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Equity Office Daily Brief: March 22, 2017

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Daily Brief

March 22, 2017

  EquilityOffice

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New Name for Arts District Mega-Gallery

Los Angeles Downtown News

 

A few weeks ago, longtime Downtown arts leader Paul Schimmel and the huge gallery complex he founded last March parted ways. Now, his name has been removed. The 116,000-square-foot former Hauser Wirth & Schimmel has quickly been renamed Hauser & Wirth...

 


Mast Brothers Closes Arts District Chocolate Factory

Los Angeles Downtown News

 

High-end chocolate company Mast Brothers, led by the siblings Rick and Michael Mast, made its foray into Los Angeles by opening an Arts District shop and factory last May. Less than a year later, the brothers are pulling out.Mast Brothers closed...

 



BLOG & ONLINE NEWS

 

MacFarlane Partners' Park Fifth Picking Up Steam

Bisnow

 

San Francisco's MacFarlane Partners is expected to break ground this month on Phase 2 of its Park Fifth project in DTLA. The development's first phase is a seven-story building with 313 units. The second phase is a 24-story tower on Fifth...

 


This Week's LA Deal Sheet

Bisnow

 

George Smith Partners brokered $30M in refinancing for Plaza de Hacienda, a 156K SF grocery-anchored retail center in La Puente. Plaza de Hacienda, at 1735-1869 North Hacienda Blvd., has strong historical occupancy and quality tenants along with being in a high traffic...

 


SoftBank Invests $300 Million in Shared Officer Provider WeWork

CoStar.com

 

Japanese telecom and communication giant SoftBank Group Corp. has reportedly invested $300 million in New York City based WeWork Cos., in a possible prelude to a much larger funding round expected to total about $3 billion.  In addition to the $300 million...

 


Explore Upload LA 20,000 sq ft VR & AR Focused Skills Training, Coworking and Community Space

Upload

 

Next month, Upload will be launching a brand new 20,000 square foot skills training, coworking, and community space in Marina Del Rey, CA. The space will officially be known as Upload LA and it will serve as the premiere destination for Los...

 


Middle Market Digest: Southwest

GlobeSt.com

 

Sperry Commercial Global Affiliates has named Jimmy Chai to the role of managing director in its Koreatown brokerage office. In this role, Chai will be responsible for leading a group of passionate real estate agents to bring an institutional quality level...

 


City committee approves plan to overhaul Downtown LA's Civic Center

Curbed LA

 

The Los Angeles City Council’s Entertainment and Facilities Committee approved on Tuesday a master plan for Downtown LA’s Civic Center that would dramatically reshape the area and ensure demolition of the historic Parker Center building, which served as LAPD headquarters from...

 

FULL TEXT


New Name for Arts District Mega-Gallery

Los Angeles Downtown News

 

A few weeks ago, longtime Downtown arts leader Paul Schimmel and the huge gallery complex he founded last March parted ways. Now, his name has been removed. The 116,000-square-foot former Hauser Wirth & Schimmel has quickly been renamed Hauser & Wirth Los Angeles. The website has also been shifted to hauserwirthlosangeles.com.

Downtowners had cheered when Schimmel, who for more than two decades served as chief curator of the Museum of Contemporary Art, partnered with the Swiss art powerhouse. The former grain mill at 901 E. Third St. was turned into a state-of-the-art destination with museum caliber-shows, a bookstore, a courtyard and the restaurant Manuela. Admission is free and the space is open to the public. No reason was given for Schimmel’s sudden departure and he has not given interviews. Marc Payot, a partner and vice president with Hauser & Wirth, replaced Schimmel in overseeing the Downtown location. Hauser & Wirth Los Angeles is currently showing the exhibition Jason Rhoades Installations, 1994-2006, which runs through May 21.

-Staff

Mast Brothers Closes Arts District Chocolate Factory

Los Angeles Downtown News

 

High-end chocolate company Mast Brothers, led by the siblings Rick and Michael Mast, made its foray into Los Angeles by opening an Arts District shop and factory last May. Less than a year later, the brothers are pulling out.Mast Brothers closed early this month and will consolidate efforts at its New York City headquarters, where the vast majority of the brand’s chocolate is made. The 6,000-square-foot warehouse at 816 S. Santa Fe Ave. featured a full production line for making chocolate bars in-house, plus a retail component that sold specialty chocolate bars and gifts. One of the main draws of the space was its tours, which showed off the chocolate-making process and offered visitors samples, including of rare fresh cacao bean pods. Apparently, the lack of other nearby businesses, residents and foot traffic made the Downtown location tricky to sustain. Local employees have been offered positions in New York City, according to a Forbes report.

-Staff

MacFarlane Partners' Park Fifth Picking Up Steam

Bisnow

 

San Francisco's MacFarlane Partners is expected to break ground this month on Phase 2 of its Park Fifth project in DTLA. The development's first phase is a seven-story building with 313 units. The second phase is a 24-story tower on Fifth and Olive streets that will be built by Suffolk Construction, the LA Downtown News reports. The 460K SF project will have 347 apartments and a swimming pool, a fitness center, a rooftop terrace and an outdoor kitchen. It is being designed by Ankrom Moisan Architects. The entire project is scheduled to be completed in 2019. -Karen Jordan

This Week's LA Deal Sheet

Bisnow

 

George Smith Partners brokered $30M in refinancing for Plaza de Hacienda, a 156K SF grocery-anchored retail center in La Puente.

Plaza de Hacienda, at 1735-1869 North Hacienda Blvd., has strong historical occupancy and quality tenants along with being in a high traffic area, according to George Smith Partners principal Shahin Yazdi. "By demonstrating the strength of these factors to multiple lenders, we were able to identify a lender who was willing to provide a high-leverage, fixed-rate loan, giving our client the opportunity to refinance with cash-out proceeds that can be used for future investments," he said. Optimus Properties requested a fixed-rate loan with the goal of refinancing its maturing loan for the retail center, according to Yazdi. The company plans to perform capital improvements on the shopping center.

George Smith Partners secured the $30M loan from a CMBS lender. The 10-year loan was structured with a loan-to-value of 65% with a five-year interest-only period, followed by an amortization of 30 years. The rate was fixed at the 10-year swap plus 2.53% with a 1.23 debt coverage ratio and 7.75% debt yield. The financing was arranged by Yazdi.

SALES Stepp Commercial brokered the nearly $3.18M sale of Palmdale Apartments, a 24-unit property in the East Village Arts District of Downtown Long Beach. The property closed at a 4.57% cap rate and nearly $132,500/unit. The 93-year-old, two-story building at 845 East 6th St., has 23 studio units and one two-bedroom unit. The buyer plans to do a reno of the exterior common areas and upgrade the units. Stepp Commercial president Robert Stepp and vice president Michael Toveg repped both the private seller from Riverside and the buyer, Beverly Hills' Forward 6th Street Investments LLC. *** Cresta Properties bought a 45-unit building in Beverly Hills from an undisclosed seller for $3.5M. The 55-year-old building is 100% occupied. It has a rooftop deck with a swimming pool.

NEW CONSTRUCTION The Courtyard by Marriott in downtown Santa Monica opened last week. It is one of two new hotels designed by Gwynne Pugh Urban Studio. The six-story hotel has a cantilevered pool deck and acts as an eastern extension of the esplanade that ends at the Santa Monica Pier.

LEASING Newmark Grubb Knight Frank has been chosen as the leasing agency at 100 Barranca in West Covina. The 30-year-old, 225,920 SF Class-A office tower is owned by West Covina's Sunny Hills Management Co. The 13-story building is 50% occupied. NGKF senior managing directors Taylor Ing and Drew Sanden, along with senior associate Scott Maples, are handling leasing for 100 Barranca in collaboration with Sunny Hills Management.

Molina Healthcare just signed a 99,343 SF lease agreement at the 11-story Topaz office tower at 222 West 6th St. in San Pedro. Molina Healthcare was attracted to the large block of contiguous space, its ocean views and proximity to its headquarters in downtown Long Beach. The Port of Los Angeles, Marymount California University, Regus, AltaSea, the City of Long Beach and Procel have all recently signed leases at the 26-year-old building. It was originally designed for Logicon, an aerospace company, to be the anchor tenant. Newport Beach's Jupiter Holdings purchased the property four years ago. CBRE Group senior vice presidents Tim Vaughan and Dave Smith and vice president Mike Harry repped Jupiter Holdings. McKinney Advisory Group executive vice president Jamie Keller and executive account representative Dan O’Leary repped Molina.

EXECUTIVE NEWS Reza Ghobadi joined Colliers International to lead and expand the firm’s multifamily and mixed-use investments in the San Fernando Valley and Pasadena, Glendale and Burbank. Ghobadi has worked in commercial real estate for a decade. Previously, he owned and operated a hospitality and transport company. He will be based in Colliers' Encino office. *** Sperry Commercial Global Affiliates named Jimmy Chai as managing director of its Koreatown office. Chai will be responsible for leading a group of real estate agents to bring an institutional quality level of service to clients. Chai was director at Cushman & Wakefield for nine years.

StarPoint Properties recently awarded CBRE broker Stewart Weston with a 2017 Porsche 911 for bringing in the greatest off-market deal volume last year to the Beverly Hills company. The Porsche giveaway was valued at more than $100K. It was the culmination of a year-long national broker incentive program that included commission bonuses upon closing of all off-market transactions. Weston brought $150M in potential investments last year to StarPoint.

 

-Karen Jordan

SoftBank Invests $300 Million in Shared Officer Provider WeWork

CoStar.com

 

Japanese telecom and communication giant SoftBank Group Corp. has reportedly invested $300 million in New York City based WeWork Cos., in a possible prelude to a much larger funding round expected to total about $3 billion. 

In addition to the $300 million direct investment, at least two other tranches of funding from a technology-focused fund called Vision Fund being raised by SoftBank are expected to be secured by the 7-year-old shared office provider; sources told the Wall Street Journal. WeWork and Softbank officials could not be reached for comment on Tuesday. 

During 2016, WeWork expanded to over 110 locations around the world, doubling its global presence with the addition of 18 new cities and 58 new office locations across six continents, and doubling its membership to over 80,000. In the U.S., WeWork last year added offices in Philadelphia, Atlanta, Denver, Arlington, TX; and Irvine, Long Beach, Pasadena, San Jose and San Diego, CA. In one day alone in December, WeWork opened nearly 10,000 member desks in eight countries. 

WeWork is the tenant in direct office leases totaling 4.4 million square feet, according to a survey of CoStar leasing data for office leasing transaction of over 5,000 square feet signed over the last two years. Verizon Communications Inc. came in at a distant second place with 3.23 million square feet leased during the same period. Regus, the nation's second-fastest growing shared office provider, came in third with 2.4 million square feet leased. 

If the $3 billion in funding comes to fruition, WeWork's market capitalization could rise to as much as $20 billion. The co-working operation would not be SoftBank's first major bet on U.S. commercial real estate, however. Last month, SoftBank surprised analysts with the announcement that it will buy New York private-equity firm Fortress Investment Group LLC (NYSE: FIG), a major commercial property investor, for $3.3 billion cash. 

Fortress was listed as the owner on 195 properties totaling more than 14 million square feet, according to CoStar data. It is a major investor in senior living properties, manages more than 25 seniors housing properties. In the last five years, Fortress has participated in more than $5.63 billion in property acquisitions and more than $9.35 billion in dispositions.

-Randyl Drummer

Explore Upload LA 20,000 sq ft VR & AR Focused Skills Training, Coworking and Community Space

Upload

 

Next month, Upload will be launching a brand new 20,000 square foot skills training, coworking, and community space in Marina Del Rey, CA. The space will officially be known as Upload LA and it will serve as the premiere destination for Los Angeles-based augmented and virtual reality (AR and VR) companies and students. Whether you’re just starting up or looking to expand, Upload LA will be a place where ideas are shared, connections are made, and the future is shaped by all of us. Check it out:

Upload LA will officially open its doors on April 13, 2017. Save the date because we want the entire VR/AR community to join us as we christen our new flagship with a celebration.

You can schedule a tour of Upload LA today to learn more and lock down your desk or office (space is limited, demand is high).

“The response from the community has been fabulous,” says Will Mason, co-founder and president of Upload, Inc. “We had over 150 tour requests within the first 24 hours of the announcement and are getting closer to being full heading into launch. We are super excited to provide this sorely needed resource to the LA community.”

Upload LA is heavily focused on providing VR & AR skills training and education for developers, creatives and corporations. We’ll be ramping up new programs and growing our course catalog as 2017 progresses, but we’re hitting the ground running right away with an Intro VR Weekend Workshop, a Unity VR Development Night Course and our flagship Master VR Creator program.

Our longer form courses are focused on buidling real world skills and ensuring that, by the end of the course, you are equipped with the knowledge to attain varying levels of certification and have a strong portfolio that can help you get ahead in the the rapidly expanding VR industry. Check out upload.io for more information.

“We are excited to bring together the industry’s top students with working professionals to provide opportunity on both sides and accelerate the rate of content development and overall industry growth,” says Upload, Inc.’s co-founder and CEO, Taylor Freeman.

Upload LA is a reflection of the industry it has been created to support. It was born out of hard work, dedication, and an abiding belief that this community has what it takes to change the world for the better.

-Staff

Middle Market Digest: Southwest

GlobeSt.com

 

Sperry Commercial Global Affiliates has named Jimmy Chai to the role of managing director in its Koreatown brokerage office. In this role, Chai will be responsible for leading a group of passionate real estate agents to bring an institutional quality level of service to all clients. Chai joins Sperry Commercial Global Affiliates from Cushman & Wakefield where he served for nine years as director. During that time he amassed more than $500 million in real estate transactions with over 5 million square feet of space exchanging hands. His experience includes sale/leaseback, leased investments, landlord and tenant representation, land development and build to suit.

SAN DIEGO—Voit Real Estate Services has hired industry veteran Jeff Saywitz as SVP and partner in its San Diego office. Saywitz is a well-established brokerage professional with a proven track record and singular focus in tenant representation in the San Diego market. His addition to the firm will help to broaden Voit’s platform and significantly grow their Tenant Rep. business. He brings more than 25 years of brokerage experience. Prior to joining Voit, he oversaw all brokerage activities for The Saywitz Company’s San Diego office, with a focus on transactional work for clients throughout Southern California and nationwide. Jeff has dissolved his longstanding partnership in The Saywitz Company and closed up their San Diego office, in an effort to expand his client base and utilize Voit’s vast resources. Before The Saywitz Company, he was a real estate consultant and leasing specialist at Howard Ecker & Company and before that, he was a financial analyst with Merrill Lynch.

DEALTRACKER

SCOTSDALE, AZ—Stockdale Capital Partners and Jasper Ridge Partners have formed an institutional joint venture to recapitalize ownership of the Galleria Corporate Center in Scottsdale, AZ. The joint venture is the first partnership between the two firms. Stockdale purchased the 537,110 square foot Galleria Corporate Center in 2013 and is about to complete a multi-million dollar renovation of the building’s lobby and common areas. Originally constructed in the 1990s as a retail mall, the Galleria was converted to office use in 2000. Major tenants currently include Yelp, SAP and McKesson. The recapitalization includes the addition of more than two acres of land, adjacent to the Galleria, currently entitled for construction of up to 220,000 square feet of office.

EL SEGUNDO, CA—NSB Associates is developing Ascend, a stand-alone, 80,000-square-foot creative office building designed by architect Frank Gehry. Located at the Utah Avenue Campus in El Segundo, the building is expected to be available to tenants in the fourth quarter of 2017. Ascend will be a highly customizable, inspiring creative workplace to tenants, featuring 24-foot clear-height ceilings, large glass panel walls, illuminating skylights, and 16,000 square feet of private outdoor patio space for collaboration. The building sits on a podium over a covered parking structure. Ascend is ideally located steps away from the LA Metro Green Line and minutes from LAX.  Centrally situated in between Sepulveda Boulevard, the I-105 and I-405 freeways, Ascend offers easy access to neighboring Southern California communities.

SANTA MONICA, CA—The Los Angeles LGBT Center’s new Anita May Rosenstein Campus has broken ground. Slated for opening in early 2019, the revolutionary new campus will serve as the new administrative headquarters for the Center, and include up to 100 units of affordable housing for seniors, 100 beds for homeless youth, new senior and youth centers, up to 35 units of permanent supportive housing for young people, and ground floor retail space. Architecture firm KFA and design firm Leong Leong are designing the campus. Currently, The Village is the Center’s arts, cultural and educational facility with two theatres, two gallery spaces, community meeting space, offices for AIDS/LifeCycle, and administrative offices.

LOS ANGELES—Newmark Grubb Knight Frank will serve as leasing agents at 100 Barranca in West Covina. Sunny Hills Management Company, a West Covina-based real estate firm, acquired the 30-year-old, 225,920-square-foot class-A office tower, which is currently 50 percent occupied. The 13-story building is recognized as the tallest and most prominent office tower in the San Gabriel Valley, through a Ten-X online real estate auction, for $37.5 million. NGKF Senior Managing Directors Taylor Ing and Drew Sanden along with Senior Associate Scott Maples are handling leasing for 100 Barranca in collaboration with SHM. The firm sought out the asset, for its tremendous repositioning potential.

ANAHEIM, CA—ECHO Apartment Homes, a 116-unit community that is located on Glenoaks Avenue in Anaheim, CA, has traded hands for $22.5 million between a private equity group and a private investment group. Alex Mogharebi, Otto Ozen and Mike Marcu of TMG represented the seller and the buyer. Built on a 1.49-acre site in 1969 and 1970, the property is located at 1727 West Glenoaks Avenue in Anaheim. The community is located in northwest Anaheim, near to Servite High School, prime shopping along North Euclid Street, and the 5- and 91-freeways interchange. It is a short drive to the Disneyland, Packing House District, Knott’s Berry Farm, and Cal State Fullerton.

BERMUTA DUNES, CA—Saddleback Apartment Homes, a 61-unit complex in the Saddleback Community has traded hands for $6.2 million between a CC-Saddleback, and private investment group. Alex Mogharebi and Otto Ozen of TMG represented the seller the buyer. The 61-condo units are within the 340-unit Saddleback Community, which was built on a 23.23-acre site in 1989, the property is located at 78650 Avenue 42 in Bermuda Dunes. The community features exquisite common area amenities including three sparkling swimming pools, three relaxing spas, fitness center, clubhouse, and lighted tennis courts.

-Kelsi Maree Borland

City committee approves plan to overhaul Downtown LA's Civic Center

Curbed LA

 

The Los Angeles City Council’s Entertainment and Facilities Committee approved on Tuesday a master plan for Downtown LA’s Civic Center that would dramatically reshape the area and ensure demolition of the historic Parker Center building, which served as LAPD headquarters from 1955 to 2009.

Last month, the Los Angeles City Council elected not to landmark the Parker Center building, citing its controversial history and close ties with the racial injustices of LA’s past. The master plan, which has been in the works since 2015, calls for the Welton Becket-designed building’s demolition—though some historical elements, including the recognizable exterior sculpture by Bernard J. Rosenthal, are set to be preserved.

The plan was proposed by Councilmember Jose Huizar, who represents the Downtown area, with the goal of reinvigorating the Civic Center and condensing city offices into one easily accessible public space. The plan calls for at least 1.2 million square feet of new office space, with most of it included in developments proposed for the sites now occupied by the Parker Center and the Los Angeles mall.

The Parker Center would be replaced with a 27-story structure set to include around 713,000 square feet of office space, along with 37,000 square feet of street-level retail.

A second office tower would be constructed at the site of the Los Angeles Mall, where one can currently find City Hall power players chowing down on chicken plates and sandwiches from Quizno’s. The project would include 545,000 square feet of office space, 50,000 square feet of retail, and 80,000 square feet of flex space.

But office space isn’t all that the master plan calls for. It also proposes that the city partner with private entities to redevelop two administrative buildings as a mix of housing, retail, and hotel space. As the report notes, these projects will “help activate the area” after city employees go home for the day.

The plan additionally calls for easier access between the Civic Center and the neighboring Little Tokyo community. In its final stage, the James K. Hahn City Hall East building would be demolished and replaced with a public courtyard. This would bring more open space to the area and clear a view corridor to help refocus the Civic Center around City Hall.

All these changes would be rolled out gradually, with the current timeline calling for the master plan to be complete by 2032. The first step in the process will be the redevelopment of the Parker Center site, which could start as early as this year.

Now approved by the Entertainment and Facilities Committee, the plan will go before the full City Council on Wednesday.

-Elijah Chiland

Daily Brief March 22, 2017 unsubscribe

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