Faster, higher, stronger. All across America, developers, designers and urban planners are turning the Olympic motto into architectural reality, reshaping the face of American cities in the process. We selected the 13 most eye-catching projects underway in the country. One Vanderbilt - New York...
The Outer Suburbs Are Once Again Outgrowing Cities
The Wall Street Journal
Last year saw the strongest evidence yet that Americans are returning to traditional patterns in where they move—from cities to suburbs and from North to South—after a recession-driven pause of nearly a decade. Central counties of metropolitan areas grew 0.7% last year...
While urban office markets continue to be popular with Millennials, employers, including technology companies, are luring young talent to the suburbs with creative office campuses that provide lots of amenities, along with the greater housing affordability, industry insiders say. “Movement to...
Short Sellers Target Mall REITs
The Wall Street Journal
Urban bike-sharing programs in the U.S. have often been a sinkhole for investors, with low takeup rates and high operating costs requiring public subsidies. Chinese startups think they have a solution: “dockless” bike-sharing. A surge of money flowing into these bike-sharing companies this...
City set to vote on plan to raze Parker Center and build $480-million office tower
The Los Angeles City Council will consider a proposal Friday to demolish Parker Center and build a $480-million office tower for city employees — a plan opposed by preservationists fighting to save the former police building. The boxy Parker Center on Los...
Interactive Data Corporation renews 22,877 RSF at Santa Monica Business Park - 2901 28th Street in Santa Monica. Deal represented by Jones Lang LaSalle.
BLOG & ONLINE NEWS
CBRE Names First Female Exec in South Bay
CBRE’s South Bay has tapped its first female lead. The mega brokerage firm has named Jodie Poirier as managing director of South Bay operations. In the new role, she will oversee the office’s advisory and transactions, capital markets and enterprise facilities...
DivcoWest acquired the Glendale Plaza office building at 655 N. Central Ave. in Glendale, CA for $179 million, or about $327 per square foot, from PGIM Real Estate. Prudential Insurance Company of America acquired the asset back in 2006 for...
Gavina Gourmet Coffee, a coffee roasting and wholesale distribution company, signed a five-year lease for the 104,110-square-foot industrial building at 2726 Fruitland Ave. in Vernon, CA. The industrial facility was constructed in 1948 on 3.8 acres. It features eight dock-height...
Top Commercial Real Estate Firms and Brokers in Los Angeles Win CoStar Power Broker Awards
Several top firms and real estate brokers in Los Angeles are among the winners of the annual CoStar Power Broker Awards. Now in its 16th year, the awards recognize those who perform at the highest levels in commercial real estate brokerage....
Cushman & Wakefield Expands West Coast Valuation & Advisory Platform
Cushman & Wakefield has made three strategic hires to expand leadership of its valuation and advisory platform along the West Coast. Steve Henry, MAI and Melissa Lofing, MAI join the commercial real estate services firm as managing directors in its Orange County...
Faster, higher, stronger. All across America, developers, designers and urban planners are turning the Olympic motto into architectural reality, reshaping the face of American cities in the process. We selected the 13 most eye-catching projects underway in the country.
One Vanderbilt - New York City
The striking One Vanderbilt aims to be NYC's second-tallest building. Proposed by New York City Mayor Bill de Blasio and developer SL Green Realty as part of a planned Midtown East rezoning, the supertall 57-story structure will have 1.6M SF of Class-A office space. Unlike other behemoths in the city, One Vanderbilt is seen as a gentle giant, as the design was not focused just on profit, but also easing pedestrian and transit flow in the nearby area, which includes Grand Central. It will deliver in 2020.
Salesforce Tower - San Francisco
Residents of the Bay Area have been watching Salesforce Tower take shape for years. The supertall 61-story tower has been under construction since 2013. The 1.6M SF building was originally built on spec, breaking ground without commitment from a major tenant. In 2014, Salesforce signed a 714K SF lease, valued at $560M, to occupy 30 floors. Designed by Pelli Clarke Pelli Architects, developed by Boston Properties, and built by a joint venture between Clark Construction Group and Hathaway Dinwiddie, the building will open this year. It has received sharp criticism for its lack of a public viewing deck, though the city has no lack of alternatives.
Vista Tower - Chicago
Breaking ground last September, Vista Tower represents the largest real estate investment by a Chinese firm in the United States. A joint venture between Magellan Development and Chinese partner Dalian Wanda Group, the $1B development designed by Studio Gang Architects will feature 406 luxury condos and 192 five-star hotel rooms across 98 combined stories. One-bedroom apartments start at $1M.
Wilshire Grand Center - Los Angeles
The City of Angels will soon have a new 73-story tower watching over it ... but not accepting helicopters. Hanjin Group is working with Thomas Properties Group on the enormous mixed-use development. The design from AC Martin is unique for two reasons: It will be the tallest building in LA, and it will be the first to be built without a flat roof since 1974, when the fire ordinance was changed to require helipads after a devastating fire in São Paulo. The Wilshire Grand was granted an exception by the Los Angeles City Fire Department, as the building will include advances in fire safety and building technology. Plans include 900 InterContinental hotel rooms and 677K SF of office space.
609 Main - Houston
Hines is at it again in Houston, this time with the 50-story 609 Main at Texas mixed-use tower Downtown. Designed by Pickard Chilton, the project's north and south façade extend skyward, creating a dramatic diagonal crown that serves as a highly visible landmark. In addition to the 1M SF of mixed-use space, the development also includes a whopping 1,700 parking spots in a 13-level garage. Chances are Houstonians will need every last one of them.
Four Seasons Hotel and Private Residences One Dalton Street - Boston
Boston's Back Bay skyline is in for another shakeup as Carpenter & Co.'s 61-story project continues to rise. The project designed in collaboration with Pei Cobb Freed & Partners and Cambridge Seven Associates will be Boston's third-tallest building when completed in 2018. The combined luxury hotel and residential tower is a major change for the city, which has not built this big since the Hancock in 1976.
Resorts World - Las Vegas
Not to be outdone, Sin City is also cooking up its own megaproject. In 2007, Boyd Gaming tore down the famed Stardust, but redevelopment into Echelon Place was halted during the 2008 crisis. Boyd sold the 87-acre tract on the Las Vegas strip to Genting Group, which brought on Steelman Partners to redesign the development. It came up with a staggering $7B Chinese-themed resort casino packed with four hotel towers with 6,583 rooms, 175K SF of gaming space, a 4,000-seat theater, a panda exhibit and an indoor water park. The gargantuan development will be 21M SF at completion.
Panorama Tower - Miami
Previously known as 1101 Brickell, Panorama Tower initially got tied up in the drama of the Great Recession and was delayed for years. The project was revived when the new owners, Florida East Coast Realty (FECR), brought on Moshe Cosicher to redesign the plan. A significant portion of the project's funding came from EB-5 visas. Upon completion in 2018, the tower will be Miami's tallest, but it will not hold the title for long. One Bayfront Plaza, also by FECR, will overtake it in 2020, as could a proposed condo project called The Towers, a sign of just how hot development is in Miami. The building will still hold the title of the largest building in Miami, with a gross floor area of 3M SF, including the existing structure.
The Independent - Austin
The Jenga-style design from Rhode Partners is certainly an eye-catcher. The 58-story, 685-foot-tall building will be Austin's tallest when completed in 2018. The project is a joint venture between Austin-based Constructive Ventures and Aspen Heights. Three hundred seventy condo units will be spread across roughly 950K SF. Need a place to crash next time you attend ACL, SXSW or the Formula One United States Grand Prix? Prices range from $400K to $3M.
Hudson Yards - New York City
The Hudson Yards redevelopment program is one of the most ambitious projects undertaken in NYC in recent years. Combining the city, state and private developers, the project's cost is expected to reach north of $20B. The centerpiece will be the 28-acre mixed-use development from Related Cos. and Oxford Properties. The master plan from Kohn Pedersen Fox Associates includes 16 skyscrapers with more than 12.7M SF of office, residential and retail space. The project will be completed in various phases over the next seven years and is estimated to attract 65,000 daily visitors.
The Outer Suburbs Are Once Again Outgrowing Cities
The Wall Street Journal
Last year saw the strongest evidence yet that Americans are returning to traditional patterns in where they move—from cities to suburbs and from North to South—after a recession-driven pause of nearly a decade.
Central counties of metropolitan areas grew 0.7% last year while outlying counties grew 1%, according to new Census Bureau population estimates for the year that ended July 1.
After two years of roughly comparable growth, this marked the first time since the recession that outer suburbs clearly outgrew central cities and inner suburbs. As recently as 2012, central counties grew 0.9% and outlying counties, just 0.5%.
A combination of economic and demographic trends contributed to the shift, said William Frey, a demographer at the Brookings Institution. He said much of it can be traced to growing migration losses by central counties as job gains spread to more areas and industries. That has triggered recession-delayed movement by millennials establishing themselves and their families, he said.
The shift spells good news for Sun Belt metros that had seen strong migration from the North cut sharply since the housing-market collapse and recession of 2007-09. Las Vegas lost 5,000 movers more than it gained in 2011, but last year gained a net 28,000. Phoenix saw a gain of 4,000 in 2011 balloon to 51,000 last year. In Florida, many metros saw migration gains dip from 2015 but remain at more than twice the levels of 2011-13, including Tampa, Jacksonville, Deltona-Daytona Beach, Lakeland, Palm Bay and Port St. Lucie.
Within Sun Belt metros, gains are shifting to the edges. Davidson County, Tenn., the center of the 14-county Nashville metro, grew almost 1% last year, but a net 2,000 people moved to the rest of the country, its first net loss in domestic migration since the recession. However, suburban counties like Williamson, Rutherford, Wilson and Sumner continued to draw more movers than they lost, and grew an average of more than 3% last year.
Sun Belt gains are sapping some of the nation’s largest metros, which also face low birth rates, aging populations and scant immigration. Frey said that 16 of the 100 largest metros actually lost population last year, including Chicago, Cleveland, New Haven, Conn., Pittsburgh, Buffalo, N.Y., Milwaukee, Rochester, N.Y., and Akron, Ohio.
Other large metros continued to grow slowly, but saw migration gains as recent as 2011 turn into losses. Among them: Washington, Miami, Boston, San Diego, Louisville, Ky., and New Orleans.
The trend of migration losses even reached into Silicon Valley, where a red-hot tech economy has sent housing prices soaring. Last year the San Francisco metro area lost more residents to the rest of the country than it gained for the first time since the recession. Small annual losses in the San Jose metro area grew sharply. Together, they lost a net 33,000 movers to the rest of the country, up from an average of 17,000 in recent years. The overall population still grew slightly, boosted by immigration and a relatively high birth rate.
Rural counties next to metro areas also resumed growing, said Kenneth Johnson, a demographer at the University of New Hampshire. He said this reflects the return of edge-focused growth that prevailed before the recession.
While urban office markets continue to be popular with Millennials, employers, including technology companies, are luring young talent to the suburbs with creative office campuses that provide lots of amenities, along with the greater housing affordability, industry insiders say. “Movement to corporate office campuses is the biggest trend we’ve seen over the past few years, with tech firms consolidating or expanding into new campuses,” says Stephen Newbold, who heads national research for real estate services firm Colliers International.
Silicon Valley firms, including Google, Facebook and Apple, have headquarters at sprawling corporate campuses with gyms, chefs preparing organic food and massage services on-site. The rationale for everyone under one roof is the idea that it fosters positive employee morale, productivity and innovation, notes Newbold. While noting that it’s difficult to define creative space, he adds that “there is a general trend by all occupants to use space more creatively. Part of that is to fit the work demographic to the space and consolidate or use space more efficiently.”
Employers are attracted to suburban office markets because rents for class-A space there tend to be nearly half those of central business districts (CBDs) at $29.13 per sq. ft., compared to $45.90 per sq. ft., according to Colliers’s fourth quarter 2016 Office Market Outlook Report. Improvement in suburban office markets goes hand-in-hand with growth in residential development, Newbold points out, noting that the combination is spawning urban-type markets outside CBDs.
Meanwhile, continued rent growth in CBDs has slowed space absorption there, as tenants downsize to control costs. “The majority of transactions in CBDS are renewals,” Newbold says. As a result, suburban office markets now account for the greatest share of office absorption, according to the Colliers report.
To some extent, the multifamily sector is driving suburban office employment growth. “We’re seeing a big demographic shift, with the Millennial population creating demand for suburban apartments,” Newbold says. Another factor, he notes, is that once Millennials have a family, the quality of neighborhood schools becomes important, and suburbs tend to have the best schools.
“What will be interesting to see is as rents rise and a changing differential between owning and renting takes shape, if homeownership increases,” he adds, pointing out that pressure on rents in places like the District of Columbia and northern Virginia has already made it cheaper to buy than rent.
The high cost of office space and housing in the San Francisco Bay Area and New York City markets is also driving smaller and early-stage tech companies into second-tier urban markets, including Portland, Ore., Austin, Texas, Charlotte, N.C. and parts of New York State, Newbold continues.
The fourth quarter 2016 office report from real estate services firm Cushman & Wakefield notes that more office space was put on the market in the Silicon Valley (-2.8 million sq. ft.), East Bay San Francisco (-927,000 sq. ft.) and Brooklyn (-847,600 sq. ft.), than was taken off.
But despite a flat vacancy rate, New York’s office market remained strong throughout 2016, with the second-highest annual leasing total in the past decade. In addition, the San Francisco Bay Area remains the tightest of the top 10 office markets with a 5.6 percent overall vacancy rate, and vacancy as low as 2.0 percent in the Silicon Valley markets.
Early in this expansion cycle the strongest markets were technology- or energy-driven, but this “Tech and Texas” pattern shifted as oil prices fell and tech growth slowed, according to the Cushman & Wakefield report. Office markets with the most diversified economies enjoyed the greatest positive net demand and growth in occupancy during 2016, including: Phoenix (3.6 million sq. ft.), Chicago (3.5 million sq. ft.), Seattle (3.3 million sq. ft.), Dallas (2.9 million sq. ft.), Philadelphia (2.6 million sq. ft.) and Los Angeles (2.4 million sq. ft.).
Rents remained strong in the top U.S. office markets in the fourth quarter, with half of the markets tracked by Colliers continuing to see growth in rates. However, a cyclical slowdown is expected, with more than half of U.S. markets experiencing an increase in vacancy.
Vacancy is not expected to rise rapidly, but with an estimated 91 million sq. ft. of new office space under construction nationally, demand may not be able keep pace with deliveries in 2017, according to the Colliers report. But with the construction pipeline heavily front-loaded, deliveries will likely ease by 2018.
Newbold notes that suburban properties do present a slightly higher risk than urban class-A properties, which hold up well in down cycles. But despite slowing growth, the Colliers report predicts further upside for the U.S. office market. While the market overall will move forward at a slower pace, economic growth anticipated in 2017 will provide a bump in office occupancy.
Office tenants are not abandoning downtowns, but they are balancing the desire to be located near highly qualified, young professionals who prefer urban living with the limited availability of large blocks of space in urban cores, Newbold adds, noting that developers are looking for ways to provide the best of both worlds.
For example, he cites 801 S Broadway in Santa Monica, Calif., which is at the heart of the Los Angeles Westside’s Silicon Beach and home to media producers and related firms. This 2.7-acre, 955,561-sq.-ft. office campus, which is near public rail transit, downtown Santa Monica, the beach and new residential product, is being redeveloped to creative space.
Short Sellers Target Mall REITs
The Wall Street Journal
Urban bike-sharing programs in the U.S. have often been a sinkhole for investors, with low takeup rates and high operating costs requiring public subsidies.
Chinese startups think they have a solution: “dockless” bike-sharing.
A surge of money flowing into these bike-sharing companies this year has seen an explosion of smartphone-activated two-wheelers across China’s cities. The programs don’t limit bike parking and pick up to designated docking stations, instead using public bike racks or sidewalk space, a convenience that has attracted millions of riders but also a profusion of haphazardly parked bikes clogging sidewalks in cities such as Shanghai.
The system has enabled two Chinese bike-sharing giants—Beijing-based Ofo Inc. and rival Beijing Mobike Technology Co.—to scale up rapidly: both each have fleets of more than a million bikes, up from a combined total of more than 100,000 in October, and operate in three dozen cities. Their valuations are above $1 billion each, according to people familiar with the situation.
Neither company is profitable. Representatives from both say expansion and China are the focus—with the U.S. seen as fertile ground. Both companies displayed their bikes at the South by Southwest conference in Austin, Texas this month. Ofo, whose yellow bike business attracted Apple Inc. CEO Tim Cook to drop by its office in Beijing this week, wants to introduce a fleet of 50,000 shared bikes in about 10 U.S. cities by July this year.
Beijing-based bike-share upstart Bluegogo International Inc., which raised $58 million in funding this year, began testing in San Francisco with 200 of its signature blue bikes. The city has a traditional bike-sharing program run by Motivate International Inc. and Bluegogo got off to a bumpy start.
City officials fearing similar scenes of sidewalk-strewn bikes asked the company to obtain permits before starting its service. Bluegogo, which initially aimed to park its blue bicycles in public bike racks, subsequently altered its plans in favor of bike stations in private parking spaces, said Ilya Movshovich, Bluegogo’s vice president for U.S. operations. Talks are under way with at least five more unspecified U.S. cities, he said.
Tighter government restrictions mean dockless bike-sharing companies face an uphill challenge to succeed where traditional programs have largely failed. There are 70 traditional bike-share operators across 104 U.S. cities as of last April, according to the Bureau of Transportation. Some have seen their expansion hindered by a shortfall of funding or membership in recent years.
Motivate runs bike-sharing programs in 11 U.S. cities. Its largest operation, New York Citi Bike, has 10,000 bikes and chalked up 14 million rides in 2016, a North American bike-share record, the company said.
Scaling up quickly is key to the business plans of the Chinese operators. Ofo and Mobike have garnered most of the more than $800 million that has poured into China’s bike-sharing startups since Jan. 1, according to Dow Jones VentureSource data.
Investors say they’ve been encouraged by high demand in China. Mobike said its more than 10 million users have taken 400 million rides in 11 months since it launched in April 2016. Ofo, which launched as a student project in Peking University in 2014, says it has 20 million users.
The bikes are aimed at commuters who need “last-mile” transportation to take them short distances from subway or bus stations. People use a smartphone app to unlock a GPS-equipped bike from a parking spot and then ride it as far as they want, for about 10 cents for every 30-minute ride in China, before parking them in designated areas.
“You can buy a bike, but then you worry about it being stolen, you worry about where to park it and maintain it, so it is compelling to have a bike-sharing concept,” said Tay Choon Chong, managing partner at Vertex Ventures China and an early Mobike investor.
Mobike, backed by Chinese internet giant Tencent Holdings Ltd. and private-equity firm Warburg Pincus, entered the Singapore market with its orange and silver bikes this week. Ofo has investors including Facebook Inc. investor Yuri Milner. It is already running trials in San Diego, California and Cambridge in the U.K.
Ofo and Bluegogo declined to provide details on new cities they are targeting.
Some venture capitalists see obstacles. Ken Xu, managing director of Gobi Ventures, passed on the chance to invest in Ofo, concerned that people wouldn’t ride on rainy or heavily polluted days. Theft and vandalism were also a concern, Mr. Xu said.
Zhang Yanqi, Ofo’s chief operating officer, said less than 1% of its bike fleet was lost or damaged, and that incidences will decline as users get accustomed to shared bikes.
Mobike said losses from theft and damage were negligible. GPS tracking devices on its bikes allow it to monitor their locations.
As competition heats up at home—there are more than 20 bike-sharing companies in China—the startups face rivalry in the U.S. too.
Venture capitalist Andreessen Horowitz recently invested $12 million in Limebike, a California-based startup looking to introduce a “dockless” bike-share nationwide. The startup is run by current and former Chinese venture capitalists.
Limebike hopes to learn from missteps made by some of China’s startups by engaging with officials in 10 cities before launching its dockless bikes, said co-founder Brad Bao. That includes deploying teams on the ground to deal with issues such as stray bikes.
City set to vote on plan to raze Parker Center and build $480-million office tower
The Los Angeles City Council will consider a proposal Friday to demolish Parker Center and build a $480-million office tower for city employees — a plan opposed by preservationists fighting to save the former police building.
The boxy Parker Center on Los Angeles Street served for more than five decades as the headquarters of the Los Angeles Police Department and regularly appeared in the television series “Dragnet.” It closed in January 2013.
The building was designed by Welton Becket, the prolific architect behind the Capitol Records building, the Santa Monica Civic Auditorium, the Cinerama Dome and the jet-age Theme Building at Los Angeles International Airport.
Los Angeles city engineers contend that the mid-century building, which now sits empty, is seismically unsafe.
Amid calls to keep the structure, city engineers say it will cost at least $107 million more to preserve Parker Center and build an office tower next to it compared with knocking it down and erecting a new tower on the site.
The Los Angeles Conservancy disputes the city’s analysis and accuses officials of using inaccurate estimates to justify Parker Center’s demolition — something the city denies.
The battle over the building, which was named for former Police Chief William Parker, comes as city leaders push for a dramatic remake of the Civic Center, roughly 10 square blocks of government buildings surrounded by Little Tokyo, the Historic Core and Chinatown.
The old police headquarters, officials argue, stands in the way of encouraging residential and commercial growth in the staid Civic Center.
Municipal officials want restaurants and residences to create a more lively neighborhood, said Rick Coca, spokesman for City Councilman Jose Huizar, who represents downtown.
“We have a Civic Center area that is not working for the city, not working for the residents and the stakeholders of downtown Los Angeles,” Coca said. “You have to have long-term goals.”
The development would follow construction of a new federal courthouse, the creation of Grand Park and renovation of the County Hall of Justice.
The 27-story office tower would house restaurants and commercial space on the bottom floors, though it would be used primarily by several city departments, including the Department of Public Works.
Coca said the city is now leasing several office properties across downtown, and the new tower would consolidate municipal workers.
He defended the city’s cost analysis, which found that preserving the main Parker Center building and constructing a tower with above-ground parking would cost $590 million.
By contrast, demolishing Parker Center and building a tower with underground parking would cost $483 million.
The analysis was done by Cumming, a global construction management company with a Los Angeles office.
Coca pointed to the millions of dollars needed to rehab Boyle Heights City Hall, which was damaged in the 2008 Chino Hills earthquake. The $590 million needed to seismically upgrade Parker Center and build the tower is on “the low end” of projections, he said.
Seeking to preserve Parker Center, the conservancy engaged a seismic engineer and did its own analysis.
That study found it would be cheaper to preserve the former police building, said Adrian Scott Fine, the conservancy’s director of advocacy. He estimates that it would cost $485 million to save Parker Center and build a new tower.
The group estimates it would cost $512 million to raze the structure and replace it with a new building.
Fine pointed to the recent makeovers of theaters and other buildings along Broadway as examples of successful restorations.
“We don’t believe that their number is anywhere near being accurate,” Fine said of the Cumming study. “We believe it’s a lot cheaper and cost-effective for the building to be reused.”????
Costs aside, Little Tokyo residents and several City Council members support tearing down Parker Center.
Stores and businesses in Little Tokyo were razed to build the police headquarters more than six decades ago and people who live there want a “do over,” said Rey Salinas, project manager of the Little Tokyo Service Center.
The council last month rejected a plan to include Parker Center in L.A.’s list of historically significant buildings, with some council members pointing to Parker’s complicated legacy.
CBRE Names First Female Exec in South Bay
CBRE’s South Bay has tapped its first female lead. The mega brokerage firm has named Jodie Poirier as managing director of South Bay operations. In the new role, she will oversee the office’s advisory and transactions, capital markets and enterprise facilities management. To find out more about Poirier’s plans for the office and what it means to be the first female managing director of one of the firm’s biggest regions, we sat down with Poirier for an exclusive interview.
GlobeSt.com: Congratulations on becoming the first female managing director to head an office in one of CBRE’s biggest regions. Tell me about your journey as a female executive in this business, and if you think you have carved a different path to success?
Jodie Poirier: Thank you! I believe everyone has their own unique path. After college I learned the fundamentals of sales knocking door-to-door, selling educational books for a summer as an independent contractor for a book publishing company. From there I entered sales with Pulte Group and spent 5 years in real estate development (of master planned communities). I went back to grad school, coincidentally timed with the financial crisis. My thesis was actually on women leaders in commercial real estate: Female leaders in commercial real estate: to the women following in their footsteps. This allowed me to meet and speak with key female executives across the industry – and learn about their individual paths. Post grad school included office brokerage at JLL and then a leadership position at Colliers in Brokerage Services. I joined CBRE in 2015. Along my path, I’ve been extremely fortunate to have mentors – both male and female who have been instrumental in helping me grow. I’m fortunate to have many here now at CBRE.
GlobeSt.com: Why do you think there are so few females in your role in this business, and do you think that is changing?
Poirier: Historically, commercial real estate has been a male-dominated industry. That is slowly changing though the female population is still vastly underrepresented across the industry, especially on the transactional side of the business as well as leadership. I think it is slowly changing with an emphasis on slowly. However, I feel fortunate to be at CBRE where there are myriad examples of successful women—in both the transactional and leadership side of the business (one of my mentors, Laura O’Brien was a successful brokerage professional and now leads Global Sales Management Operations AND is a member of the Executive Team). I think this is due to the fact that we make a concerted effort to recruit, retain and support women – and this effort extends throughout all levels of our organization.
GlobeSt.com: What are your goals for the South Bay office?
Poirier: To help our professionals grow their business and deliver exceptional outcomes to our clients. Grow our bench of talent. Facilitate connectivity for our professionals to the incredible tools, technology and resources that CBRE has and continues to invest in.
GlobeSt.com: You have focused on occupier deals. How has this been challenging in a tight market like the South Bay?
Poirier: In my prior role at CBRE, I was focused on pursuing large occupier business across the U.S. In a tight market, such as the South Bay industrial, it’s definitely challenging for tenants looking for new or additional space. Options are limited to nonexistent, depending on size and class of product. So the earlier we can get out in the market, the better. Knowledge of off-market opportunities and true local market knowledge are key in helping our clients.
DivcoWest acquired the Glendale Plaza office building at 655 N. Central Ave. in Glendale, CA for $179 million, or about $327 per square foot, from PGIM Real Estate. Prudential Insurance Company of America acquired the asset back in 2006 for approximately $215 million ($393 pSF), according to CoStar data.
The 24-story, 547,302-square-foot, 4-Star building was constructed in 1999 on 2.5 acres in Los Angeles County. The LEED Platinum-certified and Energy Star-rated asset features covered parking at 2.7:1, 24-hour availability, 12 elevators, a courtyard and ground-floor retail space occupied by Triman Restaurant and First Citizens Bank & Trust. Office tenants include Dreamworks Television Animation and CIBA Insurance Services. Sean Sullivan, Todd Tydlaska and Michael Longo of CBRE represented the seller. The buyer handled the sale in-house.
Gavina Gourmet Coffee, a coffee r
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