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Equity Office Daily Brief: November 22, 2017

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Daily Brief

November 22, 2017

  EquilityOffice

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DreamWorks' Glendale campus sold to South Korean investors for $290 million

Los Angeles Times

 

DreamWorks Animation’s luxurious Tuscany-style campus in Glendale has sold for $290 million to a partnership led by South Korean investors. The animation company, acquired last year by Comcast Corp.’s NBCUniversal for $3.8 billion, will continue to occupy the 15-acre property dotted with...

 


Divergent 3D Raises $65M More

socaltech

 

Los Angeles-based Divergent 3D, a developer of 3D metal printing technology for the manufacturing industry, has raised $65M more, with an option of an additional $40M in investment, the company said late Tuesday. The funding is being led by O Luxe Holdings...

 


Applications for U.S. unemployment benefits drop 13,000

Los Angeles Times

 

The number of Americans filing applications for unemployment benefits fell for the first time in three weeks, pushing total applications down to a low 239,000, further evidence of the strength of the labor market. The NUMBERS: Applications dropped by 13,000 last week...

 


E-Commerce Is Boosting This Hidden Part Of The Retail Market

Forbes

 

You’ve no doubt heard scary stats about how e-commerce is snatching the retail market away from brick-and-mortar stores. Here at CrediFi, we’ve pointed out that this doesn’t have to spell doom and gloom for commercial real estate given that a loss for the retail property...

 



BLOG & ONLINE NEWS

 

City of Hope Plans for 20-Year Expansion

urbanize.LA

 

The proposed specific plan divides the campus into five subdistricts  Core Medical District: Spanning nearly 60 acres, the Core Medical District is envisioned as the central part of the campus, allowing taller buildings featuring inpatient and outpatient facilities, as well as medical offices,...

 


Renderings Revealed for 11-Story Office Building in the Arts District

urbanize.LA

 

Renderings have emerged for 405 S. Hewitt Street, the latest mixed-use office building proposed adjacent to the A + D Museum in the Arts District. The project, which comes from Legendary Development, would replace a surface parking lot at 4th and Hewitt Streets with an...

 


How will booming Inglewood handle development around its new train stations?

CurbedLA

 

Visit Inglewood a decade or two from now, and the city will likely look radically different. Adding to a multi-billion dollar NFL stadium, a new Metro rail line, and profuse real estate investment, city officials are in the early stages of creating zoning...

 


The LA Deal Sheet

BISNOW

 

LA's tight industrial market had several recent sales that closed quickly and often above asking price after multiple offers. Olivaceous, a Los Angeles garment manufacturer, bought a nearly 14K SF industrial building in downtown LA for $4.8M. Bradley J. Blahut of LA sold the...

 


USC's Marshall School of Business and Price School of Public Policy Wins NAIOP SoCal USC vs. UCLA Real Estate Challenge

RENTV

 

Now celebrating its 20th anniversary, the NAIOP SoCal USC vs. UCLA Real Estate Challenge is a commercial real estate industry tradition bringing together graduate student teams from the Ziman Center of Real Estate at UCLA’s Anderson School of Business and the...

 


DTLA Office Gets A Boost Of Creatives

GlobeSt

 

Creative companies are starting to move into the Downtown Los Angeles market. In the third quarter, the market had 1.9 million square feet of leasing activity, with Jerde Partnership, Bullitt Studios, and Gimbal all relocated their offices to Downtown L.A, according to...

 


WeWork Leads $32M Series B For Women's Co-Working Club

BISNOW

 

A women’s only social and co-working club has been making waves with its concept. Now, it has reached a pivotal milestone after raising $32M in Series B round funding.This marks one of the largest Series B rounds raised by female founders,...

 

FULL TEXT


DreamWorks' Glendale campus sold to South Korean investors for $290 million

Los Angeles Times

 

DreamWorks Animation’s luxurious Tuscany-style campus in Glendale has sold for $290 million to a partnership led by South Korean investors.

The animation company, acquired last year by Comcast Corp.’s NBCUniversal for $3.8 billion, will continue to occupy the 15-acre property dotted with oaks, streams and a koi pond.

The campus was built in 1997 as a showplace for the DreamWorks SKG entertainment empire launched by Hollywood luminaries Steven Spielberg, David Geffen and Jeffrey Katzenberg. The property at 1000 Flower St. has five buildings with a combined 460,000 square feet of space, including offices, a fitness center and a commissary. 

DreamWorks Animation is responsible for such movie franchises as “Shrek,” “Madagascar,” “How to Train Your Dragon” and “Kung Fu Panda.” It became a separate company in 2004 led by Katzenberg, but after experiencing several flops, the studio sold the campus in 2015 for $185 million and leased it back.

El Segundo real estate investment trust Griffin Capital Co. bought the property a few months later for $215 million, and sold it Monday for $290 million to an entity of Hana Asset Management and Ocean West Capital Partners.

Hana Asset Management is one of the largest financial groups in South Korea, with $5 billion in assets under management in Asia, Europe and the Americas. Ocean West is a Los Angeles asset manager that invests in offices and apartments.

In July, a group led by Hana Asset Management and Ocean West Capital Partners bought Two Independence Square in Washington, the headquarters of NASA, for $360 million.

The space agency is committed to leasing the nine-story office building near the National Mall through 2028.

DreamWorks’ lease has 16 years remaining, which made the campus desirable to the buyers, said real estate broker Kevin Shannon of Newmark Knight Frank.

“This is another example of Asian capital targeting Los Angeles for direct investment,” said Shannon, who helped arrange the deal. “A single-tenant asset is much harder to come by in Los Angeles compared to San Francisco, Silicon Valley or Seattle.”

Katzenberg, who earned nearly $400 million on the studio sale to Comcast, has since left DreamWorks and started a Beverly Hills investment fund.

-Roger Vincent 

Divergent 3D Raises $65M More

socaltech

 

Los Angeles-based Divergent 3D, a developer of 3D metal printing technology for the manufacturing industry, has raised $65M more, with an option of an additional $40M in investment, the company said late Tuesday. The funding is being led by O Luxe Holdings Limited, and also includes Horizons Ventures, Shanghai Alliance Investment Limited and Altran Technologies. Divergent 3D said the aggregate funding round is worth $107M. Divergent 3D is focused on applying its technology to the car and transportation market. The company said it is developing both the hardware and software to enable 3D metal printing of vehicle structures. The company's founder and CEO is Kevin Czinger.

-socaltech

Applications for U.S. unemployment benefits drop 13,000

Los Angeles Times

 

The number of Americans filing applications for unemployment benefits fell for the first time in three weeks, pushing total applications down to a low 239,000, further evidence of the strength of the labor market.

The NUMBERS: Applications dropped by 13,000 last week after rising by 13,000 the previous week, the Labor Department reported Wednesday. The four-week average, which smooths out volatility, rose by 1,250 to 239,750.

The number of people receiving benefits rose by 36,000 to 1.9 million, still near a 44-year low.

KEY DRIVERS: Applications for unemployment benefits are a proxy for layoffs. The level of unemployment benefits has been below 300,000 for more than two years, a stretch not equaled in more than four decades. 

The government reports that claims processing continues to be disrupted in the Virgin Islands, but the ability to take claims has improved in Puerto Rico. Both islands were devastated by hurricanes earlier this year.

THE TAKEAWAY: The weekly unemployment benefits report suggests that the economic recovery that began in mid-2009 is steaming ahead. Employers added 261,000 jobs in October as the unemployment rate fell to 4.1%.

The economy, as measured by the gross domestic product, grew at a 3% rate in the July-September quarter after a 3.1% pace in the second quarter. It marked the first back-to-back quarterly gains of 3% or better in three years.

-Associated Press 

E-Commerce Is Boosting This Hidden Part Of The Retail Market

Forbes

 

You’ve no doubt heard scary stats about how e-commerce is snatching the retail market away from brick-and-mortar stores. Here at CrediFi, we’ve pointed out that this doesn’t have to spell doom and gloom for commercial real estate given that a loss for the retail property segment could be a gain for other property types, such as light industrial (especially given the warehousing needs of online retailers). Now, a recent Pacific Standard article offers a glimmer of hope from a surprising place: the practice of returning goods we don’t like, which has given rise to a secondary market in the U.S. whose rapid growth is closely tied to that of e-commerce.

First those scary stats, though.

E-commerce’s share of total quarterly retail sales has risen steadily year after year since 2000, according to Census Bureau data. In Q3 2000, e-commerce generated $7.3 billion, just 1% of total retail sales for the quarter. By Q3 2010, that number had risen to $43.5 billion, or 4.6% of quarterly retail sales (on an adjusted basis). And, in the third quarter of this year, e-commerce generated $115.3 billion, accounting for 9.1% of retail sales for the quarter.

The power of online retail is especially clear on major American shopping days like Black Friday and Cyber Monday.

Last year, e-commerce raked in $3.34 billion in online sales on Black Friday, not only growing 22% year-over-year but also making e-commerce history as the first day to generate over $1 billion in online sales from mobile devices, according to Adobe Digital Insights data from about 18 billion visits to retail websites. That dollar amount went even higher on Cyber Monday 2016, when online sales tallied $3.45 billion, a growth rate of 12%.

But here’s a lesser-known fact about e-commerce: It is a significant contributor to the secondary market – the second wave of retail that happens when goods sold in a store like Macy’s or Walmart are unwanted or returned. Players in this secondary market includes wholesale and salvage dealers, flea markets, outlet stores, dollar stores, online auctions like eBay, and value stores such as Marshall’s and T.J.Maxx, Andy Kroll wrote in an article for Pacific Standard’s November issue.

How significant a contributor is e-commerce? While 8-10 percent of all goods bought in the U.S. are returned, that share rises to 25-40 percent for online sales, the article reports. It notes that returns are much more common in the U.S.  than in Europe or Asia.

One reason this matters is that even as the retail industry as a whole is hit by an ongoing rash of bankruptcies and store closures, the secondary market has been growing dramatically.

“It’s such an important part of the U.S. economy that nobody knows about,” Dale Rogers, a supply-chain expert at Arizona State University and one of the field’s most prominent authorities  (along with his son Zac Rogers, a supply-chain expert at Colorado State University), told Kroll.

Indeed, this secondary market is one of the fastest-growing segments of the U.S. economy, rising from $310 billion in 2008 to $554 billion last year, Zac Rogers was cited as saying. That’s a 79% increase in eight years.

It’s hard to say at this point exactly what effect the e-commerce-fueled growth of the secondary market will have on the retail segment of the commercial real estate market.

It seems unlikely that the rise of what’s known as “reverse logistics” – the part of the supply chain that comes after customer purchases, as opposed to the forward logistics from manufacturing to sales – will be sufficient to offset the losses of the primary retail market. At the same time, it does indicate that, perhaps, the secondary market could be another reason to expect more from warehouses and low-profile retail properties that may function as part of this market (despite the conventional wisdom that luxury retail is where it’s at).

Perhaps the main take-home message here is that, in an atmosphere in which we have come to expect retail news to be bad and e-commerce to be swallowing up its more traditional competitors, there is in fact a growing retail market out there   – even if it’s one that tends to stay behind the scenes.

-Ely Razin

City of Hope Plans for 20-Year Expansion

urbanize.LA

 

The proposed specific plan divides the campus into five subdistricts 

Core Medical District: Spanning nearly 60 acres, the Core Medical District is envisioned as the central part of the campus, allowing taller buildings featuring inpatient and outpatient facilities, as well as medical offices, research facilities, open space and short-term lodging.  Buildings in this area could rise to a maximum height of 140 feet above ground level.

Transition Medical District: The 23.4-acre Transition Medical District is planned at the western edge of the campus as a buffer between the core area and an adjacent residential neighborhood.  New construction in this area would be of lower intensity and scale.  A portion of this area that is currently under private ownership would continue to be eligible for multifamily residential construction unless purchased by City of Hope.  Building heights in the Transition Medical District would be capped at 60 feet.

Cultural Amenity District: The approximately 8.2-acre Cultural Amenity District is the historic entrance to the campus, and is frequently used for assembly an open space.  Building heights in this area would be capped at 50 feet.

Infrastructure and Utility District: Located at the southeast edge of the City of Hope campus, this 19.9-acre space is intended as the primary location for utility services and infrastructure projects, such as warehouses and the central plant.  Buildings could rise to 120 feet in this district.

The Residential and Medical Flex District: Spanning 5.1 acres at the northwest corner of the campus, the Residential and Medical Flex District will allow continued residential uses for student, faculty, and guests.  Over time, they could transition to new uses such as hospitality or open space.  Properties not owned by City of Hope are allowed to see continued multifamily residential uses for a period of 36 months.  Building heights in this area would be capped at 60 feet above ground level.

A full buildout of the specific plan would add 1.04 million square feet of new development to the campus, as well as the demolition of just under 400,000 square feet of existing facilities.  The bulk of the new construction - over one million square feet - would be concentrated in the Core Medical District.  At completion, the campus' total patient capacity would be expanded by more than 1,000 beds, and its total number of on-site employees by more than 1,500.

Construction would occur in four phases, concluding in the mid-to-late 2030s.

-Steven Sharp

Renderings Revealed for 11-Story Office Building in the Arts District

urbanize.LA

 

Renderings have emerged for 405 S. Hewitt Street, the latest mixed-use office building proposed adjacent to the A + D Museum in the Arts District.

The project, which comes from Legendary Development, would replace a surface parking lot at 4th and Hewitt Streets with an 11-story structure featuring 255,000 square feet of offices, a 538-car parking podium and 15,000 square feet of ground level commercial uses.

The 190-foot tower, designed by Gensler, is divided into two halves.  Renderings of the project, first posted by Curbed LA, show that the industrial base would have a rough concrete finish with steel window frames, while the upper floors would feature large sliding glass panels opening onto outdoor decks.

Rios Clementi Hale Studios is the serving as the project's landscape architect.

An initial study published earlier this by the City of Los Angeles indicates that construction is expected to begin in 2019 and finish by 2021.

Just two blocks east at Mateo Street, a similar mixed-use project featuring offices, parking and retail is already under construction.

-Steven Sharp

How will booming Inglewood handle development around its new train stations?

CurbedLA

 

Visit Inglewood a decade or two from now, and the city will likely look radically different. Adding to a multi-billion dollar NFL stadium, a new Metro rail line, and profuse real estate investment, city officials are in the early stages of creating zoning plans that could dramatically reshape two neighborhoods.

The plans, as drafted, lay the foundation for dense, walkable housing and commercial development around train stations.

One even paves the way for an arts district around the future Westchester/Veterans stop on the future Crenshaw Line, with art studios, light manufacturing, live/work units, hotels, shops, and breweries, with buildings up to six stories tall.

Farther away from the rail station, the plan outlines converting land now used by LAX car rental facilities—which will eventually be consolidated into a single location closer to the airport—into a shipping and distribution hub. Land adjacent to Manchester Boulevard rezoned to accommodate mixed-use buildings up to four stories tall.

The other plan, the Crenshaw/Imperial plan, would allow for the construction of several five to 10 story buildings in the area surrounding the Crenshaw Boulevard and Imperial Highway intersection, just north of the Green Line’s Crenshaw Boulevard stop.

Those buildings would most likely be filled with some combination of apartments, offices, shops, and eateries. The land on either side of Crenshaw Boulevard between the Green Line station and Imperial Highway would be rezoned to allow buildings up to four stories tall.

Right now, much of the land surrounding the Crenshaw/Imperial intersection is occupied by large commercial shopping plazas. Under the plan’s zoning changes, housing could be built there.

Both plans encourage new infrastructure like protected bike lanes on lightly lightly trafficked neighborhood streets and more trees to better accommodate cyclists and pedestrians. The larger Crenshaw and Manchester Boulevards could also turn into “green boulevards,” with a median and protected bike lanes on each.

Inglewood, of course, is a city in flux.

The release of the plans come as an inordinate amount of money flows into the city from the Rams and Chargers’ stadium and its accompanying multi-billion dollar redevelopment of Hollywood Park Racetrack into a new neighborhood with 3,000 of units of new housing, retail, restaurants, a luxury hotel, artificial lakes, and several parks. (Inglewood Mayor James Butts toldKCRW’s There Goes The Neighborhood Podcast that the entire project is twice the size of the Vatican.)

That, along with three new Crenshaw Line stations either in or directly abutting the city, are bound to make the city a trendier place, and many longtime residents fear the changes will drive up housing costs and lead to displacement.

California is in the midst of a serious housing shortage, and experts agree that the primary solution is to build more housing.

Inglewood’s call for new, dense apartments could very likely help alleviate that housing shortage. But, it’s also very likely that because demand for homes is so high and supply is so low, any new housing built in Inglewood would be unaffordable to the majority of the city’s residents.

How do the plans address that?

They include recommendations for a so-called “density bonus” program that would give housing developers the right to build taller and larger buildings that what zoning codes allow—if they include affordable units in their projects. (In the city of Los Angeles, the density bonus option hasn’t spurredvery many new, affordable units).

The plans are, as Urbanize.LA points out, in their environmental review period. Over the next several months, Inglewood and its Pasadena-based planning consultants, The Arroyo Group, will and flesh out the the details based on study and public input. (More specific information about opportunities for public input are available on Inglewood’s TOD plan website).

The city adopted two similar plans for the Fairview Heights/Downtown Inglewood station last November.

-Matt Tinoco

The LA Deal Sheet

BISNOW

 

LA's tight industrial market had several recent sales that closed quickly and often above asking price after multiple offers.

Olivaceous, a Los Angeles garment manufacturer, bought a nearly 14K SF industrial building in downtown LA for $4.8M. Bradley J. Blahut of LA sold the building at 1107 East Seventh St., which sits on nearly 21K SF of land. Blahut had built the facility in 1976 for his printing and collating company.

Olivaceous will occupy part of the building immediately for warehousing and lease out the remainder of the property. Silver Commercial President Kathleen Silver said the property went under contract within a week of going on the market, where the industrial vacancy rate is below 2%. Silver and colleague Kay Sasatomi represented Blahut, while Sperry Commercial's Brent Koo and Lee Yoo represented Olivaceous.

***

Rexford Industrial purchased a two-building industrial portfolio in Gardena for $6.7M, or $112/SF. NAI Capital Senior Vice President Dave Maron represented Rexford Industrial and the seller, Hershon Realty Co. and Redondo Realty Co.

"Within days of marketing the portfolio we received over 15 offers," Maron said. "With demand exceeding supply, market conditions are very tight. We were able to obtain $600K over the asking price."

The building at 15401 South Figueroa St. is 38,584 SF on 70,567 SF of land, and the building at 13225 South Western Ave. is 21K SF on 41,529 SF of land.

***

CapRock Partners purchased a 97K SF industrial building in Commerce in an off-market deal that was substantially below current market value. Commerce is one of LA's tightest industrial submarkets. The building at 5331 and 5333 Slauson Ave. is 100% leased, and CapRock plans to subdivide the property and do an extensive renovation to create two separate industrial buildings, each with its own private entrance, yard and loading area.

SALES

Millenium Investment LLC has purchased a nearly 13K SF retail property at 3627 East Cesar Chavez Ave. in Los Angeles for $8.2M, or more than $640/SF. The property is leased by CVS Pharmacy. CBRE Senior Vice Presidents Alex Kozakov and Patrick Wade represented the seller, Paragon Commercial Group. CBRE debt and structured finance experts Val Achtemeier and Ed Balazs helped the buyer, whom Kozakov and Wade also represented in the 1031 exchange.

***

The East Seventh Street Apartments, a mixed-use property with apartments over retail, sold for $3.05M in Long Beach. Stepp Commercial principal Robert Stepp represented the seller, Redempta Catolica Trust. Buckingham Investments represented the buyer, Tam Trust. The property, at 2307 East Seventh St., has 12 residential units and 10 retail spaces. The deal closed at a 5.3% cap rate.

***

Intracorp has sold three office condos that make up the commercial portion of EightTwenty, a mixed-use residential development in South Pasadena, for $2.3M total. Avison Young Vice President Andrew Berk represented Intracorp in the sales to three owner-users — a dentist, an environmental sustainability consulting firm and a financial services company. The three office condos, with 1,242 SF, 1,084 SF and 698 SF, sold for around $764/SF. The sales were made prior to completion of EightTwenty at 820 Mission St., a 38-unit luxury mixed-use residential project. Move-in for the office condo owners is expected in early 2018.

***

Marcus & Millichap arranged the sale of Anaheim Pine Plaza, a 4,440 SF retail property in Long Beach for nearly $1.8M. Marcus & Millichap Senior Managing Director of Investments Brandon Michaels had the exclusive listing for the property at 110 East Anaheim St. for the seller, a limited liability company.

***

Arbo Properties purchased a six-unit apartment building at 1736 Griffith Park Blvd. in Silver Lake for nearly $1.8M, or $304K/unit. Marcus & Millichap First Vice President Jason Tuvia had the exclusive listing for the seller, a private investor. Arbo purchased the property in a 1031 exchange.   

***

The Heights Apartments, a 74-unit apartment building at 500 Ximeno Ave. in Long Beach's Belmont Heights neighborhood, has sold. Marcus & Millichap Senior Managing Director of Investments Kevin King represented the seller, an LLC. King and Senior Associate Ryan Gonzalez found the buyer, a private investor in a 1031 exchange.

***

CenterPoint Properties has acquired a 6.8-acre site at 16627 South Avalon Blvd. in Carson. The site's buildings total nearly 85K SF fully leased to three tenants. Realty Advisory Group's Daniel Reaume and Rustin Mork represented CenterPoint.

FINANCING

A 258K SF, 13-story office tower next to LAX will be converted to a 129-key Hyatt House and a 272-key Hyatt Place Hotel. The property at 5959 West Century Blvd. in Los Angeles will create 1,000 new jobs.

George Smith Partners Vice President Zachary Streit arranged $50M in senior construction financing for the project on behalf of 5959 LLC, an affiliate of California Real Estate Regional Center.

“There is growing demand in the LAX submarket, and the current hotel stock is largely outdated,” Streit said. “As a result, this new dual-branded offering, which will feature a trendy, midcentury urban design, will be of immediate interest to business and leisure travelers.”

The non-recourse, interest-only loan is 50% of the total project cost. It has two one-year extension options. Hyatt House and Hyatt Place Hotel are expected to complete in 2019.

***

Walker & Dunlop's Capital Markets group, led by Senior Vice President Gabriel Weinert, has structured a total of more than $109M in loans and equity for several land and multifamily development properties in California, Louisiana and Texas. Nine of the 11 properties were in California. The capital markets group, based in Los Angeles, worked with capital providers for the different needs of each property.

***

Revere Capital provided $6.1M in financing to an LA-based restaurant operator for the purchase of the property it has leased for years. Terms of the loan were not disclosed. Revere Capital Senior Vice President Matt Turner was the loan originator. The 9,511 SF restaurant sits on a 33,511 SF lot on Sunset Boulevard.

This is the second recent transaction in LA for Revere Capital in the past few weeks. Senior Vice President Sarah Woodward facilitated a $5M short-term loan to an investor who wanted to add liquidity for buying commercial property before the end of the year.

***

Sonnenblick-Eichner Co. arranged three separate long-term fixed-rate loans totaling $35.4M to refinance Best Western Plus Hotels in Lake Tahoe, Sacramento and San Diego for Vista Investments.

LEASES

A new Bristol Farms store has opened in Woodland Hills — the grocery chain's only location in the San Fernando Valley. CBRE's Tim Gensky represented Bristol Farms in the 30,501 SF lease in the El Camino Shopping Center at 23381 Mulholland Drive. Patrick Conway represented landlord Regency Centers in-house.

***

Grocery Outlet has joined the redeveloped Crenshaw Imperial Plaza in Inglewood. CBRE’s Mitchell Hernandez, Kevin Phelan and Richard Rizika represented landlord Newmark Merrill, which co-owns the site with Upside Investment and collaborated on the redevelopment. The 230K SF shopping center underwent a $16M remodel. Other new tenants include Planet Fitness, Chipotle and Five Guys.

CONSTRUCTION

R.D. Olson Construction has completed the H Hotel in Los Angeles. The 12-story 260K SF dual-brand hotel next to LAX contains a Homewood Suites and Curio by Hilton. It has a transfer lounge on the 11th floor for travelers that includes seating, showers and lockers. A rooftop deck has views of the runways and ocean. The project at 6151 West Century Blvd. was an adaptive reuse of a 1962 office building. Other partners on the project, which took about 17 months to complete, include Melzer Decker Ruder Architects, Saiful Bouquet Structural Engineers, Robison Engineering and Design Force Corp.

***

Marriott's West Hollywood Edition Hotel and Residences in Los Angeles recently topped out with the final placement of concrete at the roof level. The project, developed by Witkoff Group and designed by John Pawson in collaboration with hotelier Ian Schranger, will have 190 hotel rooms and 20 luxury residences. Thornton Tomasetti is providing consulting on the structural engineering and facade construction. It is scheduled for completion in 2018.

***

Olive Hill Group has completed the interior renovation and rebranding of its 106K SF office building at 631 Olive, now called The Olive. The building houses fine jewelers and Olive Hill's corporate headquarters.

***

Kamus + Keller Interiors | Architecture has relocated to its new downtown LA office in the historic 617 West Seventh St. building. Design and construction will continue for the remainder of the year. Hughes Marino's David Callahan represented Kamus + Keller in negotiations with building management, The Swig Co.

EXECUTIVE NEWS

C.W. Driver Cos. has named Carl Lowman as chief financial officer. Lowman will draw on his accounting and finance background with global engineering, consulting and construction services firms to enhance C.W. Driver's profitability and drive company growth. Prior to joining C.W. Driver, he was the vice president and West division business manager for Kleinfelder and worked for nearly a decade at MWH.

***

NAI Capital has hired Michael Arnold as executive vice president and director of the tenant consulting group. Arnold will also be vice chairman of NAI Global's Tenant Consulting Group practice group. He will be involved in expanding the Tenant Consulting Group, with a focus on expanding NAI Capital's Southern California tenant consulting and NAI Global's corporate services.

***

Laurie McCoy has been hired as principal and the new office practice leader for CannonDesign's LA office. McCoy is a healthcare design expert with 33 years of experience practicing design in Southern California, most recently with NBBJ.

***

Robb Rugg has been appointed to Hacker Industries' board of directors. Rugg is the executive director of the Drake Group and brings more than 30 years of construction industry experience to the board.

KUDOS

The new U.S. Courthouse in Los Angeles was named Project of the Year by the Construction Management Association of America at its national conference and trade show. The U.S. Courthouse in Los Angeles topped the government category for projects valued at more than $50M and was named Project of the Year among all of the Project Achievement Award recipients. The 10-story, 633K SF building has 24 courtrooms and 32 judicial chambers.

***

RealtyMogul won a Gold Stevie Award for Company of the Year in the Consumer Services category. The Stevie Awards for Women in Business recognizes women in leadership positions and the companies they run. RealtyMogul is led by CEO and co-founder Jilliene Hellman.

***

Allsteel's new showroom at 555 South Flower St. in downtown LA has achieved WELL Certified Gold status in the International WELL Building Institute's Retail Pilot Program. The 10K SF showroom was designed by Wolcott Architecture Interiors.

***

USC's Marshall School of Business and Price School of Public Policy took home the Silver Shovel in this year's NAIOP SoCal USC vs. UCLA Real Estate Challenge. The annual real estate competition has student teams compete to create the highest and best use for a unique land site. This year's challenge involved eight acres in El Segundo that are part of a more than 30-acre site owned by a Hackman Capital affiliate.

-Allison Nagel

USC's Marshall School of Business and Price School of Public Policy Wins NAIOP SoCal USC vs. UCLA Real Estate Challenge

RENTV

 

Now celebrating its 20th anniversary, the NAIOP SoCal USC vs. UCLA Real Estate Challenge is a commercial real estate industry tradition bringing together graduate student teams from the Ziman Center of Real Estate at UCLA’s Anderson School of Business and the Lusk Center at in a head-to-head real estate competition to determine the highest and best use for a unique land site. At this year’s event, held on November 16, USC’s Marshall School of Business and Price School of Public Policy took home the coveted Silver Shovel for its proposal presentation for Sky Studios. 

This year’s challenge site encompassed eight acres of land at the corner of Maple and Douglas in El Segundo. The land is part of a 30-plus acre site, which contains four buildings totaling approximately 550k sf, owned by a Hackman Capital affiliate. Acquired from Northrup Grumman, the property was part of the global security giant’s 84-acre office, manufacturing and warehouse complex. Hackman Capital Partners will be embarking on plans to convert the existing buildings, which are across from the Los Angeles Laker’s new practice facility and less than a mile from LAX International Airport, into a one-of-a-kind, creative-office campus. 

The USC Sky Studios proposal described a project vision that would further transform and revitalize a key location for the city of El Segundo. The proposal further shared that the city is evolving from its roots as the aerospace capital of the world to one of the most sought after creative markets in Los Angeles. Drawing on the rich history and character of the site, the students proposed a state-of-the-art content and media campus to attract creatives to foster a dynamic environment. On its own, Sky Studios will provide one of the most unique spaces in all of Los Angeles in delivering multiple soundstages, an inspiring workplace and engaging amenities. In the context of Hackman Capital’s proposed office conversion and explosive growth in new forms of media, Sky Studios will act as the catalyst for the formation of the region’s newest creative epicenter. 

The USC and UCLA five-person student teams presented their development ideas to an industry-leading panel of judges, who awarded points on the written and oral presentations to determine the winning team. The event, hosted by KNX anchor Frank Mottek, included a student presentation to the judges and live audience, as well as pre-game USC vs UCLA football commentary by former UCLA quarterback Cory Paus and former USC wide receiver John “JJ” Jackson. 

-RENTV

DTLA Office Gets A Boost Of Creatives

GlobeSt

 

Creative companies are starting to move into the Downtown Los Angeles market. In the third quarter, the market had 1.9 million square feet of leasing activity, with Jerde Partnership, Bullitt Studios, and Gimbal all relocated their offices to Downtown L.A, according to a new report from the DCBID. The activity pushed vacancy rates down 4.8% year-over-year to 17.6% and rents up to $3.48 per square foot for class-A space, a 4.8% increase year-over-year. To find out more about the office activity and to get a look ahead, we sat down with Nick Griffin, VP of business development at DCBID.

GlobeSt.com: Office leasing activity was very strong this quarter. Were these the types of companies that you have been looking to attract to the market?

Griffin: This was really the big story this quarter. These are four big target segments that we have been going after: tech, media, fashion, architecture. We were really please to see those companies coming in. It was particularly interesting that, geographically, they are coming into a bunch of different places. Adidas and Gimbal at going into Row DTLA, which is Arts District, but Journey is going into Bunker Hill at the CalEdison Building and Bullitt Studio is going into the fashion district. You are hitting all of the key areas as well as the different industries.

GlobeSt.com: Why do you think this surge is happening now?

Griffin: I think that we have hit a critical mass in a couple of different areas, and this is really when this starts happening. You hit this virtuous cycle when you have a critical mass of residents, which is essentially talent. One of the biggest competitive factor among these companies is competition over talent. To the extent to which Downtown has positioned itself as where those people want to be, that becomes a big draw for those companies. I think a lot of companies also want to be where their competition is, and there is an increasing critical mass of these types of companies in downtown.

GlobeSt.com: Do you think the critical mass will build momentum on its own, or are you planning more campaigns to attract these tenants?

Griffin: I think the market is doing it on its own to some extent. Last year, we had an initiative called Innovate DTLA, and that was an initiative about how downtown was becoming an innovation district. What came out of that initiative is a campaign that we are just now launching called DTLA Make It Yours. There are three basic ideas. One, downtown is a place where you go to make things, whether that is an artist or tech developer. Second, downtown is a place that you could make your own and you can build your own lifestyle here. Third, a lot of people expressed a sense of ownership and civic pride about downtown. This campaign is just starting to kick off now.

GlobeSt.com: The data clearly supports the healthy leasing activity this quarter; however, the vacancy rate in Downtown Los Angeles is still well above the city average. Do you see that number coming down?

Griffin: I have no doubt that that number will continue to come down. The thing about Downtown Los Angeles was overbuilt from the beginning from an office perspective. When they first rebuilt Bunker Hill, they built too much office. In addition to being overbuilt, there have been several recessions that have pushed the market back. In addition, the structural downsizing of the amount of space that companies need is a constant drag on the amount of space companies are leasing. The amount of square footage is significantly lower today than it was 10 years ago. Any time that we can keep the vacancy rate at these numbers, we are doing pretty well. I do think that we are hitting a tipping point where the additional space is going to be absorbed more and more.

-Kelsi Maree Borland

WeWork Leads $32M Series B For Women's Co-Working Club

BISNOW

 

A women’s only social and co-working club has been making waves with its concept.

Now, it has reached a pivotal milestone after raising $32M in Series B round funding.This marks one of the largest Series B rounds raised by female founders, Forbes reports.

The company, called The Wing, was created to provide a space for women to grow as entrepreneurs and business owners while building a community together. On top of offering members a beautifully decorated space in which to work, The Wing also hosts frequent events such as book clubs, cooking classes and talks by notable women like Diane von Furstenberg.

Its rapid growth and popularity did not go unnoticed by its competitors. But rather than going head-to-head with the women’s co-working concept, the biggest player in the field, WeWork, was the lead investor in the Series B.

With the investment of WeWork, among others, The Wing has raised more than $42M since opening a little over a year ago in Manhattan.

It has since expanded with a second location in SoHo. A third is planned to open in Brooklyn in January while another will open in Washington, D.C., in 2018, Mashable reports.

Those hoping to join as members may have to practice some patience. The Wing already has an estimated 1,500 members along with an 8,000-person waiting list. 

-Lara O'Keefe

 

Daily Brief November 22, 2017 unsubscribe

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