ACQUISITION: Co-owners expect multifamily boom to feed interest in work space.
The eight-story office building at 520 N. Central Ave. in downtown Glendale sits on a street where several apartment complexes have popped up in the last couple of years.
Beverly Hills-based PacWest Bancorp and downtown’s CU Bancorp announced Thursday they will merge, with PacWest acquiring CU for $705 million in cash and stock considerations.
Businesses hired at a faster rate in March than in the year earlier, according to a monthly jobs report from professional social networking site LinkedIn.
L.A. biotech billionaire Patrick Soon-Shiong’s diagnostics company, NantHealth Inc., reported this week it lost $184 million last year, largely due to lagging sales of its much-touted GPS Cancer diagnostic test.
Arts District online advertising platform Social Reality was the week’s big gainer, shooting up 14.5 percent to close at $2.29. Motorcar Parts of America Inc. also put up big numbers, gaining 9.7 percent to close at $30.73. The week’s biggest laggard was Ritter Pharmaceuticals Inc. of Beverly Hills, which fell 21.5 percent to close at $1.42.
FINANCE: ProducePay fields service to fund-hungry sector.
Cash-advance service ProducePay believes it has a bumper crop of clients in farmers.
Soxhub Inc. said this week it had received a minority investment from Donnelley Financial Solutions Inc. as part of a partnership between the two companies.
L.A.’s solar power industry grew by 11 percent in 2016 over 2015, but dropped to second place for most solar-related jobs in the nation’s metropolitan areas, according to a report issued Tuesday by the Solar Foundation, a Washington D.C. nonprofit dedicated to promoting the solar power industry.
Technology and social media company Snap Inc. was this week’s biggest mover, gaining 16 percent to end at $22.74. Differential Brands Group Inc. was also among the week’s biggest movers. The Commerce-based branded consumer platform gained 16 percent to end at $2.15. Ritter Pharmaceuticals Inc. was this week’s biggest loser, dropping 20 percent to end at $1.80.
TOURISM: Board works to reassure international visitors.
City agency looks to position Los Angeles as a draw despite an expected drop-off from U.S. travel ban.
REAL ESTATE: Brokers see foreign buyers scuttle deals.
Immigration concerns have some foreign buyers moving out of local deals.
EMPLOYMENT: Network of Purple Squirrel works to link current staffers, candidates.
The perfect job candidate is so hard to find that the human resources industry has a term for the rare specimen: a purple squirrel.
Oaktree Capital Management, the third-largest shareholder in Los Angeles Times’ parent tronc Inc., is selling its holdings back to tronc in a $56 million deal, according to documents filed Thursday with the Securities and Exchange Commission.
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.
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.