The increase comes despite both markets posting an average 18 percent vacancy rate because of limited diversity of ownership of the buildings, the report said.
Three landlords control 88 percent of downtown’s top buildings while another three landlords control 49 percent of Century City’s. The quality of the buildings and their locations in city centers, combined with limited competition, allowed each to maintain or even increase rates despite vacancies.
Walter F. Conn is taking over as president of brokerage Charles Dunn Co. Inc.
The announcement comes more than a year after the company booted former President Chris Atkinson and lost former Chief Executive Chris Cooper to competitor Avison Young Inc.
Charles Dunn, owned by Conn’s father, Walter J. Conn, has been restructuring since July in an attempt to grow its services and market share.
Walter F. Conn has 17 years of experience in sales and management, including most recently serving as managing partner and owner of L.A.’s Figueroa Capital Group, a real estate financing company. He served as chief operating officer for Charles Dunn for over a decade through 2005. … John B. Kilroy Sr. has stepped down from his chairman position at West L.A. real estate investment trust Kilroy Realty Corp. He will be replaced by his son, John B. Kilroy Jr., chief executive and president. Kilroy Jr. will keep those responsibilities.
The senior Kilroy founded the company predecessor as a real estate developer and landlord for the aerospace and defense industries in 1947. He has served as the company’s chairman since it went public in 1997.
Staff reporter Jacquelyn Ryan can be reached at firstname.lastname@example.org or (323) 549-5225, ext. 228.
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