MUSIC MOVE: Music and movie mogul David Geffen has donated $100 million to New York’s Lincoln Center for the Performing Arts. Its concert hall, which is currently named Avery Fisher Hall, will be renamed David Geffen Hall in September. Geffen, 72, ranked sixth last year on the Business Journal’s List of Wealthiest Angelenos. He was born in Brooklyn and has an estimated net worth of $5.9 billion.
WAL-MART WINS: The Second District Court of Appeals has given the go-ahead to Wal-Mart Stores Inc. to build a superstore in Burbank at 1301 N. Victory Place. The court issued a tentative opinion, saying the project can proceed. That reversed an earlier decision by a Los Angeles Superior Court judge to rescind the project’s building permits. The proposed store would be at the former site of a Great Indoors home furnishings store. Wal-Mart contends Burbank residents are spending close to $7 million at its other stores in the area. The nearest Wal-Mart is in Panorama City, about 10 miles away.
ON MARKET: Three high-profile buildings in Burbank with tenants that include Cartoon Network, Turner Broadcasting System Inc. and MTV Networks have been put on the market for $90 million by their Beverly Hills owner. Kennedy-Wilson Properties Ltd. is listing the buildings, sources said. The buildings, which have a total of 326,000 square feet of space, are Burbank Executive Plaza at 300 E. Magnolia Blvd., Glenoaks Plaza at 303 N. Glenoaks Blvd. and 333 N. Glenoaks. Another broker also said the properties are on the market with CBRE Group in Los Angeles as the listing broker. Neither CBRE nor Kennedy-Wilson returned calls for comment.
MONEY CUT: The annual compensation of Herbalife Ltd. Chief Executive Michael Johnson has been slashed. Johnson took home $6.73 million last year compared with $10.5 million he made in 2013. His base salary stayed the same, but he did not receive a $3.71 million bonus after the downtown L.A. maker of nutritional supplements missed targets for its operating income and earnings per share as well as other performance goals.
FILM HERE: Los Angeles Mayor Eric Garcetti has named Kevin James the city’s new film liaison and is taking steps to expedite film permits in the city. James, who is the Public Works board president and a former candidate for mayor, will attempt to cut through red tape at City Hall. Garcetti also announced that he plans to ensure Los Angeles is film friendly by making investments in city services that aim to promote entertainment production and increasing budget requests for departments providing services critical for filming.
BIGGER MARRIOTT: AEG will spend $500 million to add on to the J.W. Marriott at L.A. Live. The 755-room expansion would connect to the current hotel with the construction of a bridge over Olympic Boulevard. If the project gets city approval, work could start as early as the end of this year, which would put the hotel on track to have rooms available by 2018. The addition would give the J.W. Marriott more than 1,750 rooms, making it the second-largest hotel in California, behind only the Hilton San Francisco Union Square and its more than 1,900 rooms.
BIG PURCHASE: Pasadena biopharmaceutical company Arrowhead Research Corp. has purchased Novartis’ RNAi research and development portfolio. The deal also includes some patents and patent applications owned or controlled by Novartis. As part of the agreement, Arrowhead has already made a $7 million cash payment and will provide an additional cash payment totaling $3 million and $25 million in Arrowhead common stock within 30 days.
DOCKWORKERS SUE: The families of port dockworkers, demanding to be reimbursed for unpaid health claims, are suing administrators of the employee health plan for International Longshore and Warehouse Union workers for more than $100 million. The class-action lawsuit names Pacific Maritime Association, along with Zenith American Solutions and Cigna Corp., and was filed in a Los Angeles federal district court. The health plan covers dockworkers at West Coast ports, including the ports of Los Angeles and Long Beach.
For reprint and licensing requests for this article, CLICK HERE.