DOWNTOWN LOS ANGELES
Deal Forged: Downtown L.A.’s Reliance Steel & Aluminum Co., the largest metals processor and distributor in the country, has reached an agreement to purchase all of the outstanding capital stock of Tubular Steel Inc., a metal distributor in St. Louis. The pickup of TSI furthers Reliance’s product and diversification strategy. Financial terms of the deal, which is expected to close next year, were not disclosed.
HQ Relocation: Munger Tolles & Olson, a full-service law firm based in downtown Los Angeles, has signed a long-term lease with landlord CIM Group for 150,500 square feet of space at 2 Cal, a Class A office building at 350 S. Grand Ave. in downtown’s Bunker Hill neighborhood. Munger Tolles, currently headquartered at 355 S. Grand Ave., will relocate its 375 L.A. employees to five floors and part of a sixth in 2017. Financial terms of the lease were not disclosed.
SAN FERNANDO VALLEY
Powered Up: Capstone Turbine Corp., a Chatsworth maker of microturbines, has regained compliance with Nasdaq’s minimum pricing standards. The company’s shares reached the $1 minimum Nov. 9 and then remained at $1 or higher for 10 consecutive business days, fulfilling board requirements. Prior to Nov. 9, Capstone’s stock had not traded at $1 or above since Nov. 5 of last year.
Real Donation: UCLA’s Ziman Center for Real Estate has received a $1 million donation from Steven Gordon, chairman and principal owner of Beverly Hills’ Domino Realty Management, to fund the Steven C. Gordon Real Estate Student Endowment. The endowment will be used to help support a variety of programs, a speaker series, mentoring by professionals and career services for students, according to UCLA officials.
Funding Round: Santa Monica’s Tuition.io has raised $5 million in an equity round that included Boston’s MassMutual Ventures and Wildcat Venture Partners in Menlo Park. The student loan repayment service provides student loan consolidation and repayment management as an employee benefit. The money will help Tuition expand its business.
Creative Sale: Woodland Hills’ Adler Realty Investments Inc. has sold a Long Beach office property for $35.2 million to a joint venture of Santa Monica’s Ocean West Capital Partners and Chicago’s Singerman Real Estate. Ocean and Singerman plan to convert the 210,281-square-foot office complex, at 100 W. Broadway, into creative space.
SAN GABRIEL VALLEY
SOUTH EL MONTE
Industrial Pickup: Northern Trust Co. of Century City has sold a South El Monte industrial property for $3.3 million to 15130 Nelson. The 35,656-square-foot multitenant building is at 1442 Chico Ave.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Another Acquisition for L.A.’s Reliance Steel
- Reliance Steel & Aluminum Uncoils Purchase of Encore
- Reliance Buys Chapel Steel
- Reliance Buys Midwest Company
- Reliance Steel's Profit Drops More Than 80 Percent
- Reliance Steel Makes Texas Acquisition
- Metal Company May Be Steeling Itself for Pickups
- Reliance Steel & Aluminum Continues to Roll Up Metal Firms