Top LA Boutique Brokerages Make Big Moves to Bolster Ranks

This was a buzzy week for market moves among some of Los Angeles’ largest boutique brokerages.

First up was Beverly Hills Estates’ addition of Jacqueline Chernov. The brokerage plans to lean on Chernov and her team to build a presence in the Pacific Palisades as the community there rebuilds and then, longer term, when high-end sales bounce back.

Chernov, who was behind last year’s priciest sale in the Palisades in over a year, hailed from Compass.

Later in the week, Carolwood Estates nabbed Mick Partridge’s team from the Beverly Hills Estates. The agent comes to the brokerage, which has been quietly and quickly scaling, with residential and commercial business. Partridge’s group estimates residential development deals in the pipeline will bear out in more than $100 million in listings later this year.

The estimate is likely welcome news as Carolwood looks to continue a growth streak that saw its 2024 sales volume double to $3.2 billion.

Bel-Air manse first of $100M-plus deals this year

Westside Estate Agency’s Kurt Rappaport and Carolwood Estates’ Drew Fenton are behind this year’s first trade of over $100 million.

The power agents represented Australian billionaire James Packer, who told a local outlet he plans to move into his new Bel-Air estate mid-year after agreeing to pay $110 million for “Le Belvedere” at 630 Nimes Road. He’s coming home to quite the pad: a practically brand-new build with 10 bedrooms, 15 bathrooms and pools inside and outside, among other amenities.

One industry source sees the deal as a good indication of the ultra-luxury segment’s health: “The high-end market in L.A., $100 million-plus, is back.”

Bloomindale’s takes lease at Ashkenazy Acquisition’s Beverly Connection

Look no further than the Beverly Connection for the latest sign that retail’s off-price channel is still going strong and benefitting landlords with space to lease.

The outdoor shopping center owned by Ashkenazy Acquisition Corporation at the corner of La Cienega Boulevard and 3rd Street landed a 20,000-square-foot lease with Bloomingdale’s Outlet. Bloomie’s discount door will absorb space previously occupied by Old Navy and is set to open later this year.

For Beverly Connection, the lease is the latest win in a retail corridor where the center’s bound by chains, luxury brands and boutique shops. Joe Press, chief operating officer for Ashkenazy Acquisition, said the center’s newest tenant “fits in seamlessly” with a roster “filling an in-demand niche in the retail market.”

Venice’s Binoculars Building hangs up for-sale sign

One of Venice’s most notable offices is on the sales block.

Frank Gehry’s Binoculars Building, which comes in at 78,578 square feet and currently has Google as its tenant, has been placed on the market by W.P. Carey spin-off Net Lease Office Properties.

CBRE is marketing the building at 340 West Main Street, which does not have a public asking price.

“This listing is a good example of what capital wants in the market right now,” said CBRE’s Todd Tydlaska, who is part of the listing team. “Great locations, high-profile assets… at attractive price bases.”

Atlas Capital wants $24M from LA Times owner for leaving plant in “shambles”

A landlord is crying foul on the state of how Patrick Soon-Shiong’s Los Angeles Times left its printing plant.

Atlas Capital Group affiliate Alameda didn’t mince words in a lawsuit against the billionaire, alleging Soon-Shiong didn’t pay rent and then left the Downtown Los Angeles facility in “gross disrepair.” Alameda claimed it’s owed $24 million.

Among the damages to the building at 2000 East 8th Street was ink stains, along with holes in the wall and floors, the lawsuit alleges.