Stories for February 2019

Thursday, February 28

MUFG Bank Enters Into Consent Order With US Regulator to Correct Bank Secrecy Act Compliance

MUFG Bank Ltd., the largest bank in Japan, entered into a consent order with the federal regulator of nationally chartered banks in the United States to fix deficiencies in its Bank Secrecy Act compliance program at branches in Los Angeles, Chicago and New York City.

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Forge Technologies Moving Headquarters to LA, Acquires Scheduling App

Workforce management software developer Forge Technologies Inc.’s national headquarters is moving from San Francisco to Playa Vista and the company announced Feb. 28 the acquisition of Huntington Beach-based shift scheduling application developer ShiftMe Inc. Both companies decline to disclose the terms of the acquisition.

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Greycroft Partners Leads Beam in $5 Million Series A

Downtown-based Greycroft Partners led a $5 million funding round finalized Feb. 28 for Beam Solutions Inc., a San Francisco-based developer of transaction monitoring software for banks and securities.

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Live Nation Announces Growth, Explores Real Estate, Bigger Ticket Fees

Live Nation Entertainment Inc. posted another year of double-digit revenue growth in 2018, according to the company’s annual report released Feb. 28, and laid out further growth strategies in an accompanying earnings call.

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Silicon Beach Report Feb. 28: Greycroft Leads Beam Funding Round

Disney hankering for more Hulu; Boingo 2018 earnings reported; Greycroft gives Beam a boost

Parsons Corp. Moves Headquarters from Pasadena to Northern Virginia

No immediate local layoffs planned

Los Angeles County is losing another major corporate headquarters.

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Wednesday, February 27

Pasadena-Based East West Bancorp Takes $54 Million Hit Tied to Solar Ponzi Scheme

East West Bancorp., parent of East West Bank, the largest independent bank headquartered in Southern California, disclosed in a regulatory filing Wednesday that it has a $53.9 million exposure related to a potential Ponzi scheme identified by the FBI.

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Biotech Company Launched by Caltech Professor Raises $25M

Axial Biotherapeutics Inc., a biotechnology company with roots at the California Institute of Technology in Pasadena, has raised $25 million in a Series B round.

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UPS Bids on Former Boeing Manufacturing Site

Packing and delivery company UPS has bid on a former Boeing manufacturing site in Long Beach, the company told the Business Journal Wednesday. The site could bring 2,500 jobs to the area.

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Pomona Alumna Gives $15M Gift for Museum, Naming Rights

Pomona College has received a $15 million gift from an alumna and New York philanthropist for naming rights and continued construction of an art museum, the college announced Feb. 27.

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Silicon Beach Report Feb. 27: Faraday Future Continues Furloughs

InSight lander Mars dig delayed; Musk in Twitter trouble again; Faraday Future employees remain furloughed.

Tuesday, February 26

Platinum Equity Purchases Multi-Color Corp. for $2.5 Billion

An affiliate of Beverly Hills-based private equity Platinum Equity has agreed to purchase Multi-Color Corp. in a transaction valued at $2.5 billion, including the assumption of $1.5 billion in debt.

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Earnings Report: Jakks Closing on Meisheng Deal; Stems Losses

A Chinese company’s bid to take over struggling Santa Monica toymaker Jakks Pacific Inc. appears to be coming to a close, according to a Feb.26 Securities and Exchange Commission filing that suggest the deal hinges on restructuring the company’s debt.

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10-Acre Expansion Planned for Citadel Outlets

Newport Beach-based Craig Realty Group, which owns the Citadel Outlets in Commerce, is planning a 10-acre expansion that will include retail, hotels and a monorail system.

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Silicon Beach Report Feb. 26: Dray Alliance Hauls in $3.5 Million

Super League Gaming finalizes IPO; future uncertain for Boring Co.’s Chicago project; $3.5 million for Lakewood logistics firm.

Super League Shares Fall 23 Percent in IPO Debut

Shares of Santa Monica-based Super League Gaming Inc., a cloud-based platform that helps connect online gamers to each other, fell nearly 23 percent Tuesday in its trading debut on the Nasdaq Stock Market.

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CBB Hires New CFO

CBB Bancorp Inc., parent of Commonwealth Business Bank, hired Long T. Huynh as executive vice president and chief financial officer to replace J. Duncan Smith, the former CFO who left earlier this month for a similar position at a bank on the East Coast.

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Monday, February 25

West Hollywood-Based Aiva Partners With Cedars-Sinai on Smart Hospital Rooms

Aiva Inc., a digital health startup based in West Hollywood, struck a deal with Cedars-Sinai Medical Center to employ Aiva’s bedside voice assistant to allow patients to speak to Amazon’s Alexa to summon a nurse or change the TV channel.

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Top-Read Stories of the Week Feb. 25

Top-read stories of the week

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Silicon Beach Report Feb. 25: NASA Approves Dragon Vehicle

Action Network raises $17.5 million Series B; Kotick, Iger listed among most overpaid executives; Dragon’s Space Station test scheduled for March 2

UCLA Opens Heart Practice Downtown in Advance of Planned Full Health Clinic

UCLA Health opened a new cardiovascular practice downtown on Feb. 25 to offer a full range of heart-health services within the city center.

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Colony Capital Platform Sells Industrial Portfolio for $136M

Downtown-based Colony Capital Inc.’s industrial platform, Dallas-based Colony Industrial, sold a light industrial portfolio to Nuveen Real Estate for $136 million, Colony Capital announced Feb. 25.

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Friday, February 22

El Segundo Private Equity Firm K1 Invests $150M in GoCanvas

El Segundo-based private equity firm K1 Investment Management invested $150 million in GoCanvas Inc., a privately held provider of mobile applications and forms needed for data collection and sharing.

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Silicon Beach Report Feb. 22: Boingo CEO Announces Retirement Plans

Winehouse hologram tour canceled; SpaceX launches Israeli lunar lander; Finley appointed Boingo CEO

Boingo Wireless Appoints New CEO

Chief executive of Westwood-based Wi-Fi provider Boingo Wireless Inc. Dave Hagan announced Feb. 21 he will retire after 17 years with the company. Boingo board member Mike Finley was unanimously elected to fill the vacant CEO seat by the board.

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$2.2B Jail Conversion Contract Could Be Disputed

Bidders on original proposal could sue after L.A. County changed plans

New development plans for Men’s Central Jail could land L.A. in hot water.

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RETAIL HIGH

Luxury cannabis thrives as new collection hits Barneys’ shelves

Barneys gets in on budding pot market with High End.

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AECOM Compensation Scrutinized

Activist shareholder calls for pay package reform ahead of annual meeting

Activist shareholder looks to force changes at AECOM.

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STYLE | Script Doctor

Neal Baer • Baer Bones Productions

Script doctor

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Lemonade, Modern Market to Merge

Butterfly Equity plans to grow the two food chains

Franchising is goal of Lemonade Restaurant Group merger.

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Pluto TV Finds Profitable Path

MEDIA: Streaming service cashes out in $340M deal

The website and app for Pluto TV went live on April Fools’ Day 2014, showcasing streaming television channels most people had never heard of.

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Knotel Signs First Lease in Los Angeles County

Flexible office space co. plans for dozens of L.A. locations, founder says

Santa Monica lease gives Knotel foot in door in L.A. office market.

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Paid Leave Proposal Pins Cost on Business

The push for expanding paid parental leave is gaining steam, and local businesses could soon be asked to shoulder more of the compensation load.

Hot Market for Cold Storage

REAL ESTATE: Facilities in high demand as supply dwindles

Tenants looking for cold-storage warehouse space in Los Angeles are getting an icy response from landlords as demand for temperature-controlled environments far outstrips supply.

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Jerde Nabs Superjacent

The Jerde Partnership Inc. has absorbed Chinatown-based landscape architecture and design firm Superjacent.

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GM Cruise Inks $11.4M Pasadena Lease

GM Cruise has signed a 47,051-square-foot lease at 465 N. Halstead St. in Pasadena valued at $11.4 million.

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Clutter Raises $200M from SoftBank

Investment bank’s Vision Fund bets on storage

Clutter looks to spread after funding round.

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Tutor Perini Lands $1.4B Rail Contract

Tutor Perini Corp. and O&G Industries Inc. has received a notice of intent to award a $1.4 billion contract for the construction on Metro’s Purple Line Extension in Westwood.

Songtradr Buys Big Sync Music

Santa Monica-based music licensing platform Songtradr Inc. has purchased Big Sync Music Ltd

Cycle Shift

Public bike-share programs turn to private operators

Cities outsource bike-shares to private companies.

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Jakks Faces Nasdaq Delisting

RETAIL: Failure to hold shareholder meeting cited

Jakks Pacific isn’t playing when it comes to takeover by Chinese toymaker.

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Skylar Body Sniffs Out $8 Million Series A

Playa Vista perfumer lands funding from Upfront, Amplify and other locals

Sweet smell of success for Skylar Body after latest funding round.

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B. Riley Deals Roil Unit

FINANCE: Wunderlich, FBR integration drives up costs

Growing pains for B. Riley Financial after 2017 acquisitions.

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ServiceTitan Announces Office in Armenia

Return to roots for founders; plan to grow outpost to 50 employees by end of 2019

ServiceTitan opens office in Armenia.

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Thursday, February 21

AECOM, Canyon Partners Form Commercial Development Joint Venture

Century City-based AECOM and Century City-based Canyon Partners have formed a joint venture to provide equity for $4 billion of commercial properties, the companies announced Feb. 19.

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AIDS Healthcare Foundation Sues Over Crossroads Hollywood Project

The AIDS Healthcare Foundation and Livable LA have filed a suit against the City of Los Angeles and the Community Redevelopment Agency of Los Angeles over the Crossroads Hollywood project approval.

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City of Hope Receives $12.5 Million Federal Grant to Fight Lymphoma

City of Hope National Medical Center was awarded a $12.5 million federal research grant to develop innovative ways to prevent and treat lymphoma, the hospital announced Feb. 21.

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MassRoots Acquires COWA Science for $6 Million in Stock

MassRoots Inc., a cannabis technology company based in Hollywood, has entered into an agreement to acquire COWA Science Corp. in a deal worth up to $6 million.

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Silicon Beach Report Feb. 21: Streamer Loop Media Acquires ScreenPlay

Hello Sunshine gains New Green; SpaceX launch may be delayed after safety survey; ScreenPlay acquired by Loop Media.

Third Street Promenade Building Sold For $24.5M

Blatteis & Schnur Inc. has purchased a mixed-use building in downtown Santa Monica for $24.5 million, Marcus & Millichap announced Feb. 21.

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Crescent Capital Group Finances Purchase of European Pharmacies

A unit of Crescent Capital Group, an alternative credit investment company based in West Los Angeles, has provided financing for the purchase of a European pharmacy chain purchased by Bencis Capital Partners.

Wednesday, February 20

Silicon Beach Report Jan. 20: Former Snap Executive Launches New Venture

Clearlake Capital’s Symplr buys API Healthcare; Verishop emerges from stealth, Clutter raises $200 million

Butterfly Equity to Merge Two Healthy-Food Chains Into a New Restaurant Division

El Segundo-based fast-casual restaurant chain Lemonade will merge with Denver-based Modern Market Eatery to form a new restaurant group with an eye toward franchising their healthy brand.

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Consumer Goods & Retail Report: “Better for You” is Not Just a Trend, It’s a Lifestyle

Custom Content by the Los Angeles Business Journal

During the last two decades, consumer tastes and preferences have evolved at an accelerating rate.

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Herbalife Sees Uptick in Revenue, Cites Rising Demand

Citing rising global demand for its nutrition products, downtown-based supplement company Herbalife Nutrition Ltd. reported profit of $48.9 million on revenue of $1.2 billion in its 2018 fourth quarter.

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Consumer Goods & Retail Report: A Look at the Current Consumer Goods & Retail Landscape

Custom Content by the Los Angeles Business Journal

The world of consumer goods and retail has been heating up and has clearly become one of the fastest growing and most vibrant business sectors in Southern California.

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The Consumer Goods Market: How Far Have we Come in a Year?

Custom Content by the Los Angeles Business Journal

In February 2018, the Los Angeles Business Journal asked me to respond to a series of questions related to taking a closer look at how the consumer goods and retail sector is working.

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Clearlake’s Symplr Acquires API Healthcare

Symplr, a health-tech company owned by Santa Monica-based Clearlake Capital Group, announced Feb. 20 it acquired API Healthcare for undisclosed terms.

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On-Demand Storage Company Clutter Raises $200M From SoftBank Vision Fund

Clutter, an on-demand storage company that’s trying to shake up the storage market, raised $200 million to fuel its expansion into Philadelphia, Portland and Sacramento, it announced Wednesday.

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Architecture Firm Jerde Nabs Landscape Firm Superjacent

Downtown-based architecture firm Jerde has absorbed Chinatown-based landscape architecture and design firm Superjacent. Terms of the deal were not disclosed.

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Arrowroot Capital Leads $13M Series B Funding for ParkHub

Santa Monica-based growth equity firm Arrowroot Capital has led a $13 million Series B fundraise for ParkHub, a Dallas-based parking technology provider that has the financial backing of the owner of the Dallas Cowboys.

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LAEDC: L.A. Economy to See Steady Growth Through 2020

The economy in Los Angeles County will experience steady growth in jobs, economic output and personal income this year and next year, according to a forecast released Feb. 20 by the Los Angeles County Economic Development Corp.

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Tuesday, February 19

Driverless Car Company Signs $11.4M Pasadena Lease

San Francisco-based driverless car company GM Cruise has signed a 47,051-square-foot lease in Pasadena valued at $11.4 million, CBRE Group Inc. announced Feb. 19.

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Tutor Perini Lands $1.4B Contract for Purple Line Extension

A joint venture between Tutor Perini Corp. and O&G Industries Inc. has received a notice of intent to award a $1.4 billion contract for the construction on Metro’s Purple Line Extension in Westwood.

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Silicon Beach Report Feb. 19: Virgin’s Proposed Commute in a Vacuum

Brainbase brings in $1 million; SongTradr makes acquisition; Virgin Hyperloop tests new transportation method

Santa Monica-Based Songtradr Purchases Big Sync Music

Santa Monica-based Songtradr, the largest music licensing platform, has purchased Big Sync Music Ltd., a London-based agency that provides music licensing and rights management services to major brands for advertising campaigns.

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Brainbase Finalizes $1 Million Seed Round

Intellectual property licensing startup Brainbase Inc., operating in Santa Monica, announced Feb. 19 it completed a $1 million seed round led by Tera Ventures, an Estonian venture firm with U.S. operations based in Burbank.

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Monday, February 18

Silicon Beach Report Feb. 18: Catapult Capital Acquires JibJab

Samsung enters L.A. retail market; JibJab Acquired; Snap and Nike link for lenses

Top-Read Stories of the Week

Top-read stories of the week

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Cedars-Sinai Ranks No. 1 in Adult Heart Transplants

The Smidt Heart Institute at Cedars-Sinai Medical Center led the nation in the number of adult heart transplants last year, which marked an eight-year winning streak at No. 1.

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Friday, February 15

Los Angeles Times Labor Dispute Escalates

The Los Angeles Times is facing an escalating labor quarrel that is a mounting obstacle to the 400-plus member Los Angeles Times Guild’s first collective bargaining agreement.

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Partners Bank of California Expands to Beverly Hills, First Time Outside Orange County

Mission Viejo, Calif.-based Partners Bank of California announced plans to open a branch in Beverly Hills, its first outside of Orange County.

Pepperdine Taps Global Justice Reform Advocate James Gash as New President

Pepperdine University’s Board of Regents late on Feb. 13 named James Gash, an associate dean at the university’s law school, as its eighth president and chief executive, the university announced Feb. 15.

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Silicon Beach Report Feb. 15: TrueCar Purchases Accu-Trade Stake

Tracking Snap’s original content offers; Accu-Trade sells to TrueCar; GamesUnion reacts to Activision layoffs.

Commercial Real Estate 2019 Project Nominees

Custom Content by the Los Angeles Business Journal

135 West Magnolia Boulevard

Commercial Real Estate 2019: Commercial Real Estate Development and Operations Support 8.3 Million Jobs

Custom Content by the Los Angeles Business Journal

New development and ongoing operations of existing commercial real estate buildings in the United States – office, industrial, warehouse and retail – generates significant economic growth at the state and national levels.

Commercial Real Estate 2019: Are Public-Private Partnerships the Solution for U.S. Infrastructure?

Custom Content by the Los Angeles Business Journal

Many of us associate infrastructure with crumbling roads and bridges, but U.S. infrastructure issues are far more pronounced than what we see on our daily commute.

A Global View of Commercial Real Estate in 2019: Opportunities Abound Amid Strong Demand

Custom Content by the Los Angeles Business Journal

Set against the backdrop of a rapidly increasing world population, global GDP growth, relatively strong economies and heightened job creation, real estate markets are thriving.

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Commercial Real Estate 2019 Broker Nominees

Custom Content by the Los Angeles Business Journal

Stephen Algermissen Cushman & Wakefield Patrick Amos CBRE John S. Archibald Colliers International Mike Arnold NAI Capital David Aschkenasy Commercial Asset Group

CLOUD COMMUTE

Float Shuttle envisions commuter service that flies over traffic

Float Shuttle looks to the skies to ease L.A. commutes.

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Calif.’s Housing Crisis Will Not Solve Itself

Recently sworn in California Gov. Gavin Newsom has made tackling the state’s housing crunch, a central goal of his administration.

STYLE | Dressing for Success

Gary Mozer • George Smith Partners Inc.

Dress for success

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Transplant Nonprofit OneLegacy Sees Growth

HEALTH CARE: Firm’s organ donations, revenue set record

Organ donation facilitator OneLegacy has record 2018.

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Advisory Firm Nova Capital Off to Strong Start

Steven Yazdani-backed outfit secures $640M in capital commitments

Steven Yazdani launches RE advisory firm.

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Real Estate Turns to Tech

TECHNOLOGY: Brokers, landlords look for value add

Leasing real estate assets in a high-growth market such as Los Angeles increasingly requires an assist from technology.

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GOLDRICH KEST NAMES CEO

Culver City-based real estate development and management company Goldrich Kest Industries has named Mike Drandell as its chief executive.

FOR YOUR (CASH) CONSIDERATION

Special Report: Entertainment

OSCAR WINNERS COULD SEE BIG PAYDAY

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OSCAR BUMP?

Special Report: Entertainment

Not for Los Angeles venues, which go dark to avoid competing with awards show

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Academy Awards Parties a Culinary Affair

Special Report: Entertainment

Chefs can be the big winners as catering high-profile events boost reputation

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Emmaus Plans Reverse Merger, Nasdaq Listing

Biotech firm’s deal will be less dilutive for shareholders; to close in second quarter

Emmaus to go public with reverse merger.

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$180M Manhattan Village Makeover Underway

At revamped shopping plaza, focus on experiential, communal space

Manhattan Beach mall gets swanky makeover.

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BEHIND THE SCENES

Special Report: Entertainment

The aim of this special report is to illuminate some of these tales. We hope you find the articles contained within do just that.

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Colony Capitulates, Gets Two New Directors

Tom Barrack-led real estate investment firm adds board members at activist’s request

Colony Capital adds two directors to board.

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More Buck, Less Bang

Smaller lessees squeezed on tenant improvements as construction costs rise

All is not equal when it comes to tenant improvement allowances.

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CBB CFO RESIGNS

CBB Bancorp Inc., announced Tuesday that J. Duncan Smith has resigned from his position as chief financial officer, effective Feb. 8, to pursue other interests.

$63M LOAN FOR THOMPSON HOTEL

Real estate lender Calmwater Capital has given Hollywood-based Relevant Group a $63 million loan for the construction of a hotel in Hollywood.

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KECK ACQUIRES CARDIOLOGY GROUP

Keck School of Medicine of USC announced Feb. 12 it will acquire Los Angeles Cardiology Associates

Contractor Fined Nearly $12 Million for Wage Theft Violations

Labor commission: Construction co. issued bad checks to more than 1,000 workers

Construction company hit with $12M in fines for wage theft.

$40M Donation for Carson Center

Sprawling facility will house tennis courts, soccer fields and an academic center

Plans revealed for new Carson sports, education complex.

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Thursday, February 14

TrueCar Acquires Minority Stake in Accu-Trade

TrueCar Inc., a digital auto pricing marketplace operating in Santa Monica, announced Feb. 14 it acquired a 20 percent stake in vehicle-appraisal software developer Accu-Trade, based in New Brunswick, Canada.

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Long Beach-Based Molina Healthcare to Lay Off Nearly 170 Workers

Molina Healthcare Inc., a Long Beach-based managed-care services provider, will lay off nearly 170 workers this spring following a year-long financial turnaround, according to a state employment report released this week.

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Intrepid Advises on Sale of Electric Vehicle Maker Artisan

Brentwood-based Intrepid Investment Bankers, a regional middle market investment banking firm, advised on this month’s sale of Camarillo, Calif.-based Artisan Vehicle Systems Inc., a zero-emission electric battery-powered equipment manufacturer.

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Knotel Brings Flex-Office Concept to L.A. With First Lease

Knotel Inc., a New York-based flexible office space provider and rival of WeWork Companies Inc, is making its way to L.A. The company has signed its first L.A. lease in Santa Monica.

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Mattel Strikes Three-Year Licensing Deal for ‘Despicable Me' Merchandise

El Segundo toy maker Mattel secured a three-year international licensing agreement to produce “Despicable Me” merchandise ahead of the release of the “Minions” sequel film. The Feb. 14 announcement is the latest in a series of scores for the Barbie and Hot Wheels producer.

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Silicon Beach Report Feb. 14: HauteLook Hacked

Newegg to sponsor Counter Logic Gaming; Casetabs gains $2.5 million; HauteLook customer data compromised

Skyview Capital Completes Acquisition of Customer Care Assets of Conduent

Century City investment firm Skyview Capital, run by Platinum Equity alum Alex Soltani, closed Feb. 14 on his biggest private equity acquisition ever for the 14-year-old Skyview − a carve out from Florham Park, N.J.-based Conduent Inc.

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Wednesday, February 13

WeWork Signs 78K SF Downtown Lease

WeWork Companies Inc. has signed a lease for 78,000 square feet in downtown. Terms of the lease were not disclosed.

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Casetabs Inc. Raises $2.5 Million From Investors

Casetabs Inc., a digital health company based in West Los Angeles, has raised $2.5 million during a fundraising round, according to a securities filing.

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Slower Cargo Traffic at Twin Ports in January

Weak import figures at the ports of Los Angeles and Long Beach in January suggest the rush to import Chinese goods ahead of a possible hefty tariffs may be waning, analysts say.

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Silicon Beach Report Feb. 13: Activision Restructures, Downsizes

Ex-Snap employees raise $1 million for new venture; Activision downsizes support staff; OpenTempo links with TigerConnect

UCLA Sells Epigenetics Tech to Boost Crops for Farmers

UCLA has licensed epigenetics technology to a Massachusetts-based plant breeding firm to improve the performance of commercial crops.

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Torrance Office Building Sells for $15.75M

A 60,804-square-foot office building in Torrance has sold for $15.75 million, Newmark Knight Frank announced Feb. 13.

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TigerConnect Links With OpenTempo

TigerConnect Inc., a healthcare communications software developer operating in Santa Monica, announced Feb. 13 it will partner with OpenTempo Inc., developers of a medical staff scheduling software based in Williston, Vt.

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Goldrich Kest Names CEO

Culver City-based real estate development and management company Goldrich Kest has name Mike Drandell as the company’s chief executive. Drandell was previously the company’s chief operating officer.

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80-Acre Sports and Education Center Planned for Carson

A portion of Los Angeles County-owned Victoria Park Golf Course in Carson is expected to be transformed into a new sports and education center with a focus on tennis and STEM studies pending completion of a public review process led by the county.

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Tuesday, February 12

Calmwater Capital Provides $63M Loan to Build Thompson Hotel in Hollywood

A $63 million loan has been given to the Hollywood-based Relevant Group for the construction of a hotel in Hollywood. The senior secured term loan is for the Thompson Hotel.

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USC Names Caryn Lerman to Direct its Norris Comprehensive Cancer Center

The USC Norris Comprehensive Cancer Center has named Caryn Lerman, a nationally renowned cancer prevention researcher, as its new director.

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Jamison, Hankey Investment Planning 490-Unit Project on Vermont in Koreatown

Koreatown-based Jamison Services and mid-Wilshire-based Hankey Investment Company have filed plans to build 490 residential units in Koreatown.

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Silicon Beach Report Feb. 12: Techstars Launching Space Accelerator

Scopely hits $400 million run rate; Tinder’s algorithm analyzed; Techstars creates L.A. aerospace accelerator

CBB Announces Resignation of CFO

CBB Bancorp Inc., parent of Commonwealth Business Bank, announced Tuesday that J. Duncan Smith has resigned from his position as chief financial officer, effective Feb. 8, to pursue other interests.

Keck Medicine of USC to Acquire Los Angeles Cardiology Associates

Keck Medicine of USC announced Feb. 12 it will acquire Los Angeles Cardiology Associates, a cardiovascular care group with eight locations across Greater Los Angeles, for an undisclosed sum.

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Monday, February 11

Culver City Creative Office Campus Sold for $39.1M

Pasadena-based Alexandria Real Estate Equities Inc. has purchased Bristol 61, a four-building creative office campus in Culver City for $39.15 million, according to a source familiar with the matter.

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San Gabriel Valley Construction Contractor Cited for Nearly $12 Million in Wage Theft Violations

The state Labor Commissioner’s office has fined the former owners of a now-shuttered San Gabriel Valley construction subcontractor for nearly $12 million in wage theft violations.

Silicon Beach Report Feb. 11: SpaceX Booked for Lunar Mission

MGM launches Epix streaming service; Activision Blizzard readies for layoffs; SpaceX launching lunar lander

Top-Read Stories of the Week

Top-Read Stories of the Week

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Friday, February 8

El Monte Apartment Building Sells for $41M

A 177-unit apartment building in El Monte was purchased by Uhon Inc. for $40.5 million, records show. The complex, called The Parker, was sold by Benedict Canyon Equities Inc.

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Didi Hirsch Mental Health Opens $19M Suicide Prevention Center in Century City

Didi Hirsch Mental Health Services, a social service agency based in Culver City, on Feb. 8 unveiled a $19 million Suicide Prevention Center.

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Silicon Beach Report Feb. 8: Apple Advised to Acquire Activision

Consumer Reports tracks scooter injuries; JP Morgan Suggests Apple buy Activision; Musk mansion listed for $4.5 million

$300M Project Breaks Ground in Koreatown

A $300 million residential building has broken ground in Koreatown. The 25-story tower is being developed by mid-Wilshire-based Hankey Investment Company and Koreatown-based Jamison Properties.

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Gardena-Based 3DEO Raises $14M to Advance Metal 3D Printing

3DEO Inc., a metal 3D printing company based in Gardena that manufactures parts for medical and other industries, raised $14 million in funding from investors, according to a Feb. 8 securities filing.

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STYLE | Chocolate Facilitator

Tom Gallop • Beverly Hills teuscher-Chocolates of Switzerland

Labor of love

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Krost Adds West L.A. Accounting Firm to Roster

Deal for Gaynor & Umanoff gives Pasadena-based firm first Westside outpost

Location, location, location factor in Krost buy of Gaynor & Umanoff.

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RECYCLING REVOLUTION

Moral Fiber targets the garment industry’s waste

Clothing industry looks to tackle issue of waste.

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LA BioMed Taps BioLabs

HEALTH CARE: Firm will run Torrance incubator space

LA BioMed looks to hatch new talent with shared lab space.

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Family Ties Bind Bank

FINANCE: Farmers & Merchants maintains growth

Farmers & Merchants Bank keeps it in the family.

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Super Bowl Perk for Rams?

SPORTS: Revenue share plan waters down profits

Will Rams’ Super Bowl run be a fiscal touchdown?

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Train’s Fate No Deterrent

INFRASTRUCTURE: High-speed rail contracts proliferate

Full speed ahead for local companies with high-speed rail contracts.

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SHELL ACQUIRES ELECTRIC VEHICLE CHARGING OUTFIT

Royal Dutch Shell’s New Energies division has acquired West Hollywood-based Zeco Systems Pte Inc.

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Spaces Takes Santa Monica, Pasadena Leases

Co-working firm signs deal at Water Garden for nearly 70,000 square feet

Spaces snaps up co-working spots in Pasadena, Santa Monica.

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Split Verdict in Puma Biotech Case

HEALTH CARE: Federal jury awards investors damages in rare securities class-action trial

Both sides claim victory in lawsuit against Puma Biotechnology.

L.A. Rising: SUNRISE ON SUNSET

Sunset Strip

The developments profiled here show the increased demand for high-concept projects along the Strip

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Downtown’s Box Yard Sold for $68M

New owners will target e-commerce tenants

Bridge Development thinks outside the box with industrial purchase.

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Raised in Space Looks to Innovate Music Industry

Former BMG exec heads new venture fund backed by Scooter Braun’s Ithaca firm

Zach Katz launches music-focused venture fund.

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Forever 21 HQ Sells for $166M

Forever 21 Inc. has sold its headquarters building to Blackstone Group, industry sources confirmed.

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Xencor Cuts $280M Deal with Genentech

Xencor Inc. signed a research and licensing agreement with Genentech Inc. valued at up to $280 million

AECOM’s Kansas City Airport Bid Back in Play

Firm resubmits after bid winner’s plan questioned by K.C. City Council

Second chance for AECOM in Kansas City?

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Flying High

LA airports – and the airlines that serve them – see flights tick up in 2018

L.A.-area airports see record number of passengers.

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Colony Credit RE ups Credit Line to $560M

Real Estate Inc. has increased its credit line to $560 million to accommodate future growth

AEG Deal Creates Events Giant

ENTERTAINMENT: Entity will handle event logistics at more than 300 venues

AEG, SMG form vast venue venture.

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PAGE 3: Snap’s Back; Fox RSNs in Limbo; Bezos Bombshell

Commentary

We’re more than a month into 2019, and the business community in Los Angeles seems to be hitting its stride after the traditional year-end slowdown. Let’s start with the good news, shall we?

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Thursday, February 7

Issuance Acquires FinTech Marketing Outfit CrowdFundX

Financial marketing firm CrowdfundX, operating in Sawtelle, announced an acquisition by West L.A.-based digital investment firm Issuance Inc. Feb. 7.

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Silicon Beach Report Feb. 7: Goat Nabs Foot Locker Investment

FoxNext launches indie game fund; Gigajot broadens Pasadena reach; Foot Locker invests in Goat

Image-Processing and Microchip-Maker Gigajot Expands in Pasadena

Image-processing and microchip-manufacturing firm Gigajot Technology Inc. announced Feb. 4 it will expand its sublease of its current 100-square-foot headquarters in Pasadena to 3,257 square feet at the Gateway Metro Center on E. Foothill Boulevard in the same city.

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Merger Involving AEG Creates a Venue Management Giant in LA

Anschutz Entertainment Group Inc. announced Feb. 7 that its subsidiary AEG Facilities has merged with facility operator SMG, creating a standalone, Los Angeles-headquartered ASM Global, which will manage hundreds of arena, amphitheaters, and other venues across the world.

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UPDATED: CVB Financial to Close 10 Branches Through May

Ontario-based CVB Financial Corp., parent of Citizens Business Bank, which just pushed to a nearly $12 billion-in-asset banking behemoth following its August purchase of Community Bank in Pasadena, recently disclosed that it is in the beginning stages of a branch consolidation affecting 14 percent of its brick-and-mortar locations.

Goat Gets $100M Investment From Foot Locker

Tennis shoe giant Foot Locker Inc is betting big on a secondary sneaker market brand based in Culver City that’s created buzz with an app that helps sellers and buyers avoid counterfeits.

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Net Income Down, Mall Tenant Sales Up, According to Macerich Q4 Earnings Report

The Macerich Co. had $11.7 million in net income in the fourth quarter of 2018, according to an earnings report released Feb. 7. The number is far below the $32.8 million in net income reported for the fourth quarter of 2017.

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Wednesday, February 6

Business Insurance in 2019: Preparing CFOs for the Year Ahead

Custom Content by the Los Angeles Business Journal

What will 2019 bring for companies seeking to manage their insurance expenses? For organizations that proactively manage risk, the good news is that premiums for most categories of business insurance will rise only modestly in 2019.

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SpaceX Gears Up for Manned Space Flight

Space Exploration Technologies Corp’s dress rehearsal for manned space flights this summer is aimed for March 2, when Space X’s s Crew Dragon is slated to launch an unmanned demonstration flight from Kennedy Space Center's historic Launch Pad 39A, NASA announced Wednesday.

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Silicon Beach Report Feb. 6: Topgolf and Super League Gaming Partner

Super League Gaming links with Topgolf; ESPN+ exceeds 2 million subscriptions; SpaceX prepares for manned flights

Downtown-Based Luxury Cannabis Firm Beboe Purchased by Green Thumb Industries

Beboe, a downtown-based luxury cannabis company created by For Success Holding Company, was purchased by Chicago-based cannabis cultivator and dispensary operator, Green Thumb Industries Inc.

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Forever 21 HQ Sells for $166M

Forever 21 has sold its headquarters building to Blackstone Group, industry sources confirmed. The Lincoln Heights property sold for just under $166 million, according to CoStar data.

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Mattel Taps Former Disney Channel Exec to Helm TV Division

Toymaker Mattel tapped a former Disney Channel executive to run its television division as it moves to bolster its live-action and animation productions based on its iconic brands.

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Tuesday, February 5

Federal Jury Awards Puma Biotechnology Investors Damages in Securities Class-Action Verdict

A securities class-action filed against Puma Biotechnology Inc. resulted in a split verdict by a federal jury announced this week that allowed investors to recover $4.50 per share in damages.

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Colony Credit Real Estate Raises Credit Line to $560M

Downtown-based Colony Credit Real Estate has increased its credit line to $560 million to accommodate future growth, the second time for a hike since late last year.

TriLinc Global Invests $18M in South America Projects

Manhattan Beach-based TriLinc Global Impact Fund has approved $18 million in trade finance to three South American borrowers.

WeWork Opening New 116K SF Space in Santa Monica

WeWork has signed a lease for more than 116,000 square feet in Santa Monica.

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UCLA Researcher Dennis Slamon to Share in $1M Prize for Cancer Research

Dennis Slamon, a UCLA scientist whose research led to the development of the blockbuster breast cancer drug Herceptin, will share in a $1 million prize from Sweden for outstanding cancer research, the university announced Feb. 5.

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City of Hope to Open First Cancer Center in OC for $14M

City of Hope National Medical Center will plant a flag in Orange County with a $14 million cancer clinic to open later this year in Newport Beach.

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Silicon Beach Report Feb. 5: Snap Releases Fourth Quarter Results

PocketWatch gets into gaming; Raised in Space launches; Snap revenue grows as users stagnate.

Xencor Cuts $280M Development Deal With Genentech

Xencor Inc., a biotechnology company based in Monrovia, has signed an agreement with Genentech Inc. valued at up to $280 million to develop a drug to battle cancer and other diseases.

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UCLA Receives $15.2M From Late Producer Garry Shandling for Medical Research

The UCLA David Geffen School of Medicine has received a $15.2 million bequest from the estate of entertainer Garry Shandling.

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Guthy-Renker Settles $8.5M Lawsuit Over Auto-Renewal Payments

Direct beauty marketing company Guthy-Renker settled an $8.5 million lawsuit alleging it illegally charged customers for Wen hair and Proactiv acne products through automatic payments renewals, officials announced this week.

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Signal Sciences Raises $35M

Web security firm Signal Sciences, operating in Culver City, announced Feb. 5 it raised $35 million in a Series C funding round led by Lead Edge Capital, bringing its total funding to $62 million since its 2014 incorporation.

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Subscription Vitamin Company Ritual Raises $25M

The women’s subscription vitamin company Ritual announced Feb. 5 it has raised $25 million in Series B funding, which it plans to create an “iconic” pill.

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Monday, February 4

Top-Read Stories of the Week

Top-Read Stories of the Week

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Silicon Beach Report Feb. 4: Verb Technologies Plans Nasdaq Listing

Machinima shutting down; Nfusz changes name; MomentFeed finds engineering vice president.

Nfusz Becomes Verb Technology, Plans Nasdaq Listing

Sales intelligence firm Nfusz Inc., based in Hollywood, announced Feb. 4 it will change its name to Verb Technology Company Inc. in preparation for a planned listing on the Nasdaq stock exchange.

Fat Brands Expanding in India With Plans to Open 60 New Restaurants

Beverly Hills-based Fat Brands is expanding their reach into India with 60 new co-branded Fatburger and Buffalo’s Express restaurants planned over the next decade, the company announced Monday.

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Change of Leadership, Address at Bar Association

ORGANIZATION: New digs to facilitate ‘collaboration and networking’ focus.

Bar Association’s new leadership.

Friday, February 1

CPUC Fines SoCal Gas $3.3M Over Ontario Pipeline Investigation

Southern California Gas was hit Friday with a $3.3 million fine by state regulators who accused the company of failing to properly and timely investigate a January 2017 explosion in Ontario that injured on person.

John Wayne Cancer Institute Taps Physician Researcher as Top Executive

Dr. Steven O’Day, a renowned researcher in immune-oncology, has been named executive director of the John Wayne Cancer Institute at Providence Saint John’s Health Center in Santa Monica, the hospital announced Feb. 1.

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Downtown Industrial Property Box Yard Sold for $68M

The Box Yard, a 261,528-square-foot industrial property in downtown has sold for $68 million. Bridge Development Partners purchased the property from Atlas Capital.

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Rogers & Cowan Restructuring Its Red-Carpet Division Following Acquisition of ITB

Public relations giant Rogers & Cowan will restructure its celebrity red carpet division as part of its plans to rebrand the recently acquired London-based entertainment marketing agency, ITB Worldwide, into a “global powerhouse fashion agency.”

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Silicon Beach Report Feb. 1: NHL Links With NextVR

MomentFeed selects new CFO; NextVR collaborates with NHL; SpaceX tests Falcon launch

Otis Report Notes Economic Growth in Several of L.A.’s Creative Industries

The creative industry generated in 2017 $77.9 billion in labor income and $207.8 billion in economic output, according to a sweeping 254-page report released Feb. 1 by the Otis College of Art and Design.

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CO-WORKING SPECIAL REPORT

There has been an explosion of co-working spaces in the greater Los Angeles region in recent years, and it’s changing how both the real estate industry and businesses at large think about office space. While co-working has reached the mainstream, another form of shared real estate – co-living space – is still nascent.

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Shell Acquires West Hollywood Electric Vehicle Charging Outfit

Royal Dutch Shell PLC’s Shell New Energies division has acquired West Hollywood-based Zeco Systems Pte Ltd., doing business as Greenlots, for an undisclosed sum.

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Most Influential Minority Attorneys: Los Angeles County Bar Association Introduces a New 40-Hour Mediation Training Program

Custom Content by the Los Angeles Business Journal

Participants who complete the program will have fulfilled the requirements to lead mediations throughout California

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Most Influential Minority Attorneys: Stacie Yee

Custom Content by the Los Angeles Business Journal

In addition to being named Pillsbury’s Executive Chair of Diversity & Inclusion in June of last year

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Most Influential Minority Attorneys: Daniel Wu

Custom Content by the Los Angeles Business Journal

Daniel Wu is a leading lawyer within the tech community, sought after by emerging companies and investors that are on the cutting edge of innovation.

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Most Influential Minority Attorneys: Bart H. Williams

Custom Content by the Los Angeles Business Journal

Bart Williams is one of the nation’s most sought after trial lawyers

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Most Influential Minority Attorneys: Benjamin T. Wang

Custom Content by the Los Angeles Business Journal

Ben Wang is a partner at Russ August & Kabat.

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Most Influential Minority Attorneys: Belinda Martinez Vega

Custom Content by the Los Angeles Business Journal

Belinda Martinez Vega is a partner in Venable LLP’s Los Angeles office.

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Most Influential Minority Attorneys: Benjamin Valencia II

Custom Content by the Los Angeles Business Journal

Benjamin Valencia II is a partner at Meyer, Olson, Lowy & Meyers, LLP (MOLM) and certified as a Specialist in Family Law by the Board of Legal Specialization of the State of California

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Most Influential Minority Attorneys: Albert Valencia

Custom Content by the Los Angeles Business Journal

Al Valencia’s practice is focused on real estate transactional matters.

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Most Influential Minority Attorneys: Ellisen S. Turner

Custom Content by the Los Angeles Business Journal

One of the few African-American leaders of an Am Law 200 firm, Ellisen Turner, former managing partner of Irell & Manella LLP

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Most Influential Minority Attorneys: Julia Trankiem

Custom Content by the Los Angeles Business Journal

Julia Trankiem’s clients recognize her as a go-to practitioner in California on a range of workplace-related matters

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Most Influential Minority Attorneys: Vivian Lee Thoreen

Custom Content by the Los Angeles Business Journal

Holland & Knight’s Private Wealth Services practice is among the largest such practices in the United States.

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Most Influential Minority Attorneys: Paul W. Sweeney, Jr.

Custom Content by the Los Angeles Business Journal

Paul Sweeney’s practice focuses on complex business disputes, both individual and class action

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Most Influential Minority Attorneys: Elizabeth Sperling

Custom Content by the Los Angeles Business Journal

Elizabeth Sperling is a partner in Alston & Bird’s Los Angeles office and co-chair of the firm’s California Diversity Committee.

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Most Influential Minority Attorneys: Amy F. Solomon

Custom Content by the Los Angeles Business Journal

Amy Fisch Solomon, a partner with Girardi | Keese

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Most Influential Minority Attorneys: Artin Shaverdian

Custom Content by the Los Angeles Business Journal

Artin Shaverdian is a Partner in the Eminent Domain and Valuation Group in Nossaman’s Los Angeles office.

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Most Influential Minority Attorneys: Christian Scali

Custom Content by the Los Angeles Business Journal

Christian Scali has devoted his 20 year legal career to representing automotive dealers and other key players in the automotive industry.

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Most Influential Minority Attorneys: Eugene Ryu

Custom Content by the Los Angeles Business Journal

Gene Ryu is one of Littler’s rainmakers and diversity champions. Representing major employers throughout the country

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Most Influential Minority Attorneys: Fred A. Rowley, Jr.

Custom Content by the Los Angeles Business Journal

Fred A. Rowley, Jr., who is Filipino American, stands apart from his peers as a legal advocate and thought leader in the legal profession.

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Most Influential Minority Attorneys: Ekwan E. Rhow

Custom Content by the Los Angeles Business Journal

A recent inductee of the American College of Trial Lawyers, Name Principal Ekwan E. Rhow has first-chaired more than 30 cases

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Most Influential Minority Attorneys: Angela Reddock-Wright

Custom Content by the Los Angeles Business Journal

Angela Reddock-Wright is the Founding & Managing Attorney of the Reddock Law Group

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Most Influential Minority Attorneys: Elsa Ramo

Custom Content by the Los Angeles Business Journal

Elsa Ramo represented over 90 films and 15 television series in 2017 alone

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Most Influential Minority Attorneys: Ashe P. Puri

Custom Content by the Los Angeles Business Journal

Ashe Puri is a Partner in the Los Angeles office of Fox Rothschild LLP

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Most Influential Minority Attorneys: Jennifer Post

Custom Content by the Los Angeles Business Journal

As a partner with Thompson Coburn, Jennifer Post serves as primary outside counsel to a variety of individuals

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Can Gavin Newsom Be a Clean Economy Governor?

Commentary

California proves that smart clean energy and climate policies go hand in hand with economic growth.

BROADWAY BLOOM

Can downtown’s Broadway recapture its retail glory?

Developers remaking Broadway with retail revolution.

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Clippers Start New Year by Racking Up Techs

Deals with blockchain and AR firms bolster team’s tech bona fides

Clippers keep focus on tech with new partnerships.

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March Capital Closes $300 Million Fund

Second fund for venture capital firm comes after exits from $240M vehicle

March Capital Partners closes $300M fund.

BROADWAY’S BOUNTY

Developers remaking Broadway with retail revolution.

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Soon-Shiong Forgoes Tribune Activist Role

SEC filing shows billionaire agrees not to meddle with board, shareholder votes

Patrick Soon-Shiong won’t take more active role at Tribune.

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Highway to Hell in the City of Angels

Commentary

Officials in Los Angeles have for years made numerous attempts to alleviate the city’s infamous traffic gridlock.

CHLA Looks to Boost Diabetes Care for Teens

$1.4 million grant will help spread best practices on youth diabetes program

Grant allows Children’s Hospital to focus on youth diabetes.

STYLE | Bright Ideas

Shabnam Mogharabi • SoulPancake

Colorful creatives

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Chiang Moves to Private Sector

FINANCE: Former state treasurer racks up board appointments, joins law firm

John Chiang finds footing in private sector after stint as state treasurer.

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PAGE 3: Oxy Finds Spotlight; Garcetti Stays Put

Despite its attachment to alumnus President Barack Obama, Occidental College is often an overlooked academic outpost in Los Angeles

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Multifamily Project Planned for Mid-Wilshire

Trion Properties and Ketter Construction team up on 45-unit development

Trion teams up with Ketter Construction on Mid-Wilshire development.

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Sharing Space | Co-working companies are feasting on L.A., and landlords want a piece

SPECIAL REPORT: CO-WORKING

Co-working companies are feasting on L.A., and landlords want a piece

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Next in Line | Co-working is already massive; co-living could be even bigger

SPECIAL REPORT: CO-WORKING

Co-working is already massive; co-living could be even bigger

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OpenGate Accelerates Deal Pace

Private equity firm announces lock-maker acquisition, zinc co. bolt-on

Century City-based private equity firm OpenGate Capital reported a substantial pick up in transaction activity in January.

SOUTHLAND DRIVE

C.W. Driver Cos. celebrates year 100 in Los Angeles

C.W. Driver still in demand after 100 years.

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Activision Under Siege

MEDIA: Split with Bungie prompts stock drop, lawsuits

Stormy times for Activision Blizzard after breakup with Bungie.

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$84M for Silver Lake Medical

HEALTH CARE: Troubled hospital part of BK divestment

Silver Lake Medical Center to be sold for $84 million.

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APM Setback in Automation Quest

PORTS: Terminal upgrade permit pulled amid labor strife

Dispute with union delays automation plan at the Port of L.A.

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