Selling LA REIT shares

Michael Frankel keeps selling shares of his old REIT.

In early July, he proposed the sale of about 59,000 shares of Rexford, a chunk that had a market value of $2 million, per a Securities and Exchange Commission filing.

A month earlier, he proposed the sale of about 21,500 shares, valued at more than $750,000. In mid-March — before Laura Clark officially took the corner office post-Elliott stake — he sold more than 23,000 shares, which came to $800,000-plus.

That’s more than $3.5 million in the former co-CEO’s pocket in a matter of months, and he’s got plenty more shares. Frankel could not be immediately reached. Rexford said Frankel is no longer on the board or executive team, and it doesn’t comment on shareholders’ buying or selling.

In other REXR C-suite trades, Clark, in February, purchased more than 5,000 shares, or $200,000 of Rexford stock.

A die-hard Century City fan

The Real Deal reported, PricewaterhouseCoopers is ditching downtown and choosing Century City.

The accounting giant occupies around 100,000-square feet at 601 South Figueroa, a million-square foot office tower owned by Uncommon Developers located in the Financial District. But it inked a deal for about 150,000 square feet at Irvine Company’s 2121 Avenue of the Stars. PwC and Irvine Company confirmed the 2028 move to the famous piece of real estate — “Die Hard” fans you know the tower.

The Los Angeles Times reported it was a 15-year lease valued at about $200 million. That makes sense. The average asking rent for a Century City, Class A office tower is close to $8 per square foot per month, according to a 2026 Colliers report. If you do the math, it comes out to about $208 million.

It’s especially notable these days that Class A space in office towers in downtown Los Angeles’ Financial District goes for around $4 per square foot per month. So the same deal would be valued at less than $115 million.

Hackman holdings

Michael Hackman has notched another default on his belt. His Hackman Capital Partners defaulted on loans on Radford Studio Center, MBS Media Campus (or Manhattan Beach Studios), what was a Sony campus and now Television City.

On Television City, a spokesperson for the company in a statement offered after TRD’s coverage said: “We are engaged in active discussions with our lending partners and are carefully evaluating the most appropriate path forward.”

Hackman is by no means the only studio owner feeling the pain of Los Angeles’ production exodus, but his string of defaults just happen to be making headlines. He is the world’s largest independent owner and operator of studios, after all. The total debt owed on the real estate is around $1.9 billion.

It’s not all bad. When it comes to Los Angeles studios and creative offices, Hackman owns Culver Studios, Culver Steps and Raleigh Studios, per the company website. Amazon Studios occupies most of the space at his Culver Studios; Culver Steps, where Amazon is a tenant, too, is on the market with a $1,200 per square foot price tag; and Raleigh Studios last summer landed a $165 million refinancing.

The towers still covered in graffiti

The KPC-Lendlease versus City of Los Angeles Oceanwide Plaza battle continues. Let’s take it from the top. In March, the long-stalled bankrupt mega-development in the heart of downtown Los Angeles found a buyer. Dr. Kali Chaudhuri’s KPC purchased a creditors’ claim and combined forces with one-time general contractor Lendlease. That entity made a $470 million bid, mostly credit. In a press release parading the deal, the city appeared to be all in.

But a month later, the confirmation hearing was pushed because the city wanted more time. Then, in May the hearing was pushed again, but this time it was after the city made an objection. The city said it couldn’t get on board with the KPC plan because it didn’t have enough information on financing, development and more.

The latest came this week. KPC responded to the city’s objection and listed reasons it could not provide more information and why it shouldn’t have to — needing the certainty of a bankruptcy court’s approval was a key point. You can read more about it here, but one thing is clear, the Oceanwide saga is not over.

Downtown deal details

In late May, Bisnow reported Brookfield sold its FIGat7th retail spot downtown to Newport Beach-based JH Real Estate Partners. The price wasn’t clear then but was estimated to be around $65 million and $70 million, which would cover the debt.

The retail center traded for $67 million, records reveal. Here’s the kicker. The total city tax bill, which includes the Measure ULA property transfer levy, was almost $4 million.

Another deal detail: JH Real Estate Partners landed a $48 million loan from Wells Fargo, and a $4 million line of credit, according to records. Neither JH Real Estate Partners nor Wells Fargo immediately responded to a request to confirm.