Los Angeles Business Journal

LA REAL ESTATE

Recent and archived news stories on: Apartments, Architecture, Brokers, Construction, Housing, Mortgages, Offices, Property Management, Realtors...

Santa Monica Pickup to Drive Out Car Dealer

ACQUISITION: Storefront buyer plans to shift gears to restaurant or retail site.

Across from the chic Melisse restaurant on Wilshire Boulevard in Santa Monica, a 23,500-square-foot property just traded hands for $16 million, or $680 a square foot.

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Santa Monica Retail Site on Wilshire Sells for $16 Million

Across from the acclaimed Melisse restaurant on Wilshire Boulevard in Santa Monica, a 23,500-square-foot property just traded hands for $16 million, or about $680 a square foot.

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MWest Holdings Buys Park Wilshire for $27M

MWest Holdings of Sherman Oaks purchased the 170-unit Park Wilshire apartment in Westlake for $27.4 million and plans a $1 million renovation of the 92-year-old site near MacArthur Park.

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Convention Center Demand Sparks Plans for 1,100-Room Hotel

Lightstone Group is moving forward with plans to build a $450 million hotel with 1,100 rooms across from the Convention Center. The New York developer recently submitted its application to city planners for a Gensler-designed project of two towers, one of 40 stories and the other of 28, which would be run by three hotel brands.

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Playa Vista Office Headed for $426 Million Sale

A pair of Playa Vista offices built during the bottom of the market in 2009 are slated to sell for $425.8 million, or $850 a square foot, according to a source working in the market. The buyer expected to pick up the silvery buildings on Bluff Creek Drive from JP Morgan Chase & Co. is Edward J. Minskoff Equities of New York. A representative at Minskoff declined to comment. JP Morgan, represented by Eastdil Secured, could not immediately be reached.

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N.Y. Hotel Developer Checking Into Downtown

HOSPITALITY: Demand for rooms near Convention Center spurs large project.

Lightstone Group is moving forward with plans to build a $450 million hotel with 1,100 rooms across from the Convention Center.

Los Angeles Clippers May Leave Staples Center for Westside

The Los Angeles Clippers could be moving out of downtown’s Staples Center once their current lease expires in June 2024, ESPN reported Wednesday.

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Co-Working Space Still Campaigns for Ad Firms

REAL ESTATE: El Camp’s founder Eric Johnson sees strength in sector focus.

Founder of co-working space El Camp still sees ad industry focus as a plus.

Playa Vista Office Acquisition Sets Record High

SALE: Tech influx helped drive up Playa Jefferson’s price tag to $165 million.

Playa Jefferson has sold for $165 million, or $843 a square foot, making it Playa Vista’s priciest office sale, according to sources familiar with the deal.

June Los Angeles Residential Real Estate Market Heats Up

The number and price of homes sold in the Los Angeles metropolitan area continued their upward trend this year in June, according to data from the Seattle real estate company Redfin.

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L.A. Metro Sued Over Downtown Project

An outdoor mall in Little Tokyo sued the Los Angeles County Metropolitan Transportation Authority Wednesday in an attempt to halt construction of the major rail project in downtown.

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Founder: Boutique Chain Undone by Legal Ties

RETAIL: Ross Fraser goes after former representation for collapse of his Kitson.

Kitson founder Fraser Ross says his former lawyers and chain’s ex-CEO busted his business and cost him millions.

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SPECIAL REPORT: Rebuilding Blueprints

Specter of city of L.A. voter initiative that would impose construction restrictions for two years has spurred some property developers to speed up, reposition, or postpone projects.

Fear of a proposed initiative restricting construction projects has real estate firms redrawing their plans for the city of Los Angeles.

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SPECIAL REPORT: Rental Rates Rise as Office Vacancies Dip

Office vacancy rates in Los Angeles County tightened slightly in the second quarter, with rental rates reaching record peaks.

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Yamashiro Restaurant in Hollywood Ready for Revamp

The future of Japanese restaurant Yamashiro in Hollywood is looking brighter following a period of flux after the property sold to a Chinese hotel company. The eatery recently reopened under new management by companies Boulevard Nightlife Group and Sugar Factory, which are planning upgrades to the space and the menu.