PALLADIUM SALE: The landmark Hollywood Palladium and its 90,000-square-foot parking lot are being listed by an unidentified investment group, according to the Hollywood Reporter. The property is being marketed as a development opportunity, meaning a hotel or office. But the theater is not expected to be demolished. The Palladium received a thorough renovation after it was purchased by Commonfund Realty Investors and Newport Capital Advisors for $68 million in 2007. The venue reopened in October 2008 with a concert by Jay-Z.
MANSION SALE: Siqiao Ning and his wife, Karen, entrepreneurs based in China, paid $34.5 million for a 36,000-square-foot house that sits on two acres and overlooks Sunset Boulevard, according to the Wall Street Journal. The property was built by developer Fred Wehba and came on the market two years ago at $68.5 million. Chinese purchases of pricey Southern California real estate have become more commonplace in the last few years. The Chinese are the second largest foreign buyers of homes, behind Canadians.
LAYOFFS HAPPEN: Supermarket chain Albertsons said that it will reduce its work force by about 2,200 to 2,500 positions across its 247 locations in California and Nevada. The Fullerton subsidiary of Eden Prairie, Minn.-based Supervalu Inc. did not say how many workers in Los Angeles County would be affected by the layoffs, but the chain has about 60 locations here according to its website. “While Albertsons’ commitment to the neighborhoods it serves remains the same, the need for change at the company is clear,” the company said in a statement. “Albertsons has not kept pace with the changing needs of its customers for a number of reasons.”
ENGINEERING BUY: Tetra Tech Inc. has acquired Rooney Engineering Inc., a Denver-area oil and gas pipeline planning and engineering firm, for an undisclosed amount. The Pasadena engineering and technical services company said that Rooney has clients from Alaska to the Gulf Coast, but many of its projects are in the shale oil formations of North Dakota and the Northern Plains region. The firm has annual revenue of about $30 million and will become part of Tetra Tech’s Technical Support Services unit.
HOTEL SETTLES: The Hilton Los Angeles Airport Hotel has agreed to pay its workers $2.5 million to settle a class-action lawsuit over alleged failure to fully pay workers and give them adequate meal and rest breaks. The settlement was announced by Unite Here Local 11, which supported the lawsuit. The suit was filed in 2008 by several hourly workers on behalf of 1,200 employees who worked at the hotel from 2004 through 2011. The local has been attempting to unionize the Hilton work force and other Los Angeles International Airport-area hotels.
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