Rexford Industrial co-CEO pays $17M for Brentwood home

Howard Schwimmer cashed out on $4M in company shares before purchase

Los Angeles /
May.May 28, 2021 02:00 PM
Rexford Industrial Co-CEO Howard Schwimmer and the property (Rexford, Zillow)
Rexford Industrial Co-CEO Howard Schwimmer and the property (Rexford, Zillow)

The co-head of Rexford Industrial Realty is reaping the benefits of the industrial boom.

Howard Schwimmer paid $17.4 million for a 7,000-square-foot home in Brentwood, property records show.

He acquired the property at 420 S. Bristol Avenue earlier this month, securing an $8.4 million mortgage to close the deal, according to documents. Just before he bought the new home, records show Schwimmer cashed out $4.3 million worth of shares.

Brentwood-based Rexford paid Schwimmer $8.3 million in total compensation in 2020, filings show. The company — which went public in 2013 — recorded net income of $61 million last year, as the industrial market surged throughout the pandemic.

Schwimmer bought the home from the family of Richard Atlas, a former Goldman Sachs partner who died last year. It was listed in February for $18.5 million.

This is Schwimmer’s second home in the neighborhood; he owns a five-bedroom property at 421 Homewood Road, which he paid $1.9 million for in 2002, according to records.

Rexford has been on a spending spree in recent years. The firm spent about $1 billion in Southern California warehouse space in 2020, about the same amount as it spent the previous year. So far this year, Rexford has shelled out $163 million for properties, adding hundreds of thousands of square feet to its 31 million-square-foot portfolio.





    Related Articles

    arrow_forward_ios
    Rexford Industrial Realty co-CEOs Howard Schwimmer and Michael Frankel and 13535 Larwin Circle and 7815 Van Nuys Boulevard in Panorama City (Google Maps, Rexford)
    Rexford spends $153M on six industrial properties
    Rexford spends $153M on six industrial properties
    Reese Witherspoon (Getty)
    Reese Witherspoon sells Brentwood mansion for $21.5M
    Reese Witherspoon sells Brentwood mansion for $21.5M
    11677 - 11683 Goshen Avenue (Redfin)
    Brentwood apartment building finds a buyer
    Brentwood apartment building finds a buyer
    Rexford Industrial Realty's Michael Frankel and Howard Schwimmer (Rexford, iStock)
    Rexford Industrial reports 76% jump in profit
    Rexford Industrial reports 76% jump in profit
    Rexford buys portfolio of ice production buildings
    Rexford buys portfolio of ice production buildings
    Rexford buys portfolio of ice production buildings
    Rexford Industrial Realty’s Howard Schwimmer (left) and Michael Frankel and Laramar Group CEO Jeffrey Elowe (middle) and 21415 Plummer Street (Rexford, Laramar, Google Maps)
    Rexford envisions 2-for-1 deal on Chatsworth office park
    Rexford envisions 2-for-1 deal on Chatsworth office park
    Ken Kahan, chief executive officer, California Landmark Group in front of 7928 Hollywood Boulevard (left) and 1168 South Barrington Avenue (right) (Getty Images, Realtor.com, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
    California Landmark scores $85M refi on LA apartments
    California Landmark scores $85M refi on LA apartments
    WNBA legend Lisa Leslie, Tomi Rose team up on athletes
    WNBA legend Lisa Leslie, Tomi Rose team up on athletes
    WNBA legend Lisa Leslie, Tomi Rose team up on athletes
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...