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Equity Office Daily Brief: October 6, 2015

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Daily Brief

October 06, 2015

  EquilityOffice

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Buyer Homes In on Beverly Hills Building for HQ

Los Angeles Business Journal

 

Hakim Holdings has purchased a four-story, 61,000-square-foot Class B office building at 9350 Wilshire Blvd. in Beverly Hills. The firm shelled out $48 million late last month to Lexington Commercial Holdings for the property in the city’s famed Golden Triangle. Hakim Holdings,...

 


Little Tokyo Office Building Sold

LA Downtown News

 

DOWNTOWN LOS ANGELES - One of the most prominent office and retail buildings in Little Tokyo has been sold. Developer Jamestown, L.P. last week announced it has acquired Brunswig Square, the eight-story, 140,000 square-foot complex at 360 E. Second St. While a price...

 



BLOG & ONLINE NEWS

 

Inside the Spruce Goose Hangar

RENTV.com

 

Here’s a shot of how the interior of the former Howard Hughes’ Spruce Goose hangar looks today. The structure is part of The Ratkovich Company’s (TRC) Hercules Campus at Playa Vista, a 28-acre, 530k sf office and studio campus in the...

 


Two of Mexico's Top Real Estate Investors Team Up To Acquire U.S. Office Properties

CoStar.com

 

Palisades Mexico Partners (PMP), a joint venture between Joaquin de Monet, founder and managing principal of Palisades Capital Realty Advisors LLC, and Sergio Argüelles, president/CEO of Monterrey, Mexico-based real estate development company FINSA, has formed Palisades Income & Growth Fund II. The...

 


New York Life Buys Big In Culver City

GlobeSt.com

 

New York Life Real Estate Investors has made a big investment in Culver City with the purchase of 400 and 600 Corporate Plaza, two class-A office towers. The investor purchased the properties on behalf of its institutional clients, and plans to...

 


Why Valley Developers Are Preparing for Movement of Creative Users Over the Hill

Bisnow

 

Compression in LA's Westside office and multifamily markets and escalating rents are expected to drive creative office users to the San Fernando Valley, along with employees who prefer to live close to work. Why Valley Developers Are Preparing for Movement of Creative...

 


How Caruso's Masonic Temple Makeover Is Reshaping the Valley

Bisnow

 

Bisnow's West Coast editor, Elliot Golan, led off our 3rd Annual Future of the Valley event last week, where he told the 300 in attendance all about the development transforming the region. He says mass transit and affordability are driving a...

 


More Mixed-Use Proposed in Hot Hollywood Palladium Zone

Curbed LA

 

The Hollywood Palladium is getting another new neighbor. According to Urbanize LA, plans have been filed with the city to put up a 240,000-square-foot mixed-use complex right across the street from the legendary theater, at 6200 Sunset Blvd. Developer Hanover Company...

 

FULL TEXT


Buyer Homes In on Beverly Hills Building for HQ

Los Angeles Business Journal

 

Hakim Holdings has purchased a four-story, 61,000-square-foot Class B office building at 9350 Wilshire Blvd. in Beverly Hills. The firm shelled out $48 million late last month to Lexington Commercial Holdings for the property in the city’s famed Golden Triangle.

Hakim Holdings, which owns and manages properties in New York and California, is led by brothers Alexander and Steven Hakim along with their father, Kambiz Hakim. The family firm wanted to relocate its offices from 1541 Ocean Ave. in Santa Monica, a building it also owns, to Beverly Hills, and thought buying the building was a good way to accomplish that goal. Hakim declined to reveal how much space it will take in the building.

After selling the property, Lexington downsized its space and is now leasing from Hakim.

Hakim paid roughly $800 a square foot for the 1950s-era building, which was last renovated in the 1990s. That’s lower than the roughly $1,000-a-square-foot average for the area. A nearby 118,400-square-foot Class A office property at 100 N. Crescent Drive sold to Greenwich, Conn., private investment firm Cain Hoy Enterprises for $1,100 a square foot in July.

Hakim plans to renovate the property then lease the office space at higher rates as space becomes available. Asking rents at the property are $5 a square foot a month.

The building is 19 percent vacant, higher than the Beverly Hills average of 7 percent, due to unleased space left over when Lexington downsized.

Hakim represented itself in the off-market deal. Chris DuMont and Brent Bissel of Madison Partners represented Lexington, operating vehicle for the family of Louis Gonda, a founder of International Lease Finance Corp.

Representatives of Lexington could not be reached for comment.

BuzzFeed Bust

It had a long run in the rumor mill, but the buzz was misleading. BuzzFeed will not be moving into Shorenstein Properties’ Ford Motor Factory Building after all.

After months of discussion regarding the New York media and entertainment firm taking more than 200,000 square feet at the 300,000-square-foot building at 2060 E. Seventh St. in downtown L.A.’s Arts District, the deal did not close and both sides walked away.

Both Shorenstein and BuzzFeed declined to comment on why the deal died.

BuzzFeed, which recently received a $200 million investment from NBCUniversal that valued the firm at roughly $1.5 billion, is still looking for a space that will suit the company’s planned expansion and potential consolidation of its four L.A. offices.

Meantime, the roughly 230 employees in BuzzFeed’s L.A. video department will relocate from the 40,000 square feet the company takes at Kilroy Realty Corp.’s Hollywood campus on De Longpre Avenue across from the ArcLight Cinema complex, a BuzzFeed spokeswoman said.

Starting in mid-October, the department will occupy the entirety of Siren Studios’ roughly 52,000-square-foot media campus at 6063 W. Sunset Blvd. in Hollywood, the spokeswoman said.

BuzzFeed and Siren Studios declined to comment on the terms of the deal.

There are few large properties able to accommodate the amount of space BuzzFeed ultimately seeks for its consolidation. Among potential options are the Pen Factory in Santa Monica, the Brickyard in Playa Vista and the Pacific Design Center’s Red Building in West Hollywood.

Until a space is found, the other three BuzzFeed offices in Los Angeles will not move, the spokeswoman said.

The company takes 22,000 square feet at Kilroy’s Sunset Media Center at 6255 W. Sunset Blvd. in Hollywood for its branded-content department. The company’s editorial office is on 7323 Beverly Blvd. in L.A.’s Fairfax District and the sales team takes 1,900 square feet in a single-tenant office building at 608 Main St. in Venice.

Once BuzzFeed’s video department exits, Kilroy will begin redeveloping the De Longpre site, dubbed the Academy, into a 260,000-square-foot mixed-use creative office campus. The project, which will break ground next year, will include a high-rise residential tower with roughly 200 units, about 20,000 square feet of retail as well as low-rise creative office buildings, said David Simon, executive vice president at Kilroy.

Molina Expansion

Long Beach’s fast-growing managed care provider Molina Healthcare Inc. recently signed a deal that will expand its footprint on its home turf.

The company signed a 73,500-square-foot lease for office space at One World Trade Center, a 27-story, 574,000-square foot office complex at 701 W. Ocean Blvd. downtown. The facility will serve as an expansion for the company’s corporate headquarters at 200 Oceangate Ave.

Lease terms were not disclosed, but recent rent rates at the building recorded by CoStar Group Inc. value the lease at $2.4 million a year.

Landlords Greenlaw Partners, Walton Street Capital and Stillwater Investment Group acquired the property in August for $105 million and are in the process of finalizing plans for a large-scale renovation.

Steve Solomon, Jason Fine and Kristen Bowman of Jones Lang LaSalle Inc., along with Dave Smith of CBRE Group Inc. represented the landlords in the lease deal. Molina was represented by Damion McKinney and Jamie Keller of McKinney Advisory Group.

-Staff reporter Hannah Miet can be reached at hmiet@labusinessjournal.com or (323) 549-5225, ext. 228.

Little Tokyo Office Building Sold

LA Downtown News

 

DOWNTOWN LOS ANGELES - One of the most prominent office and retail buildings in Little Tokyo has been sold. Developer Jamestown, L.P. last week announced it has acquired Brunswig Square, the eight-story, 140,000 square-foot complex at 360 E. Second St.

While a price was not disclosed, sources familiar with the deal said Atlanta-based Jamestown paid about $60 million. “Our goal is to make Brunswig Square a central piece of the emerging creative hub bridging the Arts District and Little Tokyo in Downtown L.A., while also honoring and preserving its place in the historic fabric of the area,” Jamestown President Michael Phillips said in a prepared statement. It marks the second sale of the building in about a year; Green Oak Real Estate and Arenda Capital Management in August 2014 acquired Brunswig Square for $33 million and began renovations to create loft-style creative office space with higher ceilings and floor-to-ceiling windows. At that point, Brunswig Square was only 40% occupied. Jamestown’s vast portfolio includes San Francisco’s Ghirardelli Square, Atlanta’s Ponce City Market (the city’s largest adaptive reuse project, according to Jamestown) and Chelsea Market in New York City. Brunswig Square was originally erected in the 1920s and was designed by Downtown-based architecture firm AC Martin.

-Staff

Inside the Spruce Goose Hangar

RENTV.com

 

Here’s a shot of how the interior of the former Howard Hughes’ Spruce Goose hangar looks today. The structure is part of The Ratkovich Company’s (TRC) Hercules Campus at Playa Vista, a 28-acre, 530k sf office and studio campus in the southeastern part of the 1,000+ acre Playa Vista community on Los Angeles’ Westside.

The Hercules Campus consists of eleven nationally registered historic landmark buildings which were home to Howard Hughes and includes the hangar from 1943 (above and below) in which Hughes built the massive H-4 Hercules seaplane, better known as the “Spruce Goose”. The plane was built out of wood and was intended to carry up to 750 soldiers across the ocean during World War II, however, the war ended before the plane was completed.

The buildings at Hercules had been left to waste for over 20 years prior to Ratkovich acquiring the complex in late 2010, in a venture with with Penwood Real Estate Investment Management, for around $32 mil. Ratkovich has since spent $50 mil converting the buildings into a creative office campus that preserved the buildings’ bow truss ceilings and operable windows, among other historic architectural elements.The campus, which boasts six parking spaces per 1,000 square feet, has been landscaped with beautifully planned California native plants, and is filled with unique open and shared spaces. The conversion earned the Hercules Campus a 2014 Los Angeles Conservancy Preservation Award.

The renovated project is now home to a 41k sf, state-of-the-art facility for YouTube (above), which is owned by Google. Other fairly recent tenant signings at the campus include 72andSunny and Konami (below).

In recent years, the 319k sf Spruce Goose hangar, which is over 700 feet long and seven stories tall, had been used as soundstage space by television and movie production companies. We understand that the structure is currently being renovated for Google, which also recently spent $120 mil on the adjacent, 12-acre site on the north side of the hangar. That land, which was purchased from Lincoln Property Company and ASB, is zoned for up to 900k sf of additional space.

The Ratkovich Company is led by veteran real estate developer Wayne Ratkovitch, who’s responsible for a number of acclaimed adaptive re-use and historical renovation projects in the Los Angeles area over the years. These include the Wiltern Theater, the Pellissier Building, the Oviatt Building and Chapman Market in Los Angeles; The Alhambra in Alhambra; and the Alex Theater in Glendale; among others.

-Staff

Two of Mexico's Top Real Estate Investors Team Up To Acquire U.S. Office Properties

CoStar.com

 

Palisades Mexico Partners (PMP), a joint venture between Joaquin de Monet, founder and managing principal of Palisades Capital Realty Advisors LLC, and Sergio Argüelles, president/CEO of Monterrey, Mexico-based real estate development company FINSA, has formed Palisades Income & Growth Fund II.

The $150 million fund plans to acquire a portfolio of core plus and value-add suburban office properties with a stable annual yield and opportunities for significant capital appreciation in Western U.S. markets.

Once fully invested, the fund expects to have invested in about 20 properties across multiple West Coast suburban markets with a total value of $450 million.

The launch of the new fund comes at a time of aggressive expansion for Palisades Capital Realty Advisors and FINSA.

In Mexico, Argüelles recently launched his second non-traded REIT with $350 million in pension fund commitments to be invested in industrial properties and development in Mexico. The first fund, with the same structure and goals, has been very successful. Since inception, Palisades funds have yielded steady current returns in the 9 to 12 percent range and investor equity value has increased by 30%.

In California, de Monet, a prominent investment management industry leader who is known for his expertise in suburban office properties, asset management and global real estate advisory, expects to round out his senior team with several ex-Arden Realty talented veteran executives.

The Palisades team is actively seeking and acquiring off-market suburban office properties in select U.S. markets. De Monet anticipates that with the addition of Fund II, the company will have $1 billion in assets under management within the next six to 12 months.

“We are taking advantage of the increasing appetite of Mexican and other Latin American investors for the strong U.S. commercial real estate market,” de Monet said. “The Mexican currency has been caught up in much of the emerging market currency volatility and investors want to seize the opportunity to invest in US Dollar investments.”

The new fund PCF II will be 20% invested at closing. The remaining 80% will be used to acquire similar properties and further diversify the portfolio.

-Mark Heschmeyer

New York Life Buys Big In Culver City

GlobeSt.com

 

New York Life Real Estate Investors has made a big investment in Culver City with the purchase of 400 and 600 Corporate Plaza, two class-A office towers. The investor purchased the properties on behalf of its institutional clients, and plans to renovate and reposition the properties to capitalize off of the growing office demand in the market.

New York Life Real Estate Investors declined to comment on the transaction, but earlier this year, Jeff Vertun, an associate with Avison Young and an expert on the Culver City market, told GlobeSt.com, “Culver City continues to attract and retain entertainment companies not only because of its deep industry roots, but for its central location; availability of unique creative space; and synergistic clustering of entertainment businesses.” Likewise, New York Life hopes to take advantage of the heightened demand that is pouring out from the adjacent Playa Vista market.

The investor did not disclose the seller, however, sources unrelated to the deal say that Asian Realty Partners sold the two properties to the life company. Those same sources tell GlobeSt.com that Asian Realty purchased the properties in June 2008 for more than $110 million as part of a portfolio from GE Capital. GlobeSt.com was not able to retain information on the sales price in this transaction.

Lincoln Property Co. will be handing leasing efforts for the property. David Binswanger of Lincoln Property Co., tells GlobeSt.com, “Once refreshed, these buildings will be well-positioned to take advantage of the tremendous demand from technology, media and content companies expanding in the Playa Vista area,” said David Binswanger of Lincoln Property Company who will manage the properties for New York Life Investors.”  

-Kelsi Maree Borland

Why Valley Developers Are Preparing for Movement of Creative Users Over the Hill

Bisnow

 

Compression in LA's Westside office and multifamily markets and escalating rents are expected to drive creative office users to the San Fernando Valley, along with employees who prefer to live close to work.

Why Valley Developers Are Preparing for Movement of Creative Users Over the Hill That's what Rosenheim & Associates CEO Brad Rosenheim (right) told attendees at Bisnow's Future of the Valley event last week. He says Valley rents are half the cost of the Westside and Downtown LA, and predicts movement to the Valley will occur when people begin comparing dollar-for-dollar what they get in the Valley with these other markets.

“This makes a compelling case to be in the Valley," he said, noting, for instance, that apartment rents in Santa Monica are $5/SF, while Valley rents are $3 to $4/PSF. Why Valley Developers Are Preparing for Movement of Creative Users Over the Hill Developers are already preparing for an anticipated movement of office and residential tenants to the West Valley submarket. Rising Realty Partners is in the process of converting Park Granada, a 20-acre office campus to creative office. Rising SVP Marc Gittleman says there is a growing buyer pool for Valley assets, and the firm is open to selling or leasing.

Why Valley Developers Are Preparing for Movement of Creative Users Over the Hill Scheduled for completion in January, the 233k SF complex at 4500 Park Granada in Calabasas features a park-like environment with walking/jogging trails, outdoor fitness equipment, and lots of open spaces for events or meetings. “The outdoor spaces provide an opportunity to create a project that fits into the new version of how people work to live and live to work,” Marc said. Why Valley Developers Are Preparing for Movement of Creative Users Over the Hill Laurus Corp CEO Phil Cyburt believes compression in the Westside’s Silicon Beach Tech Corridor is helping to drive development over the Sepulveda Pass. “You can’t develop there anymore," he says.

Phil says Westfield’s Village project is making it easier for investors to look at Warner Center, which is seeing upscale multifamily rising. Why Valley Developers Are Preparing for Movement of Creative Users Over the Hill Topa Management president Jim Brooks says if you can tie up and entitle land in good locations, you’ll create gold along the way. He also says the Conejo Valley offers big value-add opportunities for older multifamily properties as well, which can still be acquired for less than replacement cost.

-Patricia Kirk

How Caruso's Masonic Temple Makeover Is Reshaping the Valley

Bisnow

 

Bisnow's West Coast editor, Elliot Golan, led off our 3rd Annual Future of the Valley event last week, where he told the 300 in attendance all about the development transforming the region. He says mass transit and affordability are driving a resurgence in the Valley’s desirability. “Now it is possible to work in Downtown LA and have that house in the Valley with a white picket fence," he said.

How Caruso's Masonic Temple Makeover Is Reshaping the Valley But Elliot says much is still missing in the Valley, including creative office and co-working spaces, providing opportunities for developers to fill in the gaps. Rick Caruso’s reclaiming of the Glendale's historic Masonic Temple for creative office is the Valley's first true creative space, and could set the stage for more. Here are Glendale city manager Scott Ochoa, Caruso Affiliated EVP Jackie Levy and Gensler principal Carlos Posada discussing the repositioning.

How Caruso's Masonic Temple Makeover Is Reshaping the Valley Jackie says Rick had a vision for transforming the building into the most service-oriented project in the country, adding that having the Americana at Brand across the street adds services and amenities built into the location. A concierge service could leverage this lifestyle retail center to provide any services or amenities desired by busy professionals to make their lives easier. “Our valet will fill up cars with gas, do grocery shopping, or any service tenants could want done while at work,” Jackie says. “If it’s legal, we’ll do it.” How Caruso's Masonic Temple Makeover Is Reshaping the Valley Meanwhile, CBRE’s Valley office team was searching for a new space with the flexibility to create a “free addressing” and paperless environment similar to the CBRE HQ in Downtown LA.

While the firm thought Glendale was a bit out of the way, CB managing director David Josker (here with Carlos) says when the brokerage received an unsolicited proposal from Caruso’s team offering an “amenities package never before seen in the office market,” the team reconsidered. How Caruso's Masonic Temple Makeover Is Reshaping the Valley David says the space is ideal for the brokerage. “We have an 18-hour business day, so we needed a space that offered employees a place to work out, get lunch, maybe join their spouse for dinner and a movie, then come back to work.”

The Masonic Temple space met all of those goals, but CBRE needed to vacate its present office in Universal City by Dec. 31. David was skeptical about whether Rick’s team could deliver a renovated space in time for the impending move. How Caruso's Masonic Temple Makeover Is Reshaping the Valley The structure is an architectural gem, but had been vacant for 25 years and presented major challenges, admitted Jackie. Scott from the city (here with Elliot) says Rick called a meeting in February with all the key players to explain how this project could be done in time by reprioritizing.

How Caruso's Masonic Temple Makeover Is Reshaping the Valley “Our pain started early on,” said the project’s architect, Carlos. “I lost sleep with the insane schedule proposed. But we were very excited about the opportunity to reinvent this very unique space and because of the historic nature of it,” he said, noting that Gensler had a similar experience in repositioning its own office space in Downtown LA, which had sat vacant for 10 years. CBRE signed a lease in May and will take possession on Dec. 15.

-Patricia Kirk

More Mixed-Use Proposed in Hot Hollywood Palladium Zone

Curbed LA

 

The Hollywood Palladium is getting another new neighbor. According to Urbanize LA, plans have been filed with the city to put up a 240,000-square-foot mixed-use complex right across the street from the legendary theater, at 6200 Sunset Blvd. Developer Hanover Company is behind the project that would bring 270 apartments and 12,400 square feet of ground-level retail to the space now occupied by a carwash and tire shop.

Building plans have not been made available, but the Hanover Company definitely knows it will have to fall in line with neighborhood code—this isn't their first foray into Hollywood. In 2012, their plan to build a 20-story structure nearby at Hollywood and Gower was shot down by the La Mirada Avenue Neighborhood Association over parking concerns. This new project boasts nearly 100 more apartments than the Hollywood/Gower project, and 5,200 square feet more retail space, so they may be on thin ice again. Especially since La Mirada and its lawyer Robert Silverstein have had even more success in the past few years in killing off development in the neighborhood (they're behind that half-built Hollywood Target and the forced closure of the occupied Sunset Gordon apartment tower).

Meanwhile, plans are in place for several other projects nearby—a mixed-user next door to the Nickelodeon studios, and two towers up to 28 stories each to be built in the Palladium's parking lots.

—Jeff Wattenhofer

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