Los Angeles Business Journal

LA BUSINESS JOURNAL DAILY NEWS

Purple Squirrel Secures $2.7 Million in Seed Funding

Online networking marketplace Purple Squirrel has secured $2.7 million in seed funding to support the networking platform’s operational growth needs, according to a company announcement.

Silicon Beach Report March 22: Job-Hunting Advice Network Raises $2.7M

Job hunting advice network raises $2.7 million, content management service Edlio acquires app Sangha, and entertainment content startup Pocketwatch raises $6 million.

Lawsuit Challenges Constitutionality of L.A’s Housing Measure JJJ

Measure JJJ, the affordable housing measure approved by nearly two-thirds of Los Angeles city voters last November, is unconstitutional because its local hiring provision discriminates against out-of-state competitors, a federal lawsuit filed last week and made public this week claims.

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Luxury Condo and Townhome Project Coming to Pacific Palisades

A mix of 53 townhouses and condos are under construction in the Pacific Palisades and about to begin presales, according to the developers.

Silicon Beach Report March 21: Hootsuite Acquires Snapchat Analytics Tool from Naritiv

Hootsuite acquires Snapchat analytics tool from Naritiv, Hyperloop Transportation Technologies begins construction on pod, and FilmOn loses cable broadcasting appeal.

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LAX Announces Massive Airline Relocations in May

Los Angeles International Airport officials on Tuesday announced a massive airline relocation plan for May involving 21 airlines moving to different terminals or to different locations within terminals.

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Soon-Shiong Ups tronc Stake, Within 1% of Ferro

L.A. biotech billionaire Patrick Soon-Shiong has upped his stake in Los Angeles Times parent tronc Inc. to 24 percent, nearly overtaking majority shareholder Michael Ferro in a move that may further stoke rumors he could be positioning himself to make a run at the company.

Ready Pac Foods Sells for $409 Million

Irwindale pre-packaged salad maker Ready Pac Foods Inc. has been sold to French multi-national food company Bonduelle for $409 million, according to the companies.

Luxury Car Dealer Sells Malibu Mansion for Nearly $16M

The owner of a luxury car dealership in Texas has sold his five-bedroom, six-bathroom oceanfront dwelling in Malibu for about $15.9 million, according to listing agent Madison Hildebrand of Partners Trust Malibu.

Bibibop Asian Grill Moving into Los Angeles ShopHouse Locations

The name posted on L.A.’s five ShopHouse Southeast Asian Kitchen restaurants is about to change, but the food will remain similar now that another Asian restaurant concept has taken over the leases.

Silicon Beach Report March 20: SpaceX Studying Mars Mission Landing Sites

SpaceX studying Mars mission landing sites, Snap Inc. gets first buy rating from Wall Street firm, and Two Bit Circus develops VR and motion simulator.

Creative Appeal Draws Buyer to Culver City

Developer Bow West Capital is set to buy a 28-year-old warehouse in Culver City for more than $10 million with plans to convert the 17,490-square-foot property into a creative office.

Anda Realty Picks Up $15M Pasadena Office

Anda Realty has purchased a downtown Pasadena office building for $15 million, or $273 a square foot, in an area it knows very well: the corner across the street from its headquarters.

Soylent Nabs Downtown Arts District Office Lease

Rosa Foods Inc., maker of the Soylent meal replacement drink, just boosted the nascent office market in downtown’s Arts District, signing a large lease just under $4 a square foot monthly, according to a source familiar with the deal.

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Soon-Shiong Out as Vice Chair of L.A. Times Parent

Los Angeles Times parent company tronc Inc. is reportedly forcing out its vice chairman and second-largest shareholder, L.A. biotech billionaire Patrick Soon-Shiong.

Movers for Week Ending March 17, 2017

Billionaire Patrick Soon-Shiong’s NantHealth Inc. was the week’s biggest gainer. The Culver City biotech firm shot up 27.3 percent to close at $5.51. Beverly Hills-based Capricor Therapeutics Inc. was also a big gainer, rising 16.6 percent to close at $3.30. The week’s biggest laggard was The Rubicon Project Inc., which, in addition to seeing founder Frank Addante step-down from his position as chief executive, saw its stock plummet 33.3 percent to close at $5.80.

USC Receives Grant to Develop Defect-Free Electronic Chips

USC’s Information Sciences Institute, a division of its Viterbi Engineering School, received a roughly $40 million contract this week from Intelligence Advanced Research Projects Activity, a federal government agency.

Cornfield Park Set to Open in April After Three-Year Closure

Residents of L.A.’s urban jungle will soon have access to more open green space.

Silicon Beach Report March 17: Kite Pharma Names UCLA Researcher to Board

Kite Pharma names UCLA researcher to board of directors, Embark Ventures looks to raise $50 million venture capital fund.

Co-Working Company Pulls Out of Row DTLA

Real Office Centers has pulled out of its 15-year lease for 27,000 square feet at Atlas Capital Group’s Row DTLA in downtown’s Industrial District, said Ron McElroy, the co-working company’s chief executive.