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Equity Office Daily Brief: December 19, 2016

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Daily Brief

December 19, 2016

  EquilityOffice

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California Today: An Arts District Redesign, Down by the River

New York Times

 

Few neighborhoods have transformed as quickly or drastically as the Los Angeles Arts District, just east of downtown. Once the city’s center of manufacturing, the neighborhood is now home to an expanding arts scene, with galleries galore alongside high-end boutiques and...

 


L.A.'s Playa Vista is becoming "Silicon Beach" and plays host to top architecture firms

The Architects Newspaper

 

The Playa Vista neighborhood on Los Angeles’s west side is quickly becoming Southern California’s answer to Silicon Valley, as it plays host to a growing contingent of technology-focused companies like Google, Facebook, Yahoo, YouTube, and WeWork. And as capital, brainpower, and...

 


Measure halting L.A. 'mega-developments' would hurt local economy, study says

Los Angeles Times

 

Development fights in Los Angeles are typically local skirmishes — Hollywood businesses suing over a new apartment tower or Venice homeowners pushing back against a planned Abbot Kinney hotel. But the latest battle over real estate development is a citywide fight. In March,...

 


Will NoHo West pave the way for Valley Plaza makeover?

Los Angeles Daily News

 

With the Los Angeles City Council green-lighting the NoHo West project along a faded retail corridor in North Hollywood, the focus now shifts across Laurel Canyon Boulevard to the dilapidated Valley Plaza. The council’s action last week and a development partnership’s commitment...

 



BLOG & ONLINE NEWS

 

Middle Market Digest: This Week in Southwest

GlobeSt.com

 

Rent growth may be slowing in the Southern California markets, according to the latest report, which shows that multifamily rent growth has now slowed for two months in a row after a prolonged period of growth. This slowdown, however, isn’t detouring...

 


Harbor Closes Distressed Southern California Office Foreclosure in 21 Days

Yahoo! Finance

 

Harbor Associates, LLC ("Harbor") has acquired Conejo Spectrum, a 159,186 square foot, two building, office and flex portfolio in a joint venture with The Bascom Group, LLC ("Bascom") for $13,000,000 or $81 per square foot. Harbor sourced the asset through a...

 


GGP ditches its own office building for creative space at One Bunker Hill

The Real Deal

 

One Bunker Hill, which was recently rebranded as “the CalEdison” in the midst of creative restoration, has an unlikely new tenant: General Growth Properties, the retail REIT based in Chicago, headed by Sandeep Mathrani. GGP inked a 10-year lease for 9,500 square...

 


Tracking Onni's Growing Los Angeles Portfolio

Urbanize LA

 

Since 2012, Vancouver-based Onni Group has made aggressive moves in Southern California, buying up office buildings and building ground-up projects throughout the region.  So what exactly does the Canadian real estate firm have in the pipeline for Los Angeles? LEVEL DTLA Onni's first...

 


New Commercial Building Planned in Downtown Beverly Hills

Urbanize LA

 

Next week, the Beverly Hills Architecture Commission will review plans for a low-rise commercial building in the city's downtown. Neu Investment Corporation, based out of Beverly Hills, has requested permission to construct a three-story edifice at 250-260 N. Canon Drive, replacing a...

 


CRE investors should watch these 5 companies in 2017

Bisnow

 

From Donald Trump's election to the Brexit vote, it's fair to say 2016 has been filled with surprises. While surprises aren't always bad, investors tend to prefer the predictable, and to help build that certainty Bloomberg released a list of 50 companies to...

 

FULL TEXT


California Today: An Arts District Redesign, Down by the River

New York Times

 

Few neighborhoods have transformed as quickly or drastically as the Los Angeles Arts District, just east of downtown. Once the city’s center of manufacturing, the neighborhood is now home to an expanding arts scene, with galleries galore alongside high-end boutiques and trendy restaurants.

The district is already home to a handful of gleaming apartment and condo buildings, but it may soon get its most fanciful project yet.

The Danish architect Bjarke Ingels unveiled a proposal to build two connected glass and steel buildings last week that would reach up to 30 stories high and stretch nearly to the Los Angeles River. The project, called 670 Mesquit, would house 800,000 square feet of office space, 250 apartments and two hotels as well as retails shops and restaurants on the ground floor. The design includes a large deck that would extend over the rail yards that divide the area from the river and include some kind of museum or public sculpture park.

The project comes as city officials have vowed to radically transform the river, much of which has been sheathed in concrete for nearly a century.

“The L.A. River was really the heart of Los Angeles, it’s why downtown is located where it is,” said Vince Bertoni, the director of planning for the city. “We turned our back to the river, we’re trying to reverse that and really embrace it,” he said.

Mr. Ingels, considered a rising-star in the architecture world, said he sees the city “embarking on a new kind of renaissance.”

“The Arts District is becoming a place that could become a walkable neighborhood and an enclave of urbanity in L.A.,” he said.

The project faces considerable hurdles before it can move forward. Because of its height and density, it would need several variances from the city’s planning department, including permission to build residential units. And the variances may need to come before March, when voters will be asked to approve a measure that would impose a moratorium on new developments that require significant variances.

Mr. Ingels bristled at the notion that the development would further gentrify the neighborhood.

“We wanted to embrace and enhance the kind of architecture that is there, to build something with flexibility and the raw quality of manufacturing buildings,” he said.

Mr. Bertoni said the plans offered a “very good start” to work with the existing fabric of the area.

“The real key for us is not that there are too many shiny buildings,” he said. “But how do we design them in a way that keep the existing buildings that are distinct and offer the history to the neighborhood.”

-Mike Mcphate

L.A.'s Playa Vista is becoming "Silicon Beach" and plays host to top architecture firms

The Architects Newspaper

 

The Playa Vista neighborhood on Los Angeles’s west side is quickly becoming Southern California’s answer to Silicon Valley, as it plays host to a growing contingent of technology-focused companies like Google, Facebook, Yahoo, YouTube, and WeWork. And as capital, brainpower, and new residents flow into the area, so too have big-name architecture firms with high-minded designs.

The Playa Vista tract was originally owned by airline mogul Howard Hughes, who used the ocean-adjacent expanse as the manufacturing facility and airstrip where he built his famous Hercules (Spruce Goose) airplane. President Bill Clinton designated the 1.3-square-mile area as one of six national pilot projects of the Partnership for Advancing Technology in Housing in 1998, and the property began its redevelopment as a mixed-use neighborhood in 2002. In the years since, the 1,087-acre area, partially master-planned by Los Angeles–based Moule & Polyzoides, has seen its population boom to over 6,500 residents. In recent years, the area has gained the moniker “Silicon Beach,” as technology companies originally based in the nearby communities of Venice and Santa Monica have outgrown their initial outposts, expanding the technology industry’s footprint southward.

Last year, Google signed on to lease 319,000 square feet of space in the Hercules Campus, a complex redeveloped by Brenda Levin and Associates and EPT Design for the Ratkovich Company, including the 200- by 700-foot Hercules building in which Spruce Goose was designed. The team restored the building, adding pedestrian-oriented amenities to the complex while also converting the historic structure into a series of soundstages and tech-friendly offices.

Michael Maltzan Architecture, which designed the eight-acre Playa Vista Central Park in 2010 with Office of James Burnett, is adding a new 425,300 square foot office complex called The Brickyard. The new complex, currently under construction, will feature partially-sunken landscaped parking areas that aim to extend the park outward into the office zones. The office structures, articulated as a maze of stacked, shifted, and offset volumes, are made up of two principal masses: one long office block that bends at two elbows in order to frame the aforementioned parking deck and a singular, six-story office tower. Both buildings feature punched openings as well as a variety of delicately-articulated access points that connect the parking and ground-level areas with what’s above. The complex will include a 9,000-square-foot daycare facility and will help fulfill Playa Vista’s goal of becoming a full-service neighborhood.

Gensler has also been busy at Playa Vista, undertaking the architectural repositioning of four existing office spaces in its Playa Jefferson complex. Vantage Property Investors has announced a tech-focused project dubbed “Building E,” which will encompass another large office structure designed for creative collaboration. The structure, undertaken with 360 Construction Group and AHBE Landscape Architects, will bring 200,000 square feet of open plan creative office space to the district, with large expanses of glass, terraced floor plates, and a cantilevered anchor office space. Li Wen, design director and principal at Gensler, detailed several key aspects of the design, including “side-core configurations that allow open floorplates, direct access to and abundance of private outdoor space, operable windows, sawtooth skylights, thinner floorplates for natural ventilation and deep penetration of natural light, and flat slab construction that provides for 13-foot ceiling heights.” The ocean-oriented project is located adjacent to the “lifestyle amenity-rich” Runway at Playa Vista Apartments by Johnson Fain.

Last but not least, Shimoda Design Group completed work in 2015 on The Collective, a 200,150-square-foot, LEED Gold office park complex designed for Tishman Speyer that features five two-story buildings clad in distinctive, tilt-up concrete panels (seen at the top of the article). These panels, interspersed with expanses of glass, are topped by zigzagging, metal-clad roofs. The campus connects the humdrum of office life directly to the adjacent outdoor areas via a series of landscaped paths, bringing in the sensitive Ballona and Bluff Creek wetlands that run alongside Playa Vista’s northern and southern edges. With new lease agreements being signed almost by the day and the careful, meticulous process of filling in the district’s vacant parcels fully underway, Playa Vista looks more and more like a sure bet for L.A.’s growing roster of creative offices spaces.

-Antonio Pacheco

Measure halting L.A. 'mega-developments' would hurt local economy, study says

Los Angeles Times

 

Development fights in Los Angeles are typically local skirmishes — Hollywood businesses suing over a new apartment tower or Venice homeowners pushing back against a planned Abbot Kinney hotel.

But the latest battle over real estate development is a citywide fight. In March, Los Angeles voters will weigh in on Measure S, a ballot initiative that would temporarily halt the construction of some large-scale development.

With the 2017 election looming, opponents and supporters are making their cases to voters.

The latest salvo came Thursday when the opponents of Measure S released a report stating the measure would cost the city both tax revenue and construction jobs.

A report by Beacon Economics estimates the city would lose $70 million per year in sales, property and other taxes. About 12,000 jobs — many in the construction industry — would be lost each year.

Surrounded by construction workers Thursday at a Van Nuys job-training facility, Ron Miller, executive secretary of the Los Angeles/Orange Counties Building and Construction Trades Council, warned of job losses if voters back Measure S.

The construction group is part of the Coalition to Protect L.A. Neighborhoods and Jobs, which includes unions, business leaders and homeless advocates fighting Measure S.

“This isn’t a game,” Miller said. “Measure S punishes real families.”

Later in the day, Jill Stewart, campaign director of Coalition to Preserve L.A., which is behind Measure S, called the Beacon report “completely false,” and said it contained “ginned up” numbers.

Sparking emotions on both sides, and highlighting longstanding tensions over real estate construction across Los Angeles, the ballot measure will decide — at least for two years — the future of the city’s development.

Called the Neighborhood Integrity Initiative by supporters, Measure S would place a two-year moratorium on the construction of projects needing variances, zone changes, or some other exemptions to the city’s planning rules.

Supporters say the measure will stop the type of large-scale development that’s worsening traffic, driving up real estate prices and ruining the character of L.A.’s neighborhoods. Opponents argue the measure will hurt the local economy.

Beacon’s study, which was paid for by opponents of Measure S, found that limiting new housing would raise prices and rents, said Beacon’s executive director of research, Robert Kleinhenz.

“This measure absolutely goes in the wrong direction,” Kleinhenz said.

The report projects that at least 2,100 apartment or condominium units will not be built if Measure S passes.

Developers will often seek variances for taller buildings, which typically offer more expensive apartments or condominiums. Kleinhenz said that if those high-end units aren’t built, wealthy buyers will cannibalize middle-class housing, leading to a lack of moderately priced properties.

Measure S is led by the Coalition to Preserve L.A., which is largely funded by the AIDS Healthcare Foundation.

Supporters argue that the city’s planning process unfairly favors deep-pocketed developers, who influence politicians with campaign contributions and obtain building variances that otherwise wouldn’t be approved.

They argue that spot-zoning — where development decisions are made on a case-by-case basis — results in out-of-scale development.

Stewart disputed the Beacon study, saying her group’s analysis of the city’s permitting system found that the Measure S moratorium would affect just 5% of real estate projects.

If voters back the initiative, “the economy will be better off,” Stewart said. “You’ll have a City Council that’s forced to look at its planning and at its infrastructure. No city succeeds well when it ignores its infrastructure.”

Thursday’s economic report is the latest example of disagreement between the two groups.  

Opponents of Measure S held an October news conference to argue that the moratorium would hurt city efforts to building housing for the homeless.

Stewart maintains the measure would allow housing for homeless Angelenos in residential and commercial zones.

The Coalition to Preserve L.A. has raised more than $1.4 million to support Measure S, according to filings made in September with the city. Nearly all of that money has come from the AIDS Healthcare Foundation.

The Coalition to Protect L.A. Neighborhoods and Jobs has raised at least $975,000, with major funding coming from two developers.

Los Angeles Mayor Eric Garcetti will campaign against Measure S in the coming months because he’s concerned it threatens the city’s economic progress, his political consultant Bill Carrick said Thursday.

The mayor said earlier this year he would seek to head off the ballot measure by meeting with the Coalition to Preserve L.A. to find a compromise. Conversations didn’t go anywhere, Carrick said, adding, “The group is committed to the ballot measure.”

-Dakota Smith

Will NoHo West pave the way for Valley Plaza makeover?

Los Angeles Daily News

 

With the Los Angeles City Council green-lighting the NoHo West project along a faded retail corridor in North Hollywood, the focus now shifts across Laurel Canyon Boulevard to the dilapidated Valley Plaza.

The council’s action last week and a development partnership’s commitment to the mixed-use NoHo West project — with more than 600 apartments at the corner of Laurel Canyon Boulevard and Oxnard Street — at the old Laurel Plaza site is the most positive step taken to revitalize this area since it was devastated by the 1994 Northridge Earthquake.

The project is a joint venture between Merlone Geier Partners and GPI Co. Work is expected to start early next year.

It is an important first step, said Councilman Paul Krekorian, who represents the area.

One of his top priorities has been the revitalization of Valley Plaza and it’s neighbor Laurel Plaza, which were among the San Fernando Valley’s first major shopping destinations.

Now the attention can focus on Valley Plaza, which dates back to the 1950s and has been an eyesore for years.

“I hope this NoHo West approval will spur some action on getting a strong retail space in there. Those two developments will be a real sparkplug for this part of the East Valley,” said Krekorian.

The Great Recession and ownership issues derailed the last attempt to develop the property.

The West Hollywood-based Charles Company bought the 2.5 acres at the plaza at the corner of Laurel Canyon and Victory Boulevard.

The economy has improved but consolidating the properties under one owner remains a significant challenge.

“We want to do a mixed use project with retail, some housing and office space. The intention is good and the ideas are good but unfortunately our hands are tied,” said Mark Gabay, Charles’ co-managing partner.

Charles has been trying to buy the small number of properties at the wedge-shaped parcel known as the “Triangle.”

But so far the asking price by some owners is well above market value, Gabay said.

“You can buy property in Beverly Hills for what they are asking. But we are not going to give up. We are going to continue. We want to be a productive owner and improve the property,” he said.

Some movement may be in the offing, though.

Bill Hollingsworth who grew up in the Valley and now lives in Locust Valley, a hamlet on Long Island, owns the building at 12134 Victory Blvd., that houses a medical clinic. He inherited the property from his late father, who bought it when the center was built.

Late last week Hollingsworth said he was interested in selling his building and planned to get in touch with Gabay.

“They’ve got to have some more land ... and with the Valley, being pretty active there is probably a pretty good mixed-use development that could be put in there,” said Hollingsworth. “They look like pretty good quality developers.”

It would be a good start if these two parties work out a deal.

But all the city can do at this point is watch, said Krekorian.

“There is not a very significant role the city can play. That’s really up to the private land owners to work out among themselves,” he said. “That’s one of the frustrations I and the community have had. This is a wonderful opportunity but it’s difficult to implement because the property hasn’t been consolidated under single ownership.”

-Gregory Wilcox

Middle Market Digest: This Week in Southwest

GlobeSt.com

 

Rent growth may be slowing in the Southern California markets, according to the latest report, which shows that multifamily rent growth has now slowed for two months in a row after a prolonged period of growth. This slowdown, however, isn’t detouring investors, which are still actively investing in the market. Read below to find out more projects, reports and industry trends from the week.

BY THE NUMBERS

SOUTHERN CALIFORNIA—Multifamily rent growth in the Southern California markets or Los Angeles, Orange County and the Inland Empire slowed in the month of November. This is the second consecutive month of slowed rent growth after six straight months of strong rent performance.

(SOURCE: AXIOMETRICS)

NEW & NOTABLE

LOS ANGELES—Carrier Johnson + CULTURE has added architect J.K. Lim to its roster of veteran designers and its expanding Los Angeles practice. Lim has more than 25 years of professional project experience in design and project management in the multi-family residential, mixed-use, and commercial sectors, and joins Carrier Johnson + CULTURE as a senior project manager. The majority of Lim’s considerable experience in the architecture profession has been in senior project management roles, though he has also served as designer, senior project architect, and principal.

SANTA ANA, CA—The SVA Architects-designed Quartz Hill Library has achieved a LEED Gold Certification. The development team, which includes SVA Architects and Griffin|Swinerton, worked to dramatically exceed the minimum requirement to certify the new library LEED Silver.  The $12 million Quartz Hill Public Library replaces a 3,500-square-foot facility, which the community had outgrown. The new 12,514-square-foot library is set on a 1.7-acre, campus-like environment and features public gathering spaces; outdoor courtyards; adult, teen and children’s reading areas; and a 100-seat community meeting room with audio/visual equipment. The new library also includes an early childhood/family area, a homework center, two group study rooms, express checkout machines, informational pods, vending machines, staff areas, and public restrooms.

SAN DIEGO— The Christmas holiday season just became a whole lot merrier for 14 San Diego nonprofit organizations that were recipients of $17,000 worth of donations made by all 45 employees of Cavignac & Associates, a downtown San Diego-based risk management and insurance brokerage firm. The donations were distributed from Cavignac & Associates’ Employee Charity Fund, a program established 17 years ago to enable individual employees to support and uphold the company’s mission to be an “effective corporate citizen” by donating both time and money to nonprofit organizations that most deserve support. Employees are given the option to participate by having specific amounts deducted from their paychecks throughout the year. As in past years, 100% of the employees pitched in.

DEAL TRACKER

IRVINE, CA—Westlake Spectrum, a five-building office park in Westlake Village, California, has sold for $23.1 million to Majestic Asset Management, an investor that has completed nearly $100 million in transactions during 2016. CBRE’s Mike Longo, Todd Tydlaska, Sean Sullivan, Michael Slater and Tom Dwyer represented the buyer and the seller. CBRE ran a broad marketing process that was able to create strong interest in the property, producing multiple offers. The property, located at 31355 and 31365 Oak Crest Drive, and 4333, 4353 and 4373 Park Terrace Drive, houses more than 20 tenants. It sits within a half mile from the Four Seasons Hotel and near many of the area’s major shopping centers.

LOS ANGELES—Harbor Associates and the Bascom Group have partnered to purchase a two-property flex office portfolio totaling 160,000 square feet in Thousand Oaks. The sales price was not disclosed, but the buyers did say that it is the cheapest transaction per-square-foot since 2001 in the market. In fact, the sales price is a 36% discount to the previous 13 building transactions this cycle and a 48% discount to the previous 17 building transactions last cycle. The portfolio is currently 78% leased to six different tenants, and the buyers are planning to reposition and lease-up the asset through a comprehensive rebranding and renovation program that includes a fresh multi-color paint scheme, modern lobbies, drought tolerant landscaping package, along with new building and project signage.

IRVINE, CA— WNC has closed WNC California Preservation Equity Fund, an  institutional fund The fund will aim to acquire and preserve $120 million of affordable housing communities. To date, WNC has invested equity from the fund into the preservation of five low-income housing communities in the counties of Los Angeles, Orange, Riverside and Madera. Combined, the five properties offer 507 affordable housing units to seniors and families. WNC California Preservation Equity Fund is anticipated to be fully invested by the fourth quarter of 2017. The fund is structured to provide investors a cash-on-cash return.

PHOTO

LOS ANGELES—George Smith Partners has arranged $34.4 million in refinancing for Crenshaw Imperial Plaza in Inglewood on behalf of its clients, NewMark Merrill Companies and Upside Investments, according to George Smith Partners’ Principal Steve Bram, who along with SVP David Pascale and Analyst Ali Akbar, secured the financing. Originally constructed in the early 1960s, Crenshaw Imperial Plaza is currently a mixed-use center consisting of 238,000 square feet of retail and a 67,000-square-foot office building. The property is located at a high-traffic intersection with more than 60,000 cars per day, directly off the 105 Freeway at Imperial Highway and Crenshaw Boulevard.

SCOTTSDALE, AZ—LVA Urban Design Studio has broken ground on a luxury, mid-rise condominium complex designed to feel like an urban cul-de-sac set on the “quiet side” of Main Street in downtown Scottsdale. Main Street Place’s 12 condos—averaging 2,400 square foot each—are located on the upper three floors, with a smartly designed common area on the second floor featuring a hot and cold spa/plunge pool, community room with kitchen and meeting space, a fitness studio with sliding doors for open air workouts, and an expansive outdoor deck for private parties or community gatherings with a large fire pit and two commercial barbecue gas grills. According to Bob Nathan of Engels-Voelkers, the brokerage firm handling the project’s sales, among the most popular amenities is the 575 square-foot average sized patio that comes with each condo, complete with collapsing doors and windows that open to the patio area.

BUILDING BLOCKS

NEWPORT BEACH, CA—Marriott International has named R.D. Olson Development as Development Partner of the Year at the hotelier’s Full Service Owners Conference in Washington D.C  on Nov. 30 through Dec. 2, 2016. The prominent national award honors companies with outstanding accomplishments in the hotel industry that develop upscale full-service hotels that stand above the rest. The firm has several projects underway for in 2017, including the 130-room Lido House Hotel in Newport Beach, California, and a 271-room full-service Irvine Spectrum Marriott in Irvine, a 118-room Residence Inn by Marriott in Goleta, California as well as a 204-room Residence Inn by Marriott Silicon Valley in San Carlos, California. GLENDALE, AZ—Rendina Healthcare Real Estate has completed completion of a 62,835-square-foot medical office building on the Dignity Health St. Joseph’s Westgate Medical Center campus in the Phoenix suburb of Glendale. The new state-of-the-art MOB will provide patients improved access to the highest quality health services in the area. As an extension of the hospital, the new MOB includes multispecialty office space for physician practices, including the Dignity Health Medical Group. Rendina embraced Dignity’s “Hello Humankindness” initiative, which focuses on humanity and kindness as vehicles to improving the healing process and quality of everyday life. Various aspects of kindness are integrated into the design and operations of the facility. To create a place for tranquility and peace, a healing garden was creatively placed between the new hospital and the MOB. Arizona-inspired landscaping and a contemporary water feature bring a sense of tranquility and peace to visitors in the garden. Shade sails, aromatic plants and comfortable seating provide a place of respite in an environment that promotes personal, psychological, and spiritual wellness for patients, visitors and staff.

-Kelsi Maree Borland

Harbor Closes Distressed Southern California Office Foreclosure in 21 Days

Yahoo! Finance

 

Harbor Associates, LLC ("Harbor") has acquired Conejo Spectrum, a 159,186 square foot, two building, office and flex portfolio in a joint venture with The Bascom Group, LLC ("Bascom") for $13,000,000 or $81 per square foot. Harbor sourced the asset through a distressed auction bid process from seller CW Capital and closed 21 days later. The portfolio marks the sixth value-add office acquisition for Harbor in the last eighteen months and expands the firm's existing footprint in Southern California. Pine River Capital Management was the external manager for the lender. Sean Fulp of NGKF represented the seller in the transaction.

Conejo Spectrum is the lowest price per square foot in the City of Thousand Oaks since 2001, a period in which 30 different commercial assets transacted within the submarket. The portfolio is currently 78% leased to six different tenants.

Harbor is planning to reposition and lease-up the asset through a comprehensive rebranding and renovation program that includes spec suites, a fresh paint scheme, modern lobbies, drought tolerant landscaping package, along with new building and project signage. The two-building portfolio is comprised of an office building located at 1525 Rancho Conejo Blvd. and a flex building located at 1535 Rancho Conejo Blvd.

The buy for Harbor is the firm's sixth acquisition since forming in early 2015, coming on the heels of Harbor's creative office purchase of 'Create Tustin' & 'Bespoke Tustin' in Tustin, California, '5280 Carroll Canyon' in San Diego, California, '71 At The Park' in Lake Forest and 'Bespoke Irvine' in Irvine, California.

Paul Miszkowicz, Principal for Harbor, comments, "Conejo Spectrum represents our sixth value-add office acquisition in the last eighteen months in Southern California and our first in the Los Angeles region. We intend on building on our recent momentum by sourcing new opportunities and pursuing similar strategies in high demand Southern California submarkets in order to meet our acquisition goal of $250M by year end 2017."

Joon Choi, Principal for Harbor, states, "We saw this great opportunity to upgrade a two-building campus situated on over 14 acres in Thousand Oaks, and the whole site will undergo a comprehensive renovation with updated common areas and multiple new spec suites."

Justin Loiacono, Principal for Harbor, adds, "We continue to find distressed opportunities in the value-add space by jumping on deals that require a quick closing performance. We completed all due diligence and closed this transaction wire to wire in 21 days with our capital partner, The Bascom Group, LLC. We have a robust pipeline of activity behind this transaction and look forward to further building out our Los Angeles metro portfolio."

-Staff

GGP ditches its own office building for creative space at One Bunker Hill

The Real Deal

 

One Bunker Hill, which was recently rebranded as “the CalEdison” in the midst of creative restoration, has an unlikely new tenant: General Growth Properties, the retail REIT based in Chicago, headed by Sandeep Mathrani.

GGP inked a 10-year lease for 9,500 square feet on the seventh floor of the iconic Art Deco building at 601 West Fifth Street in Downtown Los Angeles, The Real Deal has learned. The lease rate is not known. If calculated using the average rent at similar buildings in the submarket, it would be valued at north of $4 million.

Aram Pogosian of Engine Real Estate represented GGP while Carle Pierose of Industry Partners was the listing agent for the landlord, Rising Realty Partners.

Rising acquired the 13-story building for $92 million in October 2015, according to CoStar, alongside Lionstone Investments and Hermes Investment Management of London.

GGP owns the Galleria Office Tower at 100 West Broadway, where its West Coast headquarters occupies about 8,000 square feet, Pogosian told TRD. It has decided to move out of the space, favoring the under-construction creative office space in the CalEdison, because it wants a more creative environment that “speaks to the culture” of its retail clients like Apple, Pogosian said.

GGP’s other L.A. County property is the Galleria and the Northridge Fashion Center at 9301 Tampa Avenue. Mathrani is the highest paid REIT executive in 2015, according to the Wall Street Journal.

Its relocation to CalEdison points to the emergence of creative offices for traditional firms. Rather than being solely for “creative” tenants, it is now becoming the standard direction of commercial space in L.A.

“I haven’t heard of a new office being labeled as just an office these days,” Pogotian said. “Everything is ‘creative.’ You’re seeing industries that aren’t traditionally in these types of spaces move into the market.”

Hackman Capital Partners, Majestic Asset Management, and Lincoln Property Company are among the multitude of developers now pursuing creative office developments. Within the past two months, Hackman has purchased three Westside properties — including a parcel at 9300 Culver Boulevard, a nearby warehouse for $25 million, and an El Segundo industrial complex for $81.5 million — all slated for creative offices.

Amenities at the rehabbed CalEdison will include outdoor patios, WiFi throughout the property, and a lobby work area. GGP will move into its new space in February or March, Pogosian said.

-Cathleen Chen

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Important: Users take note, this is Spamdex - The Spam Archive for the internet. Some of the pages indexed could contain offensive language or contain fraudulent offers. If an offer looks too good to be true it probably is! Please tread, carefully, all of the links should be fine. Clicking I agree means you agree to our terms and conditions. We cannot be held responsible etc etc.

The Spam Archive - Chronicling spam emails into readable web records

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