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Equity Office Daily Brief: October 3, 2016

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Daily Brief

October 03, 2016

  EquilityOffice

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Tutor Perini to Build Montecito Resort

San Fernando Valley Business Journal

 

Tutor Perini Corp. in Sylmar said it has won a contract to build the Rosewood Miramar Beach Montecito in Santa Barbara County. The construction company was awarded the contract by Caruso Affiliated. Tutor didn’t disclose the contract value and said it would...

 



BLOG & ONLINE NEWS

 

Ratkovich wants to sell Google's Playa Vista airplane hangar

The Real Deal

 

A mere three months after Google leased its former “Spruce Goose”airplane hangar in Playa Vista, developer Ratkovich Company is making moves to sell the property and several adjacent buildings. The four buildings, collectively known as the Hercules Campus, are expected to sell...

 


Exclusive: Five New Leases Signed At Rising Realty's Park DTLA

Bisnow

 

Rising Realty’s 5x5 tech platform is an advantage for tenants, providing “a superior kind of experience when it comes to uploading and downloading data,” Colliers International EVP Nico Vilgiate (pictured with his wife, Ashley, and daughter, Mia, in Utah's Uinta Mountains)...

 


Cerritos Industrial Campus Trades for $62 Mil

RENTV.com

 

Black Equities has purchased Cerritos Corporate Center, a seven-building, 452.6k sf industrial park in Cerritos, for $62 mil ($137/sf). The asset was sold by Angelo, Gordon & Co. and Crownsnest Properties. Cerritos Corporate Center is located at 13810-13950 Cerrito Corporate...

 


Downtown Los Angeles Building Trades for $476/sf

RENTV.com

 

Chase Plaza, a 105k sf, high-end office tower in Downtown Los Angeles, was acquired by the Lai family, an investor group that has operated in Southern California and Las Vegas since 1976, in a recent $50 mil ($476/sf) transaction. The property...

 


Does the Tenant Matter in Single-Tenant Retail Deals?

GlobeSt.com

 

The tenant in a retail transaction may be appealing, but the asset itself drives demand and competition in a sale transaction. The Tesla-leased retail property on the Third Street Promenade in Santa Monica recently traded hands in a highly competitive transaction,...

 


Is This L.A.'s Hottest Office Niche?

GlobeSt.com

 

Life sciences may be Los Angeles most under-the-radar office sector—but it shouldn’t be. With ample universities and research centers, the niche is thriving with a 2.9% vacancy rate and tightening supply, according to a recent market report from JLL that focused...

 

FULL TEXT


Tutor Perini to Build Montecito Resort

San Fernando Valley Business Journal

 

Tutor Perini Corp. in Sylmar said it has won a contract to build the Rosewood Miramar Beach Montecito in Santa Barbara County.

The construction company was awarded the contract by Caruso Affiliated. Tutor didn’t disclose the contract value and said it would be reported as part of its project backlog in its third-quarter earnings.

The 16-acre luxury resort is being built on the site of the former Miramar Hotel and will consist of 161 one- and two-story guest accommodations, a main building, two restaurants, a bar, outdoor terrace, spa, two pools, a fitness center, beach club, 12,000 square feet for indoor and outdoor events and a 6,000-square-foot ballroom.

Construction is expected to finish in the summer of 2018.

Tutor Perini shares closed Thursday down 56 cents or 2.6 percent to $21.28 on the New York Stock Exchange.

-Carol Lawrence

Ratkovich wants to sell Google's Playa Vista airplane hangar

The Real Deal

 

A mere three months after Google leased its former “Spruce Goose”airplane hangar in Playa Vista, developer Ratkovich Company is making moves to sell the property and several adjacent buildings.

The four buildings, collectively known as the Hercules Campus, are expected to sell for up to $300 million. Together, they will span 525,000 square feet after Google completes its buildout.

Under its 16-year lease, Google is paying $11 million in rent every year for the properties. That’s about 50 percent below the average asking rate in Playa Vista, REAlert reported, attributing the discount to the fact that Google is spending an additional $250 million to build out the complex to its specifications. HFF has the listing.

Hercules has an additional 194,000 square feet of space, nearly half of which is also occupied by Google and its affiliates.

Buyers will have to embrace the prospect of a long-term relationship with Google. As part of the current lease agreement, the company’s rent will increase by 3 percent annually. Google also has the option of three 5-year lease extensions and the option to buy the property at a five percent capitalization rate after its first lease ends.

Google inked the hangar lease in June, The Real Deal reported, while also buying an adjacent plot of land from Lincoln Property Company. That parcel is zoned for almost 900,000 square feet of office space.

— Cathaleen Chen

Exclusive: Five New Leases Signed At Rising Realty's Park DTLA

Bisnow

 

Rising Realty’s 5x5 tech platform is an advantage for tenants, providing “a superior kind of experience when it comes to uploading and downloading data,” Colliers International EVP Nico Vilgiate (pictured with his wife, Ashley, and daughter, Mia, in Utah's Uinta Mountains) tells Bisnow. Nico, along with Colliers associate Kyle Stanich, is the property’s leasing broker. With the technology, people realize their conference room or work area can be outside of their space, he says. Every facet of the Park DTLA has been upgraded, including WiFi, according to Rising VP Marc Gittleman. Such amenities and the "pet-friendly" environment with pop-up food service and food trucks “create an experience at work as opposed to just going to work," Nico says. DTLA has become a “much more vibrant and a much more viable alternative than it has ever been in my entire career,” he says. Rising Realty bought the Park DTLA, on the west side of Figueroa Street between 2nd and 3rd streets, last year. It was previously known as the Figueroa Courtyard.

-Staff

Cerritos Industrial Campus Trades for $62 Mil

RENTV.com

 

Black Equities has purchased Cerritos Corporate Center, a seven-building, 452.6k sf industrial park in Cerritos, for $62 mil ($137/sf). The asset was sold by Angelo, Gordon & Co. and Crownsnest Properties. Cerritos Corporate Center is located at 13810-13950 Cerrito Corporate Dr, in Los Angeles' Mid-Counties submarket with access to several Interstates, and is situated roughly 16 miles from Long Beach International Airport, 28 miles from LAX and 20 miles from the Ports of Long Beach and Los Angeles. Recent renovations at the property include landscaping, upgrades to the façade, windows and doors, and many of the buildings have been equipped with energy efficient lighting. The institutional-quality property is 96 percent leased to 14 tenants. These include packaging company Tricor Braun, Record Xpress, a record retrieval and document management company, and medical products company Biospace which uses Cerritos Corporate Center as its North American headquarters. CBRE’s Darla Longo, Barbara Emmons, Rebecca Perlmutter, Michael Kendall and Brett Hartzell represented both parties in the transaction. Scott Murphy handled the transaction in house for Black Equities. “The Mid-Counties area has one of the lowest vacancy rates in the country,” said Longo. “There are strong barriers to entry in this market due to the lack of available land, and there hasn’t been a new multi-tenant construction in the market since 2007. This bodes well for rent growth as the existing inventory is absorbed.” The Mid-Counties industrial market realized its sixth consecutive year of gross absorption in excess of 7 msf in 2015, a year that also marked the fourth consecutive

12-month period of positive net absorption at 1.9 msf.

-Staff

Downtown Los Angeles Building Trades for $476/sf

RENTV.com

 

Chase Plaza, a 105k sf, high-end office tower in Downtown Los Angeles, was acquired by the Lai family, an investor group that has operated in Southern California and Las Vegas since 1976, in a recent $50 mil ($476/sf) transaction. The property was sold by a partnership between a New York-based investment group and a local real estate company. The property, 888 West 6th Street, is located at the corner of 6th and Figueroa Street. The Class A office tower is currently occupied by 14 tenants. “Most of our real estate investments are long-term holds,” said Macy Lai, Chief Executive Officer of the privately held buyer. Our main objective is to invest in prime locations, to manage the properties well and to enjoy the appreciation over a long-term period. 888 West 6th Street meets all our parameters. Further, it has a very reputable roster of tenants who will share with us in the tremendous growth of Downtown Los Angeles.” CBRE’s Phillip Sample, Brad Chelf, Chris Caras and Michael Shustak represented both parties in the transaction. "Values in Downtown LA are still well below what the West Side or metros like San Francisco or New York command," notes Chelf. "The value proposition of this part of town is extremely attractive with rental rates having plenty of room to run. Since 1999, Downtown has received $7.3 bil in residential, $1.2 bil in arts & entertainment, and $2.6 bil in civic and institutional investments." Demand for downtown creative office has been booming as media and entertainment companies, including more recent additions like HauteLook, HyperLoop and Magnopus, are moving into the area. Asking lease rates in downtown Los Angles increased a substantial 9.3 percent in the first six months from a year ago as the submarket continued to gather traction and trophy landlords such as Brookfield pushed rents higher, according to the latest CBRE research. “Quality office space in downtown is attracting employers who typically may have looked to Santa Monica or other West Side neighborhoods and in more recent history, Hollywood,” said Chelf. “These types of properties will continue to bring an increasingly diverse employer base to this area.”

-Staff

Does the Tenant Matter in Single-Tenant Retail Deals?

GlobeSt.com

 

The tenant in a retail transaction may be appealing, but the asset itself drives demand and competition in a sale transaction. The Tesla-leased retail property on the Third Street Promenade in Santa Monica recently traded hands in a highly competitive transaction, and while Tesla’s occupancy certainly helped, the quality of the real estate was the most important to investors bidding on the deal.

“Tesla is an exciting and attractive tenant. This certainly added to the appeal of the property, but the real estate is the main attraction,” Tim Bower, a broker at CBRE who represented the seller in the transaction, tells GlobeSt.com. “The appeal of the site was closely tied to its location.” Bower represented the seller along with CBRE’s Ken McLeod and Tim Kuruzar.

KLM Properties purchased the 3,000-square-foot property for $15.6 million from an undisclosed seller. It generated one of the largest responses that the sales team generated on any other transaction this year. That was mainly due to the real estate and the location, which sees 40,000 people a day in foot traffic and where properties rarely come to market. “Opportunities to buy on the coveted 3rd Street Promenade are rare,” says Bower. “Many owners hold properties here long term. This was an amazing chance for the buyer to get their hands on a property that is perfectly situated in the epicenter of one of Southern California’s premier shopping destinations.”

When properties do trade hands, they usually are sold off market, making this an unusual transaction. “I think this deal was unique in that it actually went to the broad market,” adds Bower. “Often sales on the Promenade are not widely marketed, if at all. But given that Santa Monica is experiencing such a significant economic growth trend that is expected to continue in the years to come, we knew lots of investors—local, national and global—would be seriously drawn to this opportunity.”  That economic growth includes significant redevelopment in the Downtown center, like the $50 million dollar restoration of the City Hall building, a $55 million seven-acre redesign of Palisades Park and the $265 million renovation of the Santa Monica Place mall.

-Kelsi Maree Borland

Is This L.A.'s Hottest Office Niche?

GlobeSt.com

 

Life sciences may be Los Angeles most under-the-radar office sector—but it shouldn’t be. With ample universities and research centers, the niche is thriving with a 2.9% vacancy rate and tightening supply, according to a recent market report from JLL that focused on the sector. This has always been a booming sector, though. It was down to a 2% vacancy in 2007, and is heading in that direction again. To find out about the sector, we sat down with Shaun Stiles, EVP at JLL, to get an inside look at the market.

GlobeSt.com: What is driving the life sciences market in Los Angeles? 

Shaun Stiles: The Los Angeles life science market is driven by three things: One: the presence of our 25 research institutions and universities; two: the presence of our large biotech firms; and three: the huge base of early stage life science companies that continue to grow in the area.

GlobeSt.com: Has Los Angeles always been popular for life sciences users? 

Stiles: Los Angeles has always been popular for life science users because of our local research institutes, our universities and our lifestyle.  The trick has been trying to keep these firms here as they continue to grow.  Because Los Angeles does not have the presence of large pharmaceutical companies (like San Diego) and because Los Angeles does not have as much Venture Capital presence (like San Francisco/Bay Area), there is sometimes pressure from companies to relocate to those markets.  Also, the Life Science market in Los Angeles is very spread out into many smaller clusters and is therefore sometimes hard to quantify and understand.  Because there is not one large cluster of submarket, the market sometimes does not get the attention it deserves.

GlobeSt.com: How does this niche compare to activity in the office market? 

Stiles: The activity in the life science niche is actually very strong.  Demand has been good and there is virtually no vacant lab space available with a current vacancy of 2.9%.  The reason it may not get as much attention is that it is a much smaller market compared to the overall office market and it is a very specialized niche with very specialized improvements and needs.  The life science market is 2-3 million SF compared to 200-300 million SF of office product.

GlobeSt.com: Why hasn’t the market still fully recovered from the previous peak as other niches have?

Stiles: The market has improved to levels last seen at the peak for Los Angeles in2006/2007.  Again, with good demand and a vacancy of 2.9%, the market is very strong.  The key to this market is that each submarket or cluster across the region is somewhat different because of each cluster’s local market fundamentals.  The key for continuing this success is to build additional lab facilities so that we can capture the demand from the region rather than lose tenants to other markets.

GlobeSt.com: What are these users looking for in a space?

Stiles: The type of space that life science users are looking for varies greatly depending on the use.  There are many different types of space such as wet lab, clean lab, GMP or manufacturing space, vivariums, clinical labs, research labs, etc.  Each has different needs but some to the typical needs are heavy power, heavy water and plumbing requirements, heavy HVAC needs and different levels of moving air through the space, venting, etc., typically high floor loads for equipment, higher ceiling heights for equipment, venting, HVAC, etc.

GlobeSt.com: What is your outlook for this sector? 

Stiles: My outlook for the Los Angeles Life Science Market if very optimistic.  Demand from life science firms is strong and picking up. There is very little existing lab space available and not much currently under construction.  This demand will continue and much will be driven by early stage life science firms on fast growth trends.  The key will be the ability for owners to develop and/or renovate buildings into suitable lab space and or connect users and owners together to develop and/or finance such facilities in the future.

-Kelsi Maree Borland

Daily Brief October 03, 2016 unsubscribe

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