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

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

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.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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.