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Equity Office Daily Brief: November 20, 2015

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Daily Brief

November 20, 2015

  EquilityOffice

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CIM Buys Old Sears Hollywood Site for Development

Los Angeles Business Journal

 

Mid-Wilshire developer CIM Group plans to transform the long-deserted Sears Hollywood site into a mixed-use complex with as many as 700 apartments and more than 300,000 square feet of retail. Sources said the developer paid $43.5 million, or $8.2 million an acre,...

 


With lease up, J.D. Power readies for Westlake Village relocation

Ventura County Star

 

International market research firm J.D. Power will leave Thousand Oaks and move into a new space in Westlake Village by the end of the year. With its lease due to expire this year, the company with more than 200 employees will make...

 



BLOG & ONLINE NEWS

 

10 most expensive office streets in the country

Bisnow

 

While we all know that some cities are more expensive than others, what about specific streets? With high rates of tourists ready to shop and startups looking for funding, these 10 streets have rents twice the market rate and, according to...

 


Long Vacant Glendale Office Trades to 'Kardashians' Production Firm

Bisnow

 

The production firm behind such TV shows as Keeping Up with the Kardashians and Project Runway has purchased two office buildings in Glendale for 18.7M. The buildings at 1011-1015 Grandview Ave add up to 110k SF and were purchased by Bunim...

 


Cambro Reups 318,000-SF Lease in City of Industry

CoStar.com

 

Cambro Manufacturing Company has signed an early renewal and expansion for 318,497 square feet at the Grand Avenue Distribution Center - Bldg B located at 21558 Ferrero Pky in City of Industry, CA.  The 64-month deal extends the firm's presence in the...

 


Construction Finished on The Bicycle Hotel & Casino in Bell Gardens

RENTV.com

 

Construction was just completed on The Bicycle Hotel & Casino, a 99-room, 117.9k sf boutique hotel located at 888 Bicycle Casino Drive, in the heart of Bell Gardens. The new $45 mil project features a variety of luxury amenities, including an...

 


Leadership of C&W's Local U.S. Markets Comes Into Focus

CoStar.com

 

It's been just over 11 weeks since Cushman & Wakefield and DTZ completed their merger. Integrating the personnel, operations and culture of any large corporate merger is no simple task, especially for two global operations with $5 billion in combined revenue,...

 

FULL TEXT


CIM Buys Old Sears Hollywood Site for Development

Los Angeles Business Journal

 

Mid-Wilshire developer CIM Group plans to transform the long-deserted Sears Hollywood site into a mixed-use complex with as many as 700 apartments and more than 300,000 square feet of retail.

Sources said the developer paid $43.5 million, or $8.2 million an acre, earlier this month to acquire the 5.3 acres at 5601-5667 Santa Monica Blvd. between North Wilton Place and North Saint Andrews Place.

The East Hollywood site includes the roughly 100,000-square-foot Sears building, which has been vacant since 2008. It also includes an empty lot and several boarded-up retail properties, one of which used to house a liquor store.

Lately, it hasn’t been uncommon to see a homeless tent or two outside the abandoned properties, though that may soon change when CIM pushes through with its project, which sources say is expected to come out of the ground in a year. The former Sears building will remain on the site and will be renovated, sources said.

The seller, Culver City developer Continental Development Group, acquired the property with plans to break ground in 2009 on a $275 million development with 475 residential units and 380,000 square feet of retail, dubbed Paseo Plaza. Things didn’t go so smoothly. First, it faced community opposition in the form a lawsuit brought on behalf of the La Mirada Neighborhood Association. It was ultimately approved by the city of Los Angeles in 2007, but funding for the project was not available in the downturn.

Continental never picked it back up again when the recovery began.

Continental Chief Executive Juri Ripinsky and a spokeswoman for CIM Group both declined to comment.

If it proceeds as planned, the new CIM development will be a major change for the derelict stretch of Santa Monica, which is not far from the sparkly developments on the same street in West Hollywood.

-Hannah Miet

With lease up, J.D. Power readies for Westlake Village relocation

Ventura County Star

 

International market research firm J.D. Power will leave Thousand Oaks and move into a new space in Westlake Village by the end of the year.

With its lease due to expire this year, the company with more than 200 employees will make the 3-mile move across the county line. Although the current office on Townsgate Road has a Westlake Village address, it is in the city of Thousand Oaks. The new offices will be on Russell Ranch Road.

John Tews, director of media relations, said the company explored its options and decided the improved office space in Westlake Village meets its needs and does not affect employees’ commutes.

The lease for the company’s other Southern California office in Orange County is also up. By the end of the year, the Orange office will move to Costa Mesa.

Tews said the company had not considered consolidating the two offices, contrary to what many in the business community had feared.

Had a company the size of J.D. Power decided to leave Conejo Valley, the economic impact would not have been significant, said Mark Schniepp, director of the California Economic Forecast. But such an exit combined with other companies downsizing or leaving Ventura County does create a lag in the local economy, he said.

“It’s the cumulative impact. We’ve had one defection after the next,” Schniepp said. “A lot of places here have downsized and consolidated outside the county. That could be a coincidence or it could be because of the higher costs here.”

Leading the downsizing trend is the county’s largest private employer, Amgen. At its height in 2007, the biotech company had more than 8,000 employees, compared to the current workforce of about 5,000.

Defection and downsizing of other major companies like WellPoint and Farmer’s Insurance have prevented the county from recovering as quickly as other metropolitan areas.

This year, Ventura County has been behind Los Angeles, San Diego, Orange and Santa Barbara counties when it comes to job and salary growth, according to the California Economic Forecast. Ventura County also leads the pack when it comes to the office vacancy rate, which is nearly 17 percent.

The downsizing of Amgen not only means a smaller workforce but also a smaller footprint. The company is gradually vacating the 12 buildings outside of its core Thousand Oaks campus, some of which Amgen owns and some of which were leased, said Haider Alawami, the city’s economic development officer.

These were once laboratories and offices no longer needed by Amgen.

The first of these buildings to be leased for another use was part of a plan approved by the Planning Commission last month. The Rancho Conejo Boulevard building, which is nearly 75,000 square feet with a 21,000-square-foot mezzanine, will be a training facility for youth and adult sports.

Schniepp said that in a digital world, where there is less of a need to have a large site serving as headquarters, the likelihood of big companies like Amgen downsizing or leaving the county entirely is a concern.

“With the high costs in an area like Thousand Oaks and with a housing shortage, you may ultimately see more of a departure,” Schniepp said.

Amgen spokeswoman Kristen Davis said the company intends to remain in its Thousand Oaks campus.

-Wendy Leung

10 most expensive office streets in the country

Bisnow

 

While we all know that some cities are more expensive than others, what about specific streets? With high rates of tourists ready to shop and startups looking for funding, these 10 streets have rents twice the market rate and, according to JLL research, are the most expensive streets in the US.

1. Sand Hill Road Location: San Francisco Peninsula Type: Suburban 2015 street rent per SF: $141.60 Difference to market rent per SF: $88.11 This road is a symbol of private equity, being home to the many venture capital companies that supply Silicon Valley with funding. The years following the dot-com boom of the late 1990s caused Sand Hill Road's rents to spike, sometimes passing rates in Manhattan and London's West End. 

2. Hamilton Avenue Location: Silicon ValleyType: Suburban 2015 street rent per SF: $124.44 Difference to market rent per SF: $82.76 Blame the tech boom for this Palo Alto street making the list for the first time. Tech startups like SurveyMonkey, Palantir and Ning all once occupied spaces on this sunny street. 

3. Fifth Avenue Location: New York Type: CBD 2015 street rent per SF: $119.27 Difference to market rent per SF: $48.63Lined with luxury retailers (and their flagships) like Saks Fifth Ave, Louis Vuitton and Prada, Manhattan's Fifth Avenue is actually the world's most expensive retail location two years running.

4. Greenwich Avenue Location: Fairfield County Type: CBD 2015 street rent per SF: $90.25 Difference to market rent per SF: $58.45 This Connecticut street has roots as a place for hedge funds and other financial services, while still being close to the city. The commercial hub caters largely to the wealthy neighborhood of Greenwich. 

5. Mission Street Location: San Francisco  Type: CBD 2015 street rent per SF: $89.58 Difference to market rent per SF: $22.78 San Francisco's Board of Supervisors just gave Forest City the green light to start developing two luxury towers on Mission Street. The massive 5M SF project will have 825.6k SF of office space and 74.8k SF of retail space.   

6. Pennsylvania Avenue Location: Washington, DC Type: CBD 2015 street rent per SF: $72.65 Difference to market rent per SF: $36.12It shouldn't come as a surprise that the President's street has some pretty high rents. But are they too (damn) high? When the FBI's 2.1M SF HQ redevelopment starts to have problems with the budget, a correction might be in order.

7. Boylston Street Location: Boston Type: CBD 2015 street rent per SF: $67.44 Difference to market rent per SF: $34.27 Rents in Bolyston rose rapidly, at 1.3 times the rate of any other expensive street. Maybe that's because the street conveniently runs through Boston's Back Bay and Financial District—two pricey locations.   

8. Avenue of the Stars Location: Los Angeles Type: Suburban 2015 street rent per SF: $63.12 Difference to market rent per SF: $27.85This main road was built on a former ranch owned by actor Tom Mix, which was also used to build the backlot of 20th Century Fox. William Zeckendorf was hired for that development.

9. Royal Palm WayLocation: West Palm Beach Type: CBD 2015 street rent per SF: $58.07 Difference to market rent per SF: $28.25 This palm-tree lined road in West Palm Beach has a high concentration of wealth management and financial services firm, earning itself the nickname "Banker's Row."

10. Newport Center Drive Location: Orange County Type: Suburban 2015 street rent per SF: $51.72 Difference to market rent per SF: $23.13 This 1.3-mile ring has limited new development and is already home to gigantic shopping center Newport Center (also known as "Fashion Island"). The shopping and entertainment district was built in the 1960s as Irvine's unofficial downtown.

-Kathleen Wong

Long Vacant Glendale Office Trades to 'Kardashians' Production Firm

Bisnow

 

The production firm behind such TV shows as Keeping Up with the Kardashians and Project Runway has purchased two office buildings in Glendale for 18.7M. The buildings at 1011-1015 Grandview Ave add up to 110k SF and were purchased by Bunim Murray Productions from Atlantic Pearl Investments. Colliers EVP Nico Vilgiate (here with wife Ashley and daughter Mia in Park City, UT), who was not involved in the deal, tells us the property was last occupied more than seven years ago by Glendale Career College. The production company will occupy the space and was repped by Delphi SVP Jeff Puffer.

The buildings have traded hands multiple times over the last several years, and Nico says it will require some capital improvements to bring up to code. It has 5/1k SF parking and two buildings on a private campus-like setting less than a 9-iron shot from Disney's 200-acre, 3M SF GC3 Campus. Atlas Pearl acquired the property in July 2014 for $11M. -Elliot Golan

Cambro Reups 318,000-SF Lease in City of Industry

CoStar.com

 

Cambro Manufacturing Company has signed an early renewal and expansion for 318,497 square feet at the Grand Avenue Distribution Center - Bldg B located at 21558 Ferrero Pky in City of Industry, CA. 

The 64-month deal extends the firm's presence in the building beyond the initial expiration in 2017, through June 2022, and includes expansion rights for an additional 215,000 square feet in an adjacent building in 2017.

The company has occupied space in Bldg B for several years, utilizing it as a distribution hub for finished goods manufactured in the firm's Huntington Beach facility. Its product lines include table service, display items, storage, shelving, merchandising, and insulated product transport.

The 318,497-square-foot industrial building was constructed in 2000 on 14.8 acres in the City of Industry East Industrial submarket of Los Angeles County. It features 47 loading docks and two drive-ins, 30-foot clear heights, rail access on Union Pacific, mezzanine space, skylights, a fenced lot, and a 190-foot truck court.

"Our industrial services team negotiated a significant allowance from the landlord to make facility improvements including LED lighting upgrades andoffice space modifications that required immediate installation due to our client’s internal objectives," said Wesley Hunnicutt, senior managing director with Newmark Grubb Knight Frank. "We secured this early lease extension 18 months in advance of the scheduled expiration and were able to negotiate the opportunity to expand into a 215,000-square-foot portion of the adjacent building, which is occupied by a tenant through December 2017, at a locked-in lease rate."

Wesley Hunnicutt and Matthew Moore with NGKF in Newport Beach represented the tenant. Marc Selznick with Unire Real Estate represented the landlord, Prudential - Grand Avenue Venture LLC.

"We anticipate rents will continue to increase seven to eight percent in this market over the next 12 months," concluded Hunnicutt. "Concessions are beginning to diminish and landlords are becoming increasingly bullish. Tenants who are evaluating future lease expirations require strategic thinking not only for how they negotiate, but also how early they begin implementing the process."

-Justin Sumner

Construction Finished on The Bicycle Hotel & Casino in Bell Gardens

RENTV.com

 

Construction was just completed on The Bicycle Hotel & Casino, a 99-room, 117.9k sf boutique hotel located at 888 Bicycle Casino Drive, in the heart of Bell Gardens. The new $45 mil project features a variety of luxury amenities, including an elevated pool deck with private cabanas, VIP gaming areas and a full spa. It was built by R.D. Olson Construction.

The hotel’s modern, Asian-influenced design caters to gaming and leisure guests alike. The entrance features a four-lane porte-cochère and leads to a lobby that greets guests with a custom-designed chandelier which boasts more than 1,600 crystals.

The Bike Brewery, the hotel’s on-site restaurant, will feature 28 craft beers on tap, including the hotel’s exclusive draught, The Bike Brew, a blonde ale by Golden Road Brewery. Additional amenities that add to the hotel’s resort experience include a coffee house, gift shop, state-of-the-art fitness center, and more than 15k sf of event, meeting and function space.

The property’s deluxe guestrooms and suites feature plush king- and queen-size beds and California-inspired furnishings. The 29 luxury suites include the Classic Suite (648 sf), The Bike Suite (904 sf), the curated Governor’s Suite (1.4k sf), and the Presidential Suite (2k sf), which includes two bedrooms, a formal living room and a Jacuzzi tub.

-Staff

Leadership of C&W's Local U.S. Markets Comes Into Focus

CoStar.com

 

It's been just over 11 weeks since Cushman & Wakefield and DTZ completed their merger. Integrating the personnel, operations and culture of any large corporate merger is no simple task, especially for two global operations with $5 billion in combined revenue, 43,000 employees, more than $190 billion in annual transactions and 4.3 billion square feet of commercial property under management.

Complicating the integration issues since the Sept. 1 merger closing is the fact that many DTZ executives and other professionals have now worked for several companies as a result of the cascading company consolidation wave dating back to 2011, when Australia engineering firm UGL Limited acquired the operations of DTZ. It rebranded its integrated property services as DTZ the following year, moving its corporate headquarters from London to Chicago.

In 2014, things really got interesting. UGL sold DTZ to a consortium comprising TPG Capital, PAG Asia Capital and Ontario Teachers’ Pension Plan for $1.1 billion, which also announced it was buying U.S. brokerage Cassidy Turley, itself formed in 2010 following a series of mergers.

An example of the rippling business effects of the Cushman/DTZ merger is Cushman’s newly minted, corporate-owned office in Raleigh-Durham, NC, where Cushman previously maintained an affiliate. Following the merger, Cushman named Rich Harris to lead the now-owned Raleigh office, while Thalhimer’s Raleigh and Charlotte offices led by partner John Kelly left to join Virginia-based CNL Commercial Real Estate, freshly spun off in late September from its parent company, CNL Financial Group.

"Interestingly, I've had four e-mail addresses in 16 months," said Harris, who joined Cassidy Turley along with eight brokers in mid-2014 when it acquired Synergy Commercial Advisors, a boutique firm serving the Research Triangle he founded in 2008. DTZ quickly acquired and rebranded Cassidy Turley in early January 2015, and Harris continued as managing principal of the new office.

"We've experienced a fair amount of integration over the last two years in Raleigh-Durham alone, but the good news for us is the Cushman/DTZ changes were very modest to our specific office," says Harris, who now oversees more than 70 Cushman & Wakefield employees. "There was not a lot of integration or painful cuts in Raleigh Durham."

DTZ Executives Take Leading Local Roles

Former DTZ executives make up 57% of the local market leaders announced to date by Cushman, with the remainder comprised of legacy Cushman & Wakefield managers.

In Houston, Scott Wegmann and Tim Relyea -- both long-serving Cushman & Wakefield executives -- were named co-leaders. Relyea was among the first employees hired by twin brothers Louis B. Cushman and John C. Cushman, III following the formation of Cushman Realty Corp. in 1978.

While the changes in Raleigh may not have been dramatic, other Cushman and DTZ markets have seen their share of dislocation over the last 10 weeks.

Cushman named Northeast Region Lead/Hartford Region and former Cassidy Turley colleague Joe Fallon to rebuild and lead the Boston-based New England team following the decision by longtime New England investment sales team leader Rob Griffin Jr. to depart for Newmark Grubb Knight Frank in September.

In Nashville, Doug Brandon was named market leader after the affiliate there, Cushman & Wakefield Cornerstone, joined Avison Young. The new AY offices in Knoxville and Nashville added 82 associates from C&W Cornerstone.

On balance, pre-merger Cushman and former DTZ/ Cassidy Turley executives all tell CoStar News that they are looking forward to the increasing strength in numbers, geographic spread and market share gains coming about as a result of the merger.

"There's a tremendous amount of scale that we get nationally," Harris said. "The DTZ platform was strong before Cushman, but Cushman really strengths us in several of the key gateway cities where we were really looking to establish a top presence. By combining with Cushman, we get a best-in-class position in all of those markets. The Cushman merger advances those capabilities that we thought would take a few years to build after all the M&A transactions DTZ and Cassidy Turley had before."

Cushman last week also named nine practice group leaders, in specialties ranging from agency leasing to health care and education, in another step toward building out its national leadership team. Six of the nine are legacy DTZ/Cassidy Turley executives.

Rounding out the national team, Joe Stettinius, chief executive, Americas, came from DTZ/Cassidy Turley, as did three of the four region presidents. The 10 sub-regional market leaders are evenly split between the two companies, while new Global President Tod Lickerman was with DTZ/CT.

Some Affiliates Stay, Others Go

Cushman has been reviewing its affiliate contracts for several months. Global President Tod Lickerman told CoStar News in September that while Cushman prefers owned offices in every major global market, the company will continue affiliate agreements "where it makes sense."

As of Nov. 19, Cushman & Wakefield still has about 38 affiliated office across the U.S. under its Alliance program, with affiliate relationships in Indianapolis, Cincinnati and Columbus, OH, set to expire and transition to corporate-owned offices on Nov. 30.

Two DTZ legacy affiliates in Milwaukee and Louisville dropped the DTZ name and went independent after the merger, including Milwaukee real estate executive Jim Barry, who opted to rebrand from DTZ Barry to Barry Co.

In Louisville, where both companies had established affiliates, the Cushman affiliation with Commercial Kentucky survives. The local office previously known as DTZ Harry K. Moore, and prior to that Cassidy Turley Harry K. Moore, rebranded on Nov. 2 as Harry K. Moore Co., a brand that dates back to 1948.

The Alliance affiliations that have expired or are expiring are largely companies in markets where Cassidy Turley/DTZ had a significant presence such as Raleigh-Durham, Charlotte, Nashville, Cincinnati, Columbus and Dayton, OH; Indianapolis, St. Louis and Kansas City.

One office that opted to remain an affiliate is Cushman & Wakefield | Oxford Commercia in Austin, which will remain an Alliance office led by Spencer Hayes, co-founder and managing partner of Oxford Commercial. Keith Zimmerman, the former managing principal of the Austin office of DTZ, joined Oxford Commercial.

"What’s ideal is how complimentary our strengths are," Zimmerman said.

Other Alliance members are either transitioning to corporate-owned offices or going elsewhere. For example, St. Louis affiliate Gateway Commercial was recently acquired by Colliers International, which is still backfilling its local presence, years after Cassidy Turley launched, in 2010, combining combining several Colliers offices among others.

Kevin Gallagher, who served as managing director at Gateway, which was formed in 2005 after Cushman & Wakefield of Missouri merged with St. Louis-based Summit Realty Group, is now Colliers’ managing principal.

"Everything in our business is of course very local, and in our St. Louis market, it was a good fit for our firm and for Colliers. We needed the platform and scale of Colliers," Gallagher said.

-Randyl Drummer

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