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LA REAL ESTATE

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REAL ESTATE: Developers see more rooms for extended-stay hotel projects as market picks up in Los Angeles.Developers like the long-term prospects of extended-stay hotels in Los Angeles.

By Hannah Miet May 4, 2015 midnight   $$ Share

Pushed by Activists, Macerich Adds Independent Directors

Santa Monica mall operator Macerich Co. announced Monday the company is adding two independent directors to its board and ending its stockholder rights plan or “poison pill” in a move aimed at placating activist investors.

CBRE Acquires South Carolina Affiliate

Downtown L.A. commercial real estate giant CBRE Group Inc. has acquired one of its affiliates, CBRE Columbia, a commercial real estate services firm in South Carolina.

Snyder Signs First Tenant at Hollywood Development

Miracle Mile developer J.H. Snyder Co. has signed its first lease for a creative office campus it is building in Hollywood.

Judge Halts Millennium Hollywood Project

A state judge on Thursday halted plans for two massive and controversial skyscrapers in Hollywood, ruling that the city of Los Angeles failed to adequately assess the $1 billion project’s traffic and neighborhood impacts.

Kroenke Adds to L.A.-Area Portfolio

St. Louis Rams owner Stan Kroenke’s Kroenke Group, a Columbia, Mo., real estate investor and developer, acquired a portfolio of five retail properties in the San Fernando Valley last month for $115 million.

N.Y. Investor Enters L.A. Market With Record Deal

Joss Realty Partners, a New York real estate investment firm making its first investment on the West Coast, has entered the market in a big way, buying a Santa Monica office building for the highest price per square foot ever in Los Angeles County.

Soho-Adjacent Site Downtown Trades for $11.5 Million

In addition to attracting bold-face names, London private club Soho House, which opened a West Hollywood outpost in 2010, has apparently become a magnet for real estate investment.

Second Geffen, Mani Malibu Deal Hits Record Price

Billionaire entertainment titan David Geffen and West Hollywood investor Mani Bros. Real Estate Group have continued their Malibu swapathon.

Former Wham-O, Sriracha Factory Gets New Lease on Life

Olson Co., the largest residential developer in San Gabriel, has sold part of the property that used to house the Wham-O toy factory and was later occupied by Sriracha maker Huy Fong Foods.

JibJab Dances Into Marina

JibJab Bros. Studios, a digital media production company known for comical e-cards, has relocated from Venice into a 21,000-square-foot Class C freestanding office in Marina del Rey.

Foursquare Church Lists Echo Park Portfolio

The International Church of the Foursquare Gospel, founded by evangelist Aimee Semple McPherson in 1923, put 14 of its properties in Echo Park up for sale last month.

Law Firm Gets Creative – Space

Downtown L.A.’s PacMutual, which has been repositioned to appeal to creative office tenants, last month signed its second-largest lease with an unexpected tenant: a new law firm.

Pacshore, Canyon Make Creative Office Grab

Pacshore Partners, an L.A. real estate investment firm run by Philip Orosco, and Canyon Catalyst Fund, a joint venture between L.A.’s Canyon Capital Realty Advisors and California Public Employees’ Retirement System, have partnered to acquire creative office buildings in Malibu and Playa Vista in two separate transactions totaling $36 million.

CBRE Buys Johnson Controls Unit for $1.48 Billion

Downtown L.A. commercial real estate giant CBRE Group Inc. has purchased the Global Workplace Solutions unit of Milwaukee’s Johnson Controls Inc. for $1.475 billion.

Westin Pasadena Hotel Sells High

In what Bruce Baltin of hospitality consulting firm PFK Consulting USA said was one of the biggest hotel deals in Los Angeles County this year, Carey Watermark Investors Inc., a New York real estate investment trust, bought the Westin Pasadena for $143 million, or about $408,000 a room, last week.