DOWNTOWN LOS ANGELES
Ethical Honor: CBRE Group Inc., a downtown L.A. real estate services company, has reported that it has been named a World’s Most Ethical Company by the Ethisphere Institute, a Scottsdale, Ariz., firm that promotes ethical business practices. Honorees are judged in five key categories: ethics and compliance program; corporate citizenship and responsibility; culture of ethics; governance; and leadership, innovation and reputation. CBRE has now received the distinction three years in a row.
SAN FERNANDO VALLEY
Apartments Acquired: A private trust in Oceanside has purchased a Sherman Oaks multifamily building for $4.9 million from an L.A. limited liability corporation. The complex. at 14905 Dickens St., was built in 1957 and features four one-, 10 two- and six three-bedroom units.
Small-Business Lending: Valley Economic Development Center, a Sherman Oaks nonprofit that makes business loans, and New York’s JPMorgan Chase Co. have announced the expansion of a lending program for African-American-owned small businesses in Los Angeles. The National African American Small Business Loan Fund is part of an initiative to support minority-owned businesses in Los Angeles, Chicago and New York. JPMorgan Chase, which seeded the fund with $3 million in October, will donate an additional $5 million to help VEDC reach its goal of creating a $30 million lending fund.
Multifamily Property: A private investor has purchased a West Hollywood apartment building for $18.5 million from Vista Associates. The four-story, 52-unit Sierra Crest Apartments, at 1320 N. Sierra Bonita Ave., was built in 1987.
Digging In: Eagle Crest Energy, a Santa Monica company that wants to convert an abandoned mine in Eagle Mountain into an energy storage facility, has raised $7.4 million from undisclosed investors, according to Securities and Exchange Commission filings. Eagle Crest has a $2 billion plan to convert the former mine into an energy facility.
Clicking Online: Pathmatics, a Santa Monica developer of Internet advertising tracking software, has raised $3 million in a Series A round led by New York’s Bertelsmann Digital Media Investment. Pathmatics’ tracking software provides real-time feedback to advertisers and ad firms.
New Outpost: The Siegfried Group, a Wilmington, Del.-based accounting services firm, has opened an office in Century City. The new outpost, at 2049 Century Park East, is part of the firm’s drive to boost its profile in the L.A. market.
Staff Shuffle: Yahoo Inc., the Sunnyvale technology giant, has announced that it is moving its search marketing division from the company’s Burbank campus to its operations in Playa Vista. Yahoo is also eliminating 90 positions at the Burbank location, according to paperwork filed with the state Employment Development Department. The layoffs will take effect April 18.
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