Co-working and tech firms lead leasing wars, more debate over Charles Co.’s troubled District Square project: Daily digest

A daily round up of LA real estate news, deals and more for September 17, 2019

TRD LOS ANGELES /
Sep.September 17, 2019 09:30 AM

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

This page was last updated at 9:15 a.m. PT

 

Co-working and technology firms are leasing the most in L.A. According to a recent report from Cushman & Wakefield, the sector is outpacing the leasing velocity of the more entrenched media and entertainment businesses. So far this year, technology and co-working companies signed more than 1.7 million square feet of leases collectively, while media and entertainment companies signed leases for roughly 585,000 square feet. [LABJ]

 

Officials will discuss troubled District Square project. The Charles Co.’s long-awaited District Square project, originally set to bring a Target to South L.A., is still in limbo. The L.A. Planning Commission will discuss the latest plans today. The plans, which have been drastically changed to include 577 residential units, still faces pushback from locals who are upset the developers haven’t included an affordable housing component. [LAT]

A permanent supportive housing for disabled homeless is heading to Mar Vista. The L.A. City Council is expected to vote today on whether the offices of nonprofit Disability Community Resource Center should be demolished to make way for housing. It could hold as many as 38 units for homeless people with disabilities. [Curbed]

 

Arts District developers cut parking in their updated project plans. The Arts District Center, a mixed-use development envisioned by property owner Kevin Chen in partnership with China Building Technique Group, will now feature 304 parking spaces. That’s down from the original 513 spaces. There will be 129 condos, a 113-room hotel, and retail components. [Urbanize]

 

Former NBA player and coach — and now analyst — Mark Jackson may take an “L” on his Calabasas home. Jackson, who spent some time as an L.A. Clipper guard, has slashed the price of his 10,000-square-foot mansion to $4.3 million. That’s about $400,000 less than what he paid for it a decade ago. [LAT]

 

The trade war could put a damper on the industrial real estate boom. Net industrial leasing activity for the next two years will be less than the past two years, according to a new report from trade group NAIOP. Trade and manufacturing activity has been impacted by new tariffs, but demand for last-mile logistics facilities has stayed strong thanks to the spread of e-commerce. [WSJ]

 

Colony Capital is going all in on tech-centric real estate. Trump pal Tom Barrack’s firm is set to sell up to 90 percent of its $20 billion commercial real estate portfolio by the end of 2021, using the proceeds to buy data centers, mobile phone towers and fiber, and to expand its digital real-estate investment management business. “I’m terrified by legacy assets,” Barrack recently told investors. [WSJ]

 

Compass is now offering A.I.-driven property search tools. The batch of newly-launched tools was first revealed by CEO Robert Reffkin on Monday during an appearance on CNBC, and will use users’ search and viewing history to recommend listings. The SoftBank-backed firm now says an IPO is “likely,” rather than just “possible” as was the case a few years ago. [Inman]

 

FROM THE CITY’S RECORDS:

A developer has filed plans to demolish an existing car dealership and build an 80,000- square-foot dealership at 20539 West Ventura Boulevard in Woodland Hills. The current dealership is a Keyes Automotive.


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