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The Real Deal Los Angeles

Posts Tagged ‘Commercial Real Estate’

  • Riot Games doubles footprint at Kilroy’s Westside Media Center

    Video game developer now occupies more than 154K sf in West LA campus
    April 28, 2017 03:30PM

    Kilroy CEO John Kilroy, Jr. and 12312 W. Olympic Boulevard

    Video game developer Riot Games more than doubled its lease at Kilroy Realty’s Westside Media Center in West Los Angeles, the landlord announced this week.

    This means that Riot Games has expanded its footprint to over 154,000 square feet at the three-building office campus on Olympic Boulevard, sources told The Real Deal. The company was previously occupying the entirety of 12312 W. Olympic, CoStar shows. [more]

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  • Sorgente Group sells historic Fine Arts Building in DTLA for $43M

    Buyer is a Santa Barbara investment firm on behalf of wealthy family
    April 28, 2017 02:30PM

    The Fine Arts Building (Hannah Miet) and Veronica Mainetti outside its Lobby (R. Brodin, Getty Images for Sorgente Group of America)

    The intricately designed Fine Arts Building at 811 W. 7th Street in Downtown Los Angeles has found a buyer, in a deal that closed this week.

    Seller Sorgente Group of America, headed by Veronica Mainetti, sold the building for about $43 million, or $370 a square foot, to Santa Barbara investment firm Manchester Capital Management on behalf of a wealthy family, according to a release from Newmark Grubb Knight Frank, which brokered the deal. [more]

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  • Adler Realty plans massive nine-building compound near Warner Center

    Mixed-use community would total 2.6 million sf
    April 28, 2017 01:30PM

    Site of the development and Adler CEO Michael Adler

    For Adler Realty Investments, it’s go big or go home.

    The Woodland Hills-based real estate firm filed plans for an eight-phase development with more than 2.6 million square feet of space,  right in its home turf. [more]

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  • Camden re-files plans for mixed-use project in Arts District

    Project was on hold for years
    April 28, 2017 12:04PM

    Rendering of 1525 E Industrial Street (DLANC)

    After putting it on hold for a couple years, Houston-based developer Camden USA re-filed plans for a mixed-use project in the Arts District with the city Thursday.

    The new plan calls for 344 live-work units and 29,544 square feet of commercial space at the intersection of Alameda Street and Industrial Street. [more]

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  • The royal families of Los Angeles real estate

    LA’s most powerful clans are stepping up their game
    April 28, 2017 09:30AM

    (Illustration by Neil Webb)

    From the April issue: Though Los Angeles may sprawl far and wide, the city’s real estate roots are relatively shallow. Unlike in New York, where dynasties often stretch back a century or more, many of the most powerful families in Los Angeles County real estate date back only to the 1970s.

    But despite their relative youth, L.A.’ s royal real estate families are gaining notoriety. Brokers, developers and land-use analysts say that these families are increasingly active as they seek to leave their imprint on the city.

    The youngest members of these influential clans are pushing to capitalize on family portfolios, turning discount stores into luxury condos, parking lots into rental projects and nightclubs into high-end boutiques. [more]

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  • Judge puts Frank Gehry-designed WeHo development on hold

    Ruling said city officials did not adequately comply with environmental review policies when they approved project last year
    April 27, 2017 01:30PM

    Rendering of Gehry’s design for 8150 Sunset Boulevard

    The saga continues for Townscape Partners.

    The developer’s mixed-use project on Sunset Boulevard is delayed indefinitely after a judge ruled this week that Los Angeles officials did not comply with California’s environmental review policies when they approved the project. [more]

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  • Hollywood’s Tommie Hotel project can proceed despite complaints: City Council

    Officials rejected two appeals against the Five Chairs development
    April 27, 2017 12:00PM

    Rendering of Tommie hotel (Los Angeles Planning Department)

    Los Angeles City Council unanimously rejected two appeals Tuesday that were intended to stop development of the planned eight-story Tommie Hotel in Hollywood.

    The city’s planning commission had already approved the project but opponents complained the hotel would have too many rooms and draw a rowdy crowd to the neighborhood, Curbed reported. [more]

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  • Empire State Building owner concerned over “PR bruise” from Trump travel ban

    ESRT CEO also addressed possibility of company merger
    April 27, 2017 11:30AM

    Anthony Malkin, the Empire State Building and Donald Trump (Getty Images)

    From TRD New York: Empire State Realty Trust’s CEO Anthony Malkin said he is worried Donald Trump’s travel ban could hurt tourism in New York.

    “It’s very clear that we absolutely have a concern about reported incidents” of travelers bypassing the U.S., Malkin said during the real estate investment trust’s quarterly earnings call Thursday. [more]

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  • Investor plans 49-unit condo complex in Brentwood

    Google Earth images show that construction is already underway
    April 26, 2017 01:30PM

    Construction at 11965 W. Montana Ave (Credit: Google Earth)

    A local investor wants to build a 49-unit condo project in Brentwood, city filings show.

    An entity registered to Benhoor Elyashar, who also has two multifamily projects in the works in Koreatown, filed plans Tuesday for a new structure at 11965 W. Montana Avenue. Google Earth images from January 2017 show that some type construction was already underway at the address. [more]

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  • Local investor buys Claremont Hotel Westwood for $12.25M, will rebrand it as Palihotel

    Shamina Investments will reopen the 1930s-era property next year
    April 26, 2017 11:05AM

    Claremont Hotel Westwood at 1044 Tiverton Avenue and Paligroup founder Avi Brosh (Credit: Claremont Hotels, Getty)

    UPDATED, 2:10 p.m., April 28: Shamina Investments, a Los Angeles-based firm, has snapped up the aging Claremont Hotel Westwood for $12.25 million, its lender, Thorofare Capital, announced Wednesday.

    Shamina, headed by Benjamin Keywanfar, is expected to team up with the Paligroup hospitality brand to renovate the 55-key hotel, at 1044 Tiverton Avenue, and rebrand it as the Palihotel Westwood. Paligroup will manage and operate the new hotel.

    The facility will remain a Claremont Hotel until the rebranding is finalized. The new owner will update the interior of the hotel and pursue other cosmetic updates in the meantime, Keywanfar told The Real Deal.

    [more]

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