Hudson Pacific CEO Gets Raise

Hudson Pacific Properties chief executive Victor Coleman, raked in about $25 million in 2024, roughly three times the total compensation he received a year prior, according to the company’s latest proxy statement filed April 23. In 2023, Coleman made around $8 million.

His base salary was unchanged at $1 million, but his cash bonuses and stock awards increased. The chairman was granted upfront equity awards to encourage retention, stockholder alignment and stock price recovery, per the Securities and Exchange Commission filing. His stock awards were valued at about $22 million.

But Hudson Pacific reported a net loss of $364 million in 2024, much more than the firm’s $192 million loss in 2023. The real estate investment trust partly attributed last year’s lackluster performance to asset sale losses, which came as the market saw slower entertainment production activity and lower office occupancy.

The Real Deal looked at C-suite pay at 10 publicly traded, commercial real estate companies headquartered in Los Angeles. No company saw such a disparity when it came to executive compensation, losses and profits than Hudson Pacific Properties.

Jamison lands $220M loan package for luxe Koreatown complex

Jamison Properties secured a $220 million loan package to refinance construction debt and provide cash for Opus, a newly completed apartment complex in Koreatown. BWE arranged the financing from New York Life Real Estate Investors. The deal comprises a $205 million five-year, interest-only senior loan and a $15 million floating-rate mezzanine loan — co-terminus with the larger senior loan.

Opus comprises a 22-story and a 14-story building with 428-unit luxury apartments spanning a block between Wilshire Boulevard and 6th Street. The two towers have 10,000 square feet of ground-floor commercial space that is already 33 percent leased to a coffee shop and a boba shop. The luxury apartment boasts floor-to-ceiling windows, open floor plans and balconies. Amenities include lounges, coworking rooms, fitness centers, a game room, a movie theater, a dog park and grooming station, a rooftop pool with a spa and cabanas, and rooftop bars and dining areas.

JPMorgan’s plan to woo wealthy clients

Jamie Dimon’s JPMorgan Chase is repurposing former First Republic locations into financial centers for affluent clients. Two will be in Los Angeles: one in Encino and another in Manhattan Beach.

The financial centers would pair private clients who have at least $750,000 in deposits or investment balances with relationship managers to discuss personal and business banking, lending and planning.

JPMorgan acquired First Republic two years ago after federal regulators seized the San Francisco-based bank.

MSI snaps up warehouse for $65M

Taiwanese technology company MSI Computer Corporation paid Blackstone’s Link Logistics $65 million for a 200,000-square-foot industrial property on Rowland Street in City of Industry.

The shell company received a $36 million acquisition loan from Taiwan’s CTBC Bank for the deal, according to property records filed in Los Angeles County.

The warehouse, built in 1985, has a 4,735-square-foot office suite and comes complete with 26-foot ceilings, 18 dock-high loading doors, two grade-level doors and a fenced yard with space for 60 trailers and 56 vehicles.

Terreno sells industrial campus to unknown buyer for $97M

Terreno Realty purchased the 545,000-square-foot Garfield Business Center more than a decade ago for around $52 million — and it just sold the industrial campus in Commerce for $97 million to an undisclosed buyer. The 24-acre space holds five multitenant industrial buildings and is 99 percent leased.

Terreno has sold in California before. Earlier this year, it offloaded an industrial property in San Francisco for $8 million. It purchased the 22,000-square-foot building five years ago for around $6 million. It still owns several industrial sites around Downtown Los Angeles.

LA City Council vacates development rejections

The Los Angeles City Council pulled its denial for three development applications for the San Fernando Valley. Judicial orders compelled the city council to reverse the rejections made on the basis of land use designations under Executive Directive 1 and allow housing in Reseda, Sun Valley and Sylmar to be built.In Reseda, Evolve Realty & Development wants to build a six-story apartment designed by JZA Architecture on North Wilbur Avenue that would hold 151 low- and moderate-income units. In Sun Valley, JZA principal Jeff Zbikowski, under the entity Mamba 24, applied to build a three-story, 77-unit building for below-market-rate apartments on Olinda Street. In Sylmar, developer Akhilesh Jha applied to build a 40-unit apartment on Polka Street. All three got the green light thanks to the court.