Stories for April 2017

Friday, April 28

Iconic Venice Beach Freakshow Closing Sunday After Losing Lease

The Venice Beach Freakshow will offer its final performances Sunday, forced to abandon its boardwalk home because its landlord declined to renew its lease, according to the founder.

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Silicon Beach Report April 28: Musk Reveals Multistoried Tunnel System Concept in Video

Musk reveals multistoried tunnel system concept in video, Virgin Galactic’s Richard Branson noncommittal on SpaceShipTwo launch dates, and blue collar online job marketplace Work Today raises $1.1 million.

Musk Reveals Multistoried Tunnel System Concept in Video

Elon Musk revealed a conceptual video of a multistoried tunnel system under the city of Los Angeles, which he aims to build with his startup Boring Co., at a TED conference in Vancouver, Canada, on Friday.

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Movers for Week Ending April 28, 2017

Santa Monica-based automotive pricing and information website TrueCar Inc. was this week’s biggest mover, gaining 15 percent to end at $17.52. Monrovia-based STAAR Surgical Company was also among the week’s biggest movers. The medical manufacturing company gained 11 percent to end at $10.40. Brewed soda company Reed’s Inc. was this week’s biggest loser, dropping 25 percent to end at $3.55.

Beyoncé and Jay Z Reportedly Make $120 Million Offer on Bel Air Mansion

Beyoncé Knowles Carter and Shawn “Jay Z” Carter have reportedly submitted a $120 million bid to buy a hilltop mansion in Bel Air.

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Utility Puts More in Storage at Facilities

ENERGY: SCE equips two plants with battery systems.

Southern California Edison plugs new hybrid-car-like battery storage systems at two power plants.

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Towering Hotel May Be High Impact Downtown

HOSPITALITY: Arrival of Wilshire Grand Center could overshadow rivals’ business.

Wilshire Grand Center has no reservations about checking in to L.A.’s thriving hotel scene.

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Investor Dips Into Social Impact With Chip Buy

Venture capital firm’s deal for snack maker gives gang reform program a taste of the equity.

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Makers of Movie Trailers Hitch Business to Internet

FILM: Shorter content in play as studios look to hook customers outside theaters.

Trailer producers hope to make the cut with shorter teasers aimed at online viewers.

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Museum Aims to Come Alive With Cadaver Show

NONPROFIT: Center hopes new ‘Body Worlds’ exhibit can live up to run in 2004.

California Science Center seeks lively attendance with the return of “Body Worlds” cadavers.

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Apparel Firm Helps Professional Athletes Suit Up

CLOTHING: Jhoanna Alba credits Magic Johnson with assist in launching business.

Former Los Angeles Rams defensive end William Hayes doesn’t consider himself to be a fashion-forward guy six days a week, though he insists on looking good when he’s in front of the cameras.

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Ethnic Banks Say Tech Now Speaks to Customers

Next Generation

Ethnic banks once focused on immigrant customers invest in connecting with the next generation.

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Brexit Fallout Prompts Return of Euro Subsidiary

REAL ESTATE: Tumble in share value drives deal by Kennedy-Wilson Holdings

Brexit fallout spurs Kennedy-Wilson Holdings to buy back European subsidiary.

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When the Bill Comes

Everyone appreciates a lower tax bill, but let’s mind the hidden costs that may come with it.

Strength of South Bay on Show in Industrial Deal

ACQUISITION: Terreno pays $31.4 million for 23.4-acre Lynwood site near rail spur.

One of the largest South Bay industrial sites to hit the market in more than a decade sold last week for $31.4 million, or $31 a square foot, according to brokerage CBRE.


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Calendar of Events

Account Security Firm Signs Off on Sale for $230 Million

The Silicon Beach tech scene saw another huge exit last week with TeleSign Corp. agreeing to be acquired by Belgacom International Carrier Services, known as Bics, for $230 million in cash.

L.A. Wants Vehicle Rental Service to Curb Parking

TRANSPORTATION: City warns Turo that streets out of bounds as moneymakers.

Another sharing economy service is facing scrutiny from city of L.A. officials.

Buyers Shore Up Offices

INVESTMENT: Companies continue to snap up pricey Santa Monica properties.

Douglas Emmett and the Qatar Investment Authority picked up two more Santa Monica office buildings.

Hotel Books Makeover

Hospitality: New owner of Claremont sees boutique opportunity in Westwood.

No Break for Carmaker

AUTOMOTIVE: More bad news for Faraday Future as bike firm makes name claim.

Faraday Bicycles wants to hit the brakes on carmaker Faraday Future’s use of the name.

U-Turn Spurs Sell-Off

INTERNET: Stock rebound for TrueCar drives investors to offer up 8 million shares.

Investors in vehicle-shopping site TrueCar are sold on an offering of 8 million shares.

PAGE 3: All Charged Up

The Los Angeles Business Council sent a letter to Environmental Protection Agency Administrator Scott Pruitt on April 28, urging him not to end the Energy Star program.

Seed Stage Investor Breaks With Roots

Chris Sacca’s new direction after venture capital could mean bigger role in Hollywood production.

Early stage tech investor Chris Sacca is pulling the plug on future seed ventures.

Billionaire at Home With Pricey Mansion

Nicolas Berggruen moves into 20,000-square-foot Holmby Hills estate with $40 million deal.

Billionaire Nicolas Berggruen grows his L.A. roots with the purchase of a Holmby Hills mansion.

Small Business Has Big Period

INVESTMENT: First quarter yields $370 million in deals.

Cash-positive small businesses proved a big deal in the first quarter.

Turning Up Heat

Coffee shop part of roaster F. Gaviña & Sons’ expansion plans

Roaster F. Gaviña & Sons looks to heat up its revenue by opening a downtown café.

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Thursday, April 27

Douglas Emmett, Qatar Fund Acquire Two Santa Monica Office Buildings for $353 Million

Douglas Emmett Inc. and Qatar Investment Authority continued their sweep of Westside office towers this week, announcing on Wednesday that their joint venture purchased two prime Santa Monica buildings for almost $353 million, or $1,205 a square foot.

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Silicon Beach Report April 27: Elon Musk’s Boring Co. Machine Revealed

Elon Musk’s Boring Co. machine revealed, SpaceX launches top-secret satellite for National Reconnaissance Office, and mobile-phone tracking startup Sense360 raises $7 million.

Elon Musk’s Boring Co. Machine Revealed in Picture

Elon Musk’s budding tunneling company, Boring Co., showed signs of progress on Thursday as an employee posted an image of what appears to be the company’s first boring machine.

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Wednesday, April 26

Westwood’s Claremont Hotel Sells for $12 Million, to Get First Renovation

Westwood’s oldest hotel is slated for a makeover. The 55-room Claremont Hotel on Tiverton Avenue, built in 1940, has sold for $12.25 million to Shamina Investments, which intends to give the building its first major renovation, the new owner said Wednesday.

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Faraday Future Facing Trademark Lawsuit Over Name

Faraday Future, the Torrance-based electric car company, is facing a trademark lawsuit from an unrelated business called Faraday Bicycles.

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Silicon Beach Report April 26: Chris Sacca Retires from Startup Investing

Chris Sacca retires from startup investing, Breitbart struggles to define its media role in Trump Era, and Global Eagle CEO says fraud or misconduct not responsible for exec departures and accounting issues.

Chris Sacca Retires from Startup Investing

Prominent seed-stage startup investor Chris Sacca announced in a blog post titled “Hanging up my spurs” on Wednesday that he has retired from venture capital investing.

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Tuesday, April 25

Greenlake Investment Management to Open Ziplines at Pacific Crest

A South Pasadena commercial real estate investment firm plans to reopen a 300-acre property in the Angeles National Forest that features a zipline course next month.

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Nicolas Berggruen Purchases Former Edith Mayer Goetz Estate in Holmby Hills for $40 Million

Nicolas Berggruen, once known as the “homeless billionaire,” has purchased the former Holmby Hills mansion of socialite Edith Mayer Goetz for $40 million, listing agent Aaron Kirman of John Aaroe Group said.

Silicon Beach Report April 25: Belgium Telecom Company BICS to Buy TeleSign for $230 Million

Belgium telecommunications company BICS to buy TeleSign for $230 million, in-home clinical trial software startup Science 37 raises $29 million, and Soylent recalls powder after accidental mixing with whey.

Belgium Telecom Company BICS to Buy TeleSign for $230 Million

TeleSign Corp. of Marina del Rey, a developer of user authentication software, announced on Tuesday that it had agreed to be acquired for $230 million in cash by telecommunications company BICS of Belgium.

Monday, April 24

Silicon Beach Report April 24: Upfront Ventures Joins Jeff Skoll, Paul Allen Investing Arms in $119M Sale of TrueCar Shares

Upfront Ventures Joins Jeff Skoll, Paul Allen Investing Arms in $119M Sale of TrueCar Shares, Disney says more than 160 stations signed up for its clearinghouse, and The New York Times launches content and crossword puzzle on Snapchat.

Cushman & Wakefield Takes Lease at Downtown’s Wilshire Grand

Cushman & Wakefield has signed a 12-year lease to occupy the 24th and 25th floors of downtown’s Wilshire Grand Tower, the real estate services firm said Monday.

Upfront Ventures Joins Jeff Skoll, Paul Allen Investing Arms in $119M Sale of TrueCar Shares

In coordination with a secondary offering of TrueCar’s shares, seven investors plan to sell 7.5 million of the company’s shares at an unannounced upcoming date, worth $118.9 million at the close of the stock market on Monday.

Kennedy-Wilson Holdings Set to Acquire European Subsidiary

Kennedy-Wilson Holdings Inc., a Beverly Hills-based real estate investment company, is reeling in its European subsidiary.

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Friday, April 21

Partnership Linked to Sons of Armenian Finance Minister Sells Holmby Hills Mansion for $18.8 Million

A limited liability corporation linked to two sons of the Armenian finance minister, Gagik Khachatryan, has sold a home it owned across the street from the Playboy Mansion in Holmby Hills for $18.8 million.

Movers for Week Ending April 21, 2017

Virco Manufacturing Corp. in Torrance was the week’s biggest gainer, jumping 17.1 percent to close at $4.45. Downtown beverage maker Reed’s Inc. also saw big gains, adding 10.5 percent to its stock price to close at $4.75. Real Industry Inc. of Sherman Oaks was the week’s biggest laggard, dropping 14.7 percent to close at $2.03.

L.A. County Hits Lowest Unemployment Rate in Decades

L.A. County’s unemployment rate fell to 4.6 percent in March, the lowest level in at least 30 years, state figures released Friday show.

Silicon Beach Report April 21: Snap Inc. Acquires GeoFilter Patent from Mobi for $7.7 Million

Snap Inc. acquires geofilter patent from Mobi for $7.7 Million, Hyperloop One’s Chief Marketing Officer Kimberly Salzer leaves for Ozobot, and CalTech, UCLA ranked top universities for technology transfer.

Marilyn Monroe’s Brentwood Home Where She Died Listed at $6.9 Million

The Brentwood house where Marilyn Monroe lived and died has hit the market for $6.9 million.

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Speeding in Wrong Direction

California should move as fast as possible away from its ill-conceived, money-sucking bullet train plan.

Russell Goldsmith wants California to hit the brakes on the bullet train.

Firm Ends Up With Four Closings in Busy Market

BANKING: Intrepid’s Chairman says unprecedented number of prospective buyers active.

Things were busy last week for Brentwood’s Intrepid Investment Bankers, which closed four deals for four different clients, according to the firm’s founder, Jim Freedman, who also serves as chairman.

Hollywood Bed Building Bigger Facility to Handle Major Retail Orders

Chain Reaction

Wal-Mart’s made-in-USA program has helped bolster sales of frame maker Hollywood Bed.

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Talent Agencies Cue Up Political, Social Activism

ENTERTAINMENT: Election of Donald Trump credited for clients’ new engagement

Talent agencies offer direction to clients looking to act on political and social issues.

Rocket Firm High on New Course in Business

AEROSPACE: Aerojet may seek lift in satellite service

Aerojet Rocketdyne may look to pad its rocket revenue by adding satellite launch services.

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West’s Tallest Tower Leans Toward Major Tenant

LEASE: Government group in talks to take two floors at Wilshire Grand Center.

The 73-story Wilshire Grand Center, the tallest tower in the West, is close to signing its first major office tenant.

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Whole New Strategy for Randy’s Donuts

Randy’s Donuts finds a sweet spot in Century City for first expansion.

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SPECIAL REPORT: Shot in Arm For Children

In its first year, Children’s Hospital Los Angeles treated 14 patients in a house in Chinatown known as “the little house on Castelar Street.”

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SPECIAL REPORT: Patient Focus, Growth

It all began with two small hospitals in the early 1900s that had the goal of caring for the sick in L.A.’s Jewish community.

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Fiber-optics Company’s Sale a Crowning Moment

TECHNOLOGY: Wilcon Operations’ $600 million deal reflects industry trend.

Crown Castle International Corp. agreed last week to acquire downtown telecommunications firm Wilcon Operations in a $600 million deal with private equity firm Pamlico Capital.

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Brokers Invest in Videos To Help Frame Mansions

HOUSING: Partners Trust duo drew on ‘La La Land’ to pitch $8.5 million home.

Some brokers make a big production out of creating potential viral videos to showcase high-end homes.

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Sports Deals in Play For Marketing Firm

Innovative Partnerships Group looks to assist property owners in fielding business sponsors.

Innovative Partnerships Group hopes to team up property owners and businesses in sponsorships.


Calendar of events

Office Supply Investor Sees More Upside in Down Under Market

Platinum Equity doubled down on its play in the office supply market last week, announcing plans to acquire the Australia and New Zealand units of Office Depot Inc. subsidiary OfficeMax.

Utility: System Sale Doesn’t Point to Second Deal

WATER: Golden State plans to continue Claremont fight despite settlement with Ojai.

Utility Golden State says the sale of its Ojai system doesn’t mean a Claremont deal is more likely.

Real estate agents lay out strategies on how to bring home residential deals.

‘Going To War’

Agents talk the tricks that open the door to winning bidding wars for prime homes.

Scrubs Maker Cleans Up

APPAREL: Medical clothing of Jaanuu scores $5 million from fashion industry vets.

Jaanuu, a maker of clothing for the medical sector, marks a healthy $5 million investment round.

Former facility of American Apparel set for AST Sportswear operation.

CLOTHING: Property Gets Dye Jobs

AST Sportswear will fold its dyeing operations into a former American Apparel property.

Councilman Backs Buffer Zone Study

Oil industry warns such areas could lead to city of Los Angeles losing jobs as well as tax money.

Councilman’s call for study of buffer zones around L.A. drilling sites stirs deep industry concern.

Ahh, Retirement

David Geffen, owner of one of the largest yachts in the world, played host to an elite lineup last month, according to the U.K.’s Daily Mail.

Trouble in Air?

Oil refineries fear air pollution crackdown could turn into a big turnoff for facilities.

Costly Buildup In Construction

DEVELOPMENT: Crush for crews squeezes project budgets.

Buildup in construction costs is making it harder to put together projects.

SPECIAL REPORT: New Lease on Life for Real Estate Firm

Celebrating its centennial this year, Cushman & Wakefield Inc.’s big splash in Los Angeles came 50 years ago, when John C. Cushman III was tapped to lead the largest leasing challenge the city had ever seen – filling Arco Plaza, now called City National Plaza, a 52-story, 2.6-million-square-foot twin structure downtown.

SPECIAL REPORT: Law Firm Helped Make Case for L.A.

From its launch in 1885, law firm O’Melveny & Myers has been intimately connected with growth and development in Los Angeles.

SPECIAL REPORT: Telling L.A.’s story

Monica C. Lozano approached her stewardship of Spanish-language newspaper La Opinión as a family business that provided a voice for immigrant, Latino communities.

Monica C. Lozano worked to deliver more than just news to the Latino community while running La Opinión.

Drought’s Over but Water Issues Remain

Even with the drought over, the state still needs to do more resource management, advise Kevin Tilden and Noah Mundt.

Day’s Labor Lost

An effort to require workers’ comp insurance for day laborers is pulled – as it should have been.


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Thursday, April 20

Sean ‘Diddy’ Combs’ Business Partner Lists Beverly Hills Home for $12.5 Million

Andy Schuon, who co-founded music-focused cable network Revolt Media & TV alongside hip-hop artist and entrepreneur Sean “Diddy” Combs, is selling his Beverly Hills home for $12.5 million.

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Silicon Beach Report April 20: L.A. Seed Funding Falls Sharply in First Quarter

L.A. seed funding falls sharply in first quarter, Brian Lee and Ron Burkle-backed medical apparel Startup Jaanuu raises $5 million from retail execs, and Nasty Gal founder Sophia Amoruso’s dramatic biopic releases Friday on Netflix.

State Chamber Expands List of Job-Killer Bills

The California Chamber of Commerce on Thursday released an expanded list of 23 “job killer” bills that it is targeting for defeat in the state Legislature.

L.A. Seed Funding Falls Sharply in First Quarter

While venture capital investment in L.A. startups rose slightly in the first quarter of 2017, seed-stage investments went in the other direction.

Wednesday, April 19

Brian Lee, Ron Burkle-backed Medical Apparel Startup Jaanuu Raises $5 Million from Retail Execs

A medical apparel startup looking to disrupt the industry has raised $5 million from investors, including former executives from ecommerce women’s clothier Nasty Gal Inc. and, the company announced Wednesday.

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Silicon Beach Report April 19: Analyst Says Facebook Monopoly Crushing Competitors Such as Snapchat

Analyst says Facebook monopoly crushing competitors such as Snapchat, Hyperloop One delays testing of pod, and Jam City launches bubble shooter game based on ‘Peanuts.’

AST Sportswear Takes Over Former American Apparel Manufacturing Site

With the lease officially signed in the fourth quarter of 2016, Brea-based AST Sportswear Inc. has finally moved into the former American Apparel facility in Hawthorne.

Measure to Study the Shutdown of Oil Wells Near Homes and Schools Introduced to L.A. Council

Los Angeles City Council President Herb Wesson on Wednesday introduced a motion calling for a study of the feasibility of enacting a half-mile buffer zone around all oil drilling operations in the city, a move that could ultimately lead to the shutdown of hundreds of wells.

Food Company Bowls Over Salad Maker as Healthy Target

French multinational food company Bonduelle acquired Irwindale prepackaged salad maker Ready Pac Foods Inc. last week for $409 million.

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Tuesday, April 18

Silicon Beach Report April 18: Snap Launches Additional Augmented Reality Features for Snapchat

Snap launches additional augmented reality features for Snapchat, Facebook defends Snap copying strategy, says it’s just getting started, and TeleSign launches self-service APIs.

Wilshire Grand Offices Set to Ink Tenant

The tallest tower in the West, the 73-story Wilshire Grand Center in downtown, appears close to claiming its first major office tenant.

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Commonwealth Business Bank Reports Net Income Rise in First Quarter

Commonwealth Business Bank released its first quarter earnings report on Tuesday, showing growth in net income and diluted earnings per share.

Monday, April 17

Omninet Capital Buys Monterey Park Offices for $81 Million

A cluster of office buildings in Monterey Park has sold to Omninet Capital, a Beverly Hills-based real estate and venture capital fund, broker Newmark Grubb Knight Frank announced. The price tag was $81 million, according to a source familiar with the deal.

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Silicon Beach Report April 17: Telecom Firm Wilcon Acquired for $600 Million by Crown Castle Corp.

Telecom firm Wilcon acquired for $600 million by Crown Castle Corp., SpaceX’s August hyperloop competition will test maximum speed, and alleged comments from Snap CEO Evan Spiegel drop stock.

Telecom Firm Wilcon Acquired for $600 Million by Crown Castle Corp.

Crown Castle International Corp. has agreed to acquire downtown telecommunications firm Wilcon Operations for $600 million from private equity firm Pamlico Capital.

Creative Artists Agency Partners With China’s CMC Capital

Creative Artists Agency has partnered with China’s CMC Capital Partners, a leading investment fund in the media and entertainment, internet and mobile, and lifestyle sectors.

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Soon-Shiong’s NantOmics Acquires Gene Sequencing Startup Genos

Molecular diagnostics firm NantOmics, a subsidiary of billionaire Patrick Soon-Shiong’s Culver City-based NantWorks, has acquired Genos, a genetic sequencing company.

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Friday, April 14

Best Buy Signs Large Industrial Lease at Compton Brickyard

Best Buy Co. Inc. has snagged nearly half a million square feet of industrial space at the Brickyard in Compton, the property’s leasing broker said Friday, bringing the 58-acre project to full occupancy.

Silicon Beach Report April 14: RadPad Ordered to Pay $60.5M Judgment to Craigslist

RadPad ordered to pay $60.5 million judgment to Craigslist, Hulu opens 500 employee service center in Texas, and in possible win for SpaceX, NASA may rely on commercial partners for Mars trip.

Movers for Week Ending April 14, 2017

Biotechnology company Capricor Therapeutics Inc. was this week’s biggest mover, gaining 10 percent to end at $3.15. Carson-based U.S. Auto Parts Network, Inc. was also among the week’s biggest movers. The auto parts company gained 9 percent to end at $3.62. Culver City-based healthcare company NantHealth was this week’s biggest loser, dropping 29 percent to end at $3.86.

RadPad Ordered to Pay $60.5 Million Judgment to Craigslist

A final $60.5 million judgement was issued against RadPad Inc. after the upstart was found liable for unlawfully scraping apartment listings and spamming users of rival Craigslist Inc.

Chef Nobu, Larry Ellison, and Robert De Niro Open Nobu Ryokan Hotel in Malibu

There are some boldface names behind the opening of the Nobu Ryokan hotel on Carbon Beach in Malibu later this month.

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State Approves Tax Credits for Proterra, Hulu and 19 Other Companies in L.A. County

A state committee on Thursday approved $24 million in tax credits for 21 companies investing up to $314 million to add as many as 1,970 L.A. jobs.

REAL ESTATE: First Quarter Returns Space But Analysts Bullish

The L.A. office market saw more than a quarter-million square feet of space put back on the market in the first quarter, but analysts framed the early 2017 setback as a blip in an otherwise strong economy.

Online Venture Looks to Serve Up Job Applicants

EMPLOYMENT: Workpop partners with industry group to boost bosses’ hire power.

A state restaurant advocacy group and a job search startup want to make the process of matching employers with potential employees more palatable.

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Tight office market has power supply maker mulling options

Pulling Plug?

Santa Monica’s energized office market is squeezing power supply maker Pioneer Magnetics.

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Avocados Not So Fruitful

FOOD: Poor harvest boosts prices, reduces availabilty as Cinco de Mayo closes in.

Off production year will pare back the availability of avocados for Cinco de Mayo.

Doctor Checks In to Court With Disabilities Act

health care: Lawsuit says San Gabriel broke law by denying residents clinic.

Doctor taps disability law to challenge San Gabriel’s rejection of his dialysis clinic.

Moving Into Koreatown

DEVELOPMENT: Proximity to Westside, downtown, rail line fuels market’s attraction.

Koreatown has proved a popular middle ground between downtown and the Westside.

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Property Owners Trash Higher Waste Fees

New city of L.A. trash-hauling system will dump higher pickup costs on some property owners.

Strong First Quarter For Venture Capital

Investment in period up year to year as Greycroft Partners paces local field, backing 19 companies.

Greycroft Partners, Snap’s IPO help fuel strong first quarter for venture capital.

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New Funds Put Focus on Entertainment’s Future

FINANCE: Vision, Struans see e-sports, virtual reality as means to score big returns.

Two new investment firms look to bank on the future by backing millennial-focused content creators.

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Can Robots Help Humans Get in Gear?

Embodied sees future in social assistants.

Embodied engineers robots to help human patients get with their health programs.

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City Bottles Water Deal

UTILITY: Ojai's fight with Golden State ends in $34.5 million system sale

Water fight is over as Golden State agrees to sell Ojai system to Casitas municipal district.

Lowell Milken in Tune

Lowell Milken’s family foundation has donated $1.5 million to the UCLA Herb Alpert School of Music.

Restaurateurs Fill Plate With Coffee

Roy Choi, Daniel Patterson, and Tony Konecny form Yez Plz to seek heat at low price point.

Locol’s Roy Choi and Daniel Patterson aim to cut costs for cups of joe with Yes Plz venture.

Career as Agent Now Tough Sell

HOUSING: Licenses on wane as L.A. market harder to crack.

HOUSING: Agents and brokers are finding it tougher to live with the residential market’s challenges.

REAL ESTATE: San Gabriel Valley

Main events in L.A.’s submarkets in the first quarter.


Main events in L.A.’s submarkets in the first quarter.

REAL ESTATE: Wilshire Corridor

Main events in L.A.’s submarkets in the first quarter.


Main events in L.A.’s submarkets in the first quarter.

REAL ESTATE: San Fernando Valley

Main events in L.A.’s submarkets in the first quarter.

REAL ESTATE: Santa Clarita Valley

Main events in L.A.’s submarkets in the first quarter.


Main events in L.A.’s submarkets in the first quarter.

REAL ESTATE: Hollywood

Main events in L.A.’s submarkets in the first quarter.


Main events in L.A.’s submarkets in the first quarter.

Taking the Cure

With health care reform apparently back on the agenda, insurers need to make their voices heard.


Upcoming conventions


Calendar of events

Investor Puts Money Where Mouths are With Dental Deal

Private equity outfit Brentwood Associates made a big foray into the health care world last week with the acquisition of Texas-based Jefferson Dental Care from Century City’s Black Canyon Capital.

Metal Finishers Among Toxin Target Opponents

MANUFACTURING: Call for increased facility supervision may yield speedier closures.

Manufacturers and metal finishers are concerned about a planned crackdown on toxic emissions by the South Coast Air Quality Management District.

Mixed-Use Project Rolls On Showbiz Connection

ENTERTAINMENT: Pair of Hollywood families casts lot with Glendale development.

Families with showbiz histories will raise the curtain on a theater-anchor mixed-use development.

Thursday, April 13

Port of Long Beach to Name Mario Cordero Executive Director

Mario Cordero is set to become the Port of Long Beach’s new executive director after a Board of Harbor Commissioners vote scheduled for Friday.

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Roy Choi’s Locol Chain to Launch Affordable Premium Coffee Shops

Restaurateurs Roy Choi and Daniel Patterson, the team behind Los Angeles healthy fast-food restaurant chain Locol, are planning to scale up their premium affordable coffee brand, Yes Plz, with coffee windows and standalone shops.

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PBS SoCal’s KOCE-TV Earns $49 Million in FCC Auction

PBS SoCal’s KOCE-TV public broadcasting station is among 175 nationwide winners of the Federal Communications Commission’s first-ever Broadcast Incentive Auction.

Silicon Beach Report April 13: Instagram Stories Users Rise to 200 Million Per Day

Instagram Stories users rise to 200 million per day, Aerojet moves rocket engine work to Alabama, and Hulu Live TV service to cost $39.99 per month with ads.

March Cargo Volumes Surge at San Pedro’s Twin Ports

The twin ports of Long Beach and of Los Angeles saw increased cargo traffic in March. The Port of Long Beach saw a 20 percent increase in its cargo numbers compared to a year ago and posted its best quarter since 2007. The Los Angeles port saw a whopping 29 percent jump in incoming cargo containers compared to the year earlier.

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Wednesday, April 12

L.A. Controller Calls for Overhaul of Police Permits for Businesses

L.A. City Controller Ron Galperin on Wednesday called for an overhaul of the city’s antiquated system of issuing police permits for movie theaters, pool halls, massage parlors, and more than 50 other types of businesses.

Report: Major L.A. Employers Concerned High Housing Costs are Barrier to Attracting and Retaining Talent

The region’s high housing costs are deterring top talent from entering the Los Angeles job market and leading to higher recruiting costs for employers, according to a survey released Wednesday from USC and the Los Angeles Business Council.

FilmL.A. Reports First Quarter Declines in On-Location Shooting

On-location filming in Greater Los Angeles decreased by 2.1 percent in the first quarter of 2017, according to statistics released today by FilmL.A. Inc. Among all filming categories, on-location feature film production suffered the steepest quarterly decline, slipping 36 percent and dropping to levels not seen since 2012. The decline occurred despite increase in tax credit use, the film office said.

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Tuesday, April 11

Garcetti Lauds Netflix’s California Commitment

Netflix Chief Content Officer Ted Sarandos said the company intends to bring as much Netflix production as possible to California.

Small Business Deals Up in First Quarter of 2017

First-quarter sales of small business in Los Angeles were up 4.4 percent year over year, according to numbers from BizBen released Tuesday.

Monday, April 10

Caldwell Leslie & Proctor Merges with Boies Schiller Flexner

Boies Schiller Flexner is snapping up downtown’s Caldwell Leslie & Proctor effective April 17, according to the firms, giving the New York-based outfit a robust addition to its West Coast practice.

Pritzker Group’s ProAmPac Acquires Trinity Packaging Corporation

Pritzker Group Private Capital’s recently acquired ProAmPac on Monday folded in a competitor in the packaging manufacturing industry, marking the first deal of the year for the West L.A. private equity firm.

Friday, April 7

Movers for Week Ending April 7, 2017

Beverly Hills-based Genius Brands International Inc. was the week’s leader, gaining 20.6 percent to close at $4.51. Furniture maker Nova Lifestyle Inc., headquartered in Commerce, was close behind, shooting up 15.7 percent to close at $1.92. The week’s biggest laggard was Ritter Pharmaceuticals Inc. in Beverly Hills, which dropped 19.7 percent to close at $1.14.

Producer Joe Carnahan Lists Pacific Palisades Home for $3.9 Million

Hollywood director and producer Joe Carnahan is selling his Pacific Palisades home for $3.89 million.

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Michael Ferro Suggested LA Times Sale to Patrick Soon-Shiong, Lawyer Says

Tronc Inc.’s second-largest shareholder slung another missive at the Chicago media company on Friday in a fast-escalating war of words over the future of its flagship newspaper, the Los Angeles Times.

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Upfront Ventures’ Mark Suster Quickly Bought in to L.A.’s Future as a Tech Development Hub

Early Entry

Upfront Ventures’ Mark Suster plugs L.A.’s tech scene after forming an early connection.

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Images of L.A. Upheaval

Business Journal photographer Todd Frankel hit the streets in April 1992 to frame the fallout of the unrest.

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Easter May Deliver Hopped-Up Sales

Holiday’s later date could spur shoppers to put even more in baskets, according to retail group

Industry group expects Easter’s later date to egg on shoppers to increase their holiday spending.

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First Quarter Brought Positive Public Performance

INVESTMENT: Snap’s IPO powered up improved period in year-to-year comparison.

The market for emerging companies put up strong first-quarter numbers on the back of Snap Inc.’s March initial public offering, according to data released last week by big four accounting firm Ernst & Young.

Office Developers Find Home in Residential Area

ACQUISITION: Co-owners expect multifamily boom to feed interest in work space.

The eight-story office building at 520 N. Central Ave. in downtown Glendale sits on a street where several apartment complexes have popped up in the last couple of years.

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Japan’s Adastria Fashions Acquisition of Velvet

APPAREL: Bid Buttoned Up

Tokyo’s Adastria zips up deal for clothing company Velvet.

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Alliances Slow On Scheduling

SHIPPING: Port businesses wait as partners come together.

New alliances among cargo lines have left some port businesses high and dry on scheduling.

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Rodney King Riots Still Cast Shadows

Some neighborhoods and properties damaged in the Rodney King riots have made full recoveries, while others are still working to bounce back from the unrest.

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Businessman Helped Neighborhood Bounce Back

DEVELOPMENT: Vermont Avenue tenants credit lift to efforts by Leonardo Lopez.

Olympian Burgers’ Pete Zinelis lived through the Rodney King riots and the neighborhood’s recovery.

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Still Area of Concern

The last 25 years have seen tremendous economic growth across Los Angeles, but at the epicenter of the unrest problems persist.


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Calendar of Events

Private Equity Firm Crosses Over Into Immigration Services

Platinum Equity made a play into the immigration services sector last week, acquiring Ashburn, Va.-based government contractor FCi Federal for an undisclosed sum through its PAE portfolio company.

Hyperloop Pitches Gain Ground in Competition

TRANSPORTATION: Bids will be cut to three, with one selected for development.

After receiving proposals from more than 2,600 organizations and individuals, downtown’s Hyperloop One last week selected 11 projects to consider for financing and construction of potential hyperloop systems.

Flipped Script

No sequel to 2007’s production boom as writers, producers talk contract.

Producers head into negotiations with writers without staging a ramp-up in production.

Clean Air Plans Cast Cloud Over Business at Ports

REGULATION: Imposition of ‘facility caps’ could spur companies to leave state.

Cargo handlers fear being boxed out by a state proposal to curb pollution at facilities.

Clean Air Plans Cast Cloud Over Business at Ports

SHIPPING: Zero-emission timeline relies on existence of undiscovered technology.

Terminal operators say a proposal for zero-emission equipment by 2030 doesn’t add up.

PAGE 3: Head of the Class

We’re heading into graduation season, and that means it’s time to start doling out the honors.

Bank Parents Put Money on Union

PacWest shells out $705 million to acquire CU with eye toward beefing up operations in SoCal.

PacWest believes deal for CU will pay off in an expanded presence in Southern California.

Medical Brings M&A to Life

HEALTH CARE: Sector resists Obamacare concerns.

Medical sector still gets dealmakers’ blood racing despite concerns for fate of Obamacare.

Thursday, April 6

Silicon Beach Report April 6: Hyperloop One Asks Public to Suggest U.S. Routes, Selects 11 Regions for Further Study

Hyperloop One asks public to suggest U.S. routes and selects 11 regions for further study, on-demand doctor app Heal adds Obama’s Secretary of Navy to board, and Virgin Galactic planning for test space launch before end of year.

Dov Charney’s Los Angeles Apparel Inks Deal with American Apparel Distributor

Dov Charney is following his American Apparel blueprint by inking an exclusive wholesale distribution deal for his new clothing venture with one of the same companies he worked with before.

Tronc Open to Soon-Shiong Offer for Company; Won’t Sell L.A. Times Alone

Chicago media company tronc Inc. said in a public filing on Thursday that it would be open to considering a proposal from its second-largest shareholder, Patrick Soon-Shiong, to buy out the company in order to own its trophy publication, the Los Angeles Times.

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State Appeals Court Upholds Cap-and-Trade Program to Reduce Carbon Emissions

A state appeals court on Thursday upheld the state’s cap-and-trade program to reduce carbon emissions, rejecting a challenge from several business and industry groups.

Hyperloop One Asks Public to Suggest U.S. Routes, Selects 11 Regions for Further Study

After receiving proposals from more than 2,600 individuals, downtown’s Hyperloop One has selected 11 U.S. regions to study financing and construction of potential Hyperloop systems.

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PacWest Bancorp Acquires CU Bancorp in $705 Million Transaction

Beverly Hills-based PacWest Bancorp and downtown’s CU Bancorp announced Thursday they will merge, with PacWest acquiring CU for $705 million in cash and stock considerations.

Wednesday, April 5

MGM Buys Out Viacom, Lionsgate Stakes in Epix for $1.03 billion

MGM Holdings Inc. announced Wednesday it is taking over premium channel Epix in a $1.03 billion acquisition of the 80.9 percent stake in the company it doesn’t already own.

Silicon Beach Report April 5: SpaceX Gains Substantial Cost Savings from Reused Falcon 9

SpaceX gains substantial cost savings from reused Falcon 9, TaskUs moves headquarters to Santa Monica Airport, and Enthusiast Network launches Motor Trend streaming video in UK and Europe.

Report: Hiring in Los Angeles Grows by 2 Percent

Businesses hired at a faster rate in March than in the year earlier, according to a monthly jobs report from professional social networking site LinkedIn.

Santa Monica Retail Site Piazza Montana Sells for $15.5 Million

A Mediterranean-style retail building on Montana Avenue in Santa Monica recently sold for $15.5 million, or $1,582 a square foot, according to brokerage NAI Capital.

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Tuesday, April 4

Silicon Beach Report April 4: Spotify, Universal Music Agreement Offers Album First Dibs to Subscribers

Spotify and Universal Music agreement offers album first dibs to subscribers, FreedomPop launches plan for small businesses, and Pluto TV taps former E! exec Robert Magdlen as chief programming officer.

Austrian, Polish Airlines Launching Service at LAX

For L.A. travelers seeking Old World charm, two European airlines are starting their first flights out of the Los Angeles International Airport.

Spotify, Universal Music Agreement Offers Album First Dibs to Subscribers

Music streaming service Spotify and Universal Music Group announced a multiyear global license agreement Tuesday that will allow Universal artists the option to release new albums to premium subscribers for two weeks before public distribution.

Monday, April 3

Tronc Shares Climb as It Pushes Back at Soon-Shiong

Shares of tronc Inc., parent of the Los Angeles Times, jumped 4.6 percent on Monday after the company pushed back against claims of unfair treatment by Patrick Soon-Shiong, its second-largest shareholder.

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Japanese Company Acquires Velvet by Graham & Spencer Owner

A Japanese retail company announced today that it had agreed to acquire upscale Culver City clothing brand Velvet. Terms of the deal were not disclosed.

Silicon Beach Report April 3: SpaceX Plans ‘Silly Payload’ on First Falcon Heavy Launch in Late Summer

SpaceX plans ‘silly payload’ on first Falcon Heavy launch in late summer, Snapchat adds Instagram layout as April Fools’ joke, and Wpromote acquires Prime Visibility.

SpaceX Plans ‘Silly Payload’ on First Falcon Heavy Launch in Late Summer

When SpaceX’s Falcon Heavy lifts off for the first time this summer it will rank as the most powerful operational rocket in the world by a factor of two - but its payload will less than serious.