a “wakeup” call to brokers and homesellers in L.A. Brokers told The Real Deal that their colleagues should be more vigilant about security at open house events following the arrest of a former Keller Williams broker for a rash of celebrity burglaries between 2016 and 2018. [TRD]

 

SoCal sees strongest July for home sales in four years. Lower mortgage rates are helping to support sales as median sales prices continue their upward trajectory. Sales in July were up 6.1 percent over June and 3.7 percent year over year, but were still below the historic average. In L.A. County, the median price rose 5.5 percent year over year to $635,000. [TRD]

 
The “Razer Home” in Los Angeles sold for $20.8 million
The “Razer Home” in Los Angeles sold for $20.8 million

La Jolla mansion that inspired Tony Stark’s “Iron Man” home trades at discount. The so-called “Razor Home” designed by Wallace Cunningham traded for $20.8 million a year after hitting the market for $30 million. That’s still the priciest sale so far this year in La Jolla. The mansion inspired the “Razor Point” mansion where the character Tony Stark lives in the Marvel “Iron Man” film series. [TRD]

 

“I would rather have not seen”: WeWork landlords react to IPO filing. The release of WeWork’s regulatory filing this month has given some landlords cause for concern, while others say they took added precautions when signing a lease. [TRD]

 

Epstein’s longtime lawyer, who advised him on real estate deals, is now under scrutiny. An attorney for Jeffrey Epstein and executor of his will, Darren Indyke, has hired a defense attorney in the wake of the financier’s death as his business dealings with Epstein come under greater scrutiny. An expert told the Wall Street Journal that any dealings between Epstein and Indyke that were absent of any legal advice might not be protected by attorney-client privilege. [WSJ]

 

Amazon’s shipping empire putting pressure on UPS and FedEx. Since 2013, Amazon has expanded its fulfillment, sorting and other delivery facilities from 65 to about 400 — strengthening its delivery network and repositioning the retail giant’s relationship with delivery companies from that of a customer to that of a rival. [WSJ]


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