Stories for June 2020

Tuesday, June 30

Leaders of Influence: Private Equity Investors - ALEX SOLTANI

Custom Content by the Los Angeles Business Journal

Alex Soltani founded Skyview Capital in 2005 and is chairman of the firm’s executive and investment committees.

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Leaders of Influence: Private Equity Investors - PATRICK SHIM

Custom Content by the Los Angeles Business Journal

vPatrick Y. Shim is a managing director of investments at Mirae Asset Securties & Investments (USA), Inc. Shim focuses on a wide range of private equity and real estate investments, as well as

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Monday, June 29

Film Commission Sets $40 Million in Tax Credits

In what the California Film Commission said is a sign that Hollywood is ready to return to work, the agency announced $40 million in tax credits.

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Hudson Pacific, Blackstone Partner on Studio Properties

Brentwood-based Hudson Pacific Properties Inc. will soon have a new partner in its iconic studio sites in Hollywood.

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Leaders of Influence: Private Equity Investors - MARK SAMPSON

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Mark Sampson has over 30 years of experience in the private equity and banking industry, mostly focused in the middle market and lower middle market and in large part in Los Angeles.

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Leaders of Influence: Private Equity Investors - RON NAYOT

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Ron Nayot is the co-founder and managing partner of Diversis Capital, a Los Angeles based investment firm that backs owners and founders all over the world. He is the Chairman of the Board of ServicePower and Tempo,

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Leaders of Influence: Private Equity Investors - KEVIN MA

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Kevin Ma is the co-founder and managing partner of Diversis Capital, a Los Angeles based investment firm that backs owners and founders all over the world. He is the Chairman of the Board of Caligor Coghlan Pharma Services

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Leaders of Influence: Private Equity Advisors - KRISTOPHER SALINGER

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Kris Salinger is a Los Angeles based senior vice president at Roth Capital Partners, one of the country’s best-known middle market investment banking and advisory firms.

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Leaders of Influence: Private Equity Advisors - TREVOR SALIBA

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Trevor Saliba is the managing partner of NMS Consulting, Inc., a global management consulting firm where he oversees a global team of over 150 professionals across multiple offices in the United States, Europe, Asia and the Middle East.

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Leaders of Influence: Private Equity Advisors - NISHEN RADIA

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Nishen Radia is co-founder and managing partner of FocalPoint Partners, a middle market investment bank headquartered in Los Angeles, with branch offices in Chicago, New York, Shanghai, and affiliate partner offices around the world.

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Leaders of Influence: Private Equity Advisors - BRUCE POMPAN

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Bruce Pompan is an experienced investment banker with over 25 years in the Los Angeles area advising sell-side and buy-side mergers and acquisitions, and arranging private placements and structuring recapitalizations for middle market companies.

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Leaders of Influence: Private Equity Advisors - ANANT PATEL

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Anant Patel has over 25 years of public accounting experience and leads both the Green Hasson Janks Consulting Practice and Transaction Advisory Practice and is a member of the Executive Committee for the firm.

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Leaders of Influence: Private Equity Advisors - KELLY O’NEIL

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Kelly O’Neil is a managing director at CBIZ MHM, LLC a national accounting and financial services provider, and a shareholder at Mayer Hoffman McCann P.C. (MHM), a national CPA firm that provides audit and attest services.

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Leaders of Influence: Private Equity Advisors - JOEL MONTMINY

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In his career, Joel Montminy has personally originated, led and closed nearly $6 billion of middle market transaction volume, including over $2 billion in cross-border transactions in over 30 countries.

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Leaders of Influence: Private Equity Advisors - HAMED MESHKI Partner Kirkland & Ellis

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Hamed Meshki is a Mergers & Acquisitions partner in Kirkland’s Los Angeles office. His practice focuses on highly structured and complex transactions, including mergers & acquisitions, restructurings, recapitalizations and financings.

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Leaders of Influence: Private Equity Advisors - JON MERRIMAN

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Jon Merriman serves as senior managing director of investment banking with B. Riley FBR and as Chief Business Officer for B. Riley Financial.

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Leaders of Influence: Private Equity Advisors - JONATHAN D. LITTRELL

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Jonathan D. Littrell is the managing partner of Raines Feldman LLP. He has significant transactional experience in a broad range of corporate, private equity, venture capital and securities disciplines.

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Leaders of Influence: Private Equity Investors - JEREMY HOLLAND

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Jeremy Holland is a managing partner at The Riverside Company, leading the Origination team across the various funds/strategies.

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Leaders of Influence: Private Equity Investors - JERI HARMAN

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Jeri Harman joined the board of NN Inc., a diversified industrials company, last year.

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Leaders of Influence: Private Equity Investors - KEN FIRTEL

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Ken Firtel is a managing partner of Transom Capital Group, an operations-focused private equity firm in the middle market. A

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Leaders of Influence: Private Equity Investors - GAVIN BATES

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Gavin Bates actively originates, structures and negotiates new investment opportunities and maintains client relationships

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Leaders of Influence: Private Equity Advisors - ARI LANIN

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Ari Lanin, co-chair of Gibson Dunn’s Private Equity Practice Group, is an active dealmaker for companies that include Aurora Capital, Platinum Equity, The Chernin Group and WndrCo.

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Leaders of Influence: Private Equity Advisors - MEHDI KHODADAD

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Mehdi Khodadad has always been fascinated by the intersection of law and technology.

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Leaders of Influence: Private Equity Investors - MARK ATTANASIO

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Mark Attanasio is the co-founder and managing partner of Crescent Capital Group LP and chairman and principal owner of the Milwaukee Brewers.

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Leaders of Influence: Private Equity Advisors - JEFFREY KAPOR

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Jeffrey H. Kapor is widely considered to be one of the most influential professional service providers to apparel companies. He has been associated with the Southern California apparel industry for more than 35 years, since receiving his J.D.

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Leaders of Influence: Private Equity Investors - SHIANNE HOLLANDER

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Shianne Hollander is a producer with Lockton Insurance Brokers, LLC, the California subsidiary of Lockton Companies.

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Leaders of Influence: Private Equity Investors - LLOYD GREIF

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Lloyd Greif is a proven cycle-rider and 40-year veteran of the southern California investment banking wars.

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Leaders of Influence: Private Equity Advisors - SUZIE DORAN

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Suzie Doran is a distinguished individual with the ability to apply an outside the box business approach. She has helped some of the largest private companies and emerging entrepreneurial clients seize value and opportunity for their respective companies.

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Leaders of Influence Private Equity Advisors - JIM DAVIDSON

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James F. Davidson is managing director, president, and founder of Avant Advisory Group, a management consulting and operationally focused financial advisory firm that specializes in middle-market M&A, f

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Leaders of Influence: Private Equity Advisors - DAN CLIVNER

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Dan Clivner is co-leader of Sidley Austin’s 330-lawyer Global M&A and Private Equity practice, managing partner of its approximately 140-lawyer Greater Los Angeles offices, where he heads the Corporate department

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Letter from the Publisher

Custom Content by the Los Angeles Business Journal

With the unique and uncharted scenarios that we have faced so far in 2020, growing businesses in the market for private equity have had to face a whole new landscape. The economic climate has forced companies to make changes to the way they do business and to the way they approach their fiscal needs.

Leaders of Influence: Private Equity Advisors - CLAY BRYAN

Custom Content by the Los Angeles Business Journal

Clay Bryan is a managing director and head of private equity coverage at FocalPoint Partners, a middle market investment bank headquartered in Los Angeles.

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Leaders of Influence: Private Equity Advisors - JONATHAN BENLOULOU

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Jonathan Benloulou is a corporate partner in Kirkland’s Los Angeles office. He regularly advises private equity firms and private and public companies on merger & acquisition transactions, including leveraged buyouts, joint ventures, minority investments, restructurings and other strategic transactions.

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Leaders of Influence: Private Equity Investors - GUY ZACZEPINSKI

Custom Content by the Los Angeles Business Journal

Guy Zaczepinski has been with Century Park Capital Partners since 2005. He is responsible for sourcing, evaluating and structuring growth equity and buyout transactions, as well as

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Leaders of Influence: Private Equity Investors - JEFF WHITE

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Jeff White has been actively involved with all M&A efforts at Skyview Capital since its inception. He brings decades of experience that encompass private equity, investment banking and executive management.

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Leaders of Influence: Private Equity Investors - JARED STEIN

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As a co-founder of Monogram Capital, Jared Stein has helped lead the firm since inception nearly seven years ago to become one of the most active investors in the growth consumer landsca

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Leaders of Influence: Private Equity Investors - IVELISSE RODRIGUEZ SIMON

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Ivelisse Rodriguez Simon is a managing partner of Avante Capital Partners. Based in Los Angeles, Simon is responsible for identifying, executing and managing investment opportunities

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Leaders of Influence: Private Equity Advisors - JONATHAN ZUCKER

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Jonathan Zucker is a managing director and Head of the Capital Markets Group at Intrepid Investment Bankers. He joined Intrepid in May of 2014 to establish and lead Intrepid’s Capital Markets Group.

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Leaders of Influence: Private Equity Advisors - MATTHEW WRYSINSKI

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Matthew Wrysinski is co-leader of Alston & Bird’s Finance Group, the largest transactional practice in the firm, with over 100 attorneys.

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Leaders of Influence: Private Equity Investors - LOREN SCHLACHET

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Loren Schlachet founded and manages the Riverside Micro-Cap Fund (RMCF) family. As fund manager of RMCF, Schlachet leads the fund and has over 25 years of buyout experience

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Leaders of Influence: Private Equity Advisors - TANYA VINER

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Tanya Viner’s practice focuses on mergers and acquisitions, representing both the buyer and seller in large complex transactions ranging from the sale of closely held family businesses to transactions in excess of a billion dollars.

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Leaders of Influence: Private Equity Advisors - GEORGE SWAIN

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George Swain is the founder and CEO of GeorgeSwain Investments. GSI is an independent global investment bank that assists small and middle-market companies in completing spe

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Leaders of Influence: Private Equity Advisors - CAROL SURUKI-CARMANY

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Carol Suruki-Carmany is the partner-in-charge of the Moss Adams Los Angeles Office. She has practiced public accounting since 1991, and has significant experience in accounting, auditing, and general business and management consulting, serving multigener

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Leaders of Influence: Private Equity Investors - MARTY SARAFA

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Marty Sarafa is one of the founders of Century Park Capital Partners and has been with the firm since its formation in 2000.

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Leaders of Influence: Private Equity Advisors - JESSICA STAHELI

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As Executive vice president of Scherzer International (SI), Jessica Staheli advises private equity teams on pre-transaction background reports for domestic and cross-border transactions.

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Leaders of Influence: Private Equity Advisors - ROSE SORENSEN

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Rose B. Sorensen is a partner in Snell & Wilmer’s Corporate and Securities group, whose practice includes mergers and acquisitions, divestitures, reorganizations, commercial finance, private placements, venture capital, corporate governance, telecommunications services, joint ventures, licensing and entity structure and formation

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Leaders of Influence: Private Equity Advisors - AARON SOLGANICK

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Aaron Solganick focuses on middle-market software and technology-enabled M&A transactions, which requires a very specific skill set not just of the nuanced M&A process but navigating complex technology matters as well.

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Leaders of Influence: Private Equity Advisors - FABIO SIMI

Custom Content by the Los Angeles Business Journal

Fabio Simi is a senior vice president in the Private Equity and M&A practice of Marsh in Los Angeles.

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Leaders of Influence: Private Equity Advisors - CHRISTINE SHIN

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Christine Shin is a Mergers & Acquisitions attorney and Co-Chair of the Corporate Group at Russ, August & Kabat.

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LA Real Estate Sales Slow Drastically During Lockdown

The commercial real estate market hasn’t stopped since stay-at-home orders were enacted in Los Angeles and the rest of California in mid-March.

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Arcadia Apartment Property Sells for $9 Million

Starcrest changes hands for first time in 40 years

A 28-unit multifamily property in Arcadia has sold for nearly $9 million — the highest purchase price of any multifamily property in the city in the last year.

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Universal Standard Housing Takes Modular Approach

Developer seeks to create more workforce apartments

Downtown-based Universal Standard Housing is trying to create more workforce housing in Los Angeles and sees modular building as the way to do it.

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Carson Industrial Sites Sell for $64 Million

Brookfield acquires industrial sites in sale-leaseback deal

Brookfield Asset Management Inc. has purchased two industrial buildings in Carson for $63.6 million, records show.

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8minute Solar to Build Kern County Facility

Kern facility could power roughly 93,000 homes a year

Mid-Wilshire-based 8minute Solar Energy has signed a contract to develop a 250-megawatt solar energy and storage project in Kern County.

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Recycled Water Project Comes Online in Torrance

West Basin pipeline serves Torrance business park

The West Basin Municipal Water District announced the completion of a recycled water pipeline at Sares Regis Group’s Torrance Commerce Center on the site of the former Toyota Motor North America Inc. headquarters campus.

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Gold Line Extension Work to Resume

Glendora to Pomona might be final extension

Major construction gets underway next month on the latest — and possibly final — segment of the Foothill Gold Line Extension light rail project.

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Yoshinoya Ramps Up Digital Platforms

Fast-casual chain upgrades app's ordering capabilities

With the Covid-19 pandemic settling in for an extended run in much of the country, the phrase “adapt or perish” seems to be the mantra for many retailers and restauranteurs.

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Mattel Names Campbell Soup Veteran DiSilvestro as CFO

Hiring follows investigation into accounting practices

El Segundo-based toy maker Mattel Inc. has brought on two new executives for key positions.

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AR Startup Vertebrae Rides Ecommerce Wave

Company’s tech sees increased use amid lockdowns

The quarantine that has fast-tracked ecommerce — it’s expected to increase 18% to $709 billion this year and represent 14.5% of total U.S. retail sales, according to industry researcher eMarketer Inc. — has also been a boon for augmented reality software developers focused on retail.

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Marketing Agency Quantasy Makes Cultural Connections

Agency works with Google and Honda

Will Campbell, co-founder and chief executive of digital creative agency Quantasy & Associates, does not define the downtown-based company as a multicultural marketing agency, even though it can boast a diverse roster of clients.

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Malls May Be Open, but Many Stores Are Still Shut

Nearly one-quarter of shops have yet to reopen

Almost a month after local shopping centers got a green light to reopen, about a quarter of their storefronts remain dark.

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Lowe to Launch Retail Real Estate Unit

Program seeks underperforming sites

Brentwood-based Lowe, formerly Lowe Enterprises, has announced plans to create a new group focused on redeveloping and repositioning regional retail properties.

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Pipe Technologies Raises $60 Million

Company will use funds for SaaS platform

Hollywood-based Pipe Technologies Inc. has raised $60 million in an extension of its February seed round.

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Ares Raises $3.5 Billion for Distressed Investing

Private equity fund will pursue opportunities during Covid-19 downturn

Century City-based asset manager Ares Management Corp. has closed a $3.5 billion private equity fund.

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LABJ Insider

Event Planning

Read this week's column from Los Angeles Business Journal Editor Scott Robson for goings-on in L.A.'s business community.

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Law Firms Embrace Remote Work

Quarantine prompts a ‘sea change’ for operations

Los Angeles law firms have undergone dramatic changes in less than three months — a response to the Covid-19 quarantine and emerging technology.

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County’s Jobless Picture Gets Darker

Experts divided after May rate reaches 20.9%

While the nation’s jobless picture showed signs of improvement in May, Los Angeles County’s unemployment rate continued to surge last month, sparking debate among economists about the local outlook.

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Podcast Biz Is Heating Up

LA companies lead the way in a growing industry

An influx of investment is bringing new momentum to the podcast industry in Los Angeles, which has developed into a hub for the burgeoning medium.

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Real Estate Investors Favor Senior Housing

The silver tsunami triggered by the aging of America is driving increased demand for senior housing, even in the face of a pandemic.

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Friday, June 26

FaZe Clan Takes Ownership Stake in CTRL

FaZe Clan Inc., the Hollywood-based esports and entertainment company, has taken an ownership stake in CTRL Holdings, a New York-based meal replacement startup.

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Thursday, June 25

Clearlake Capital Acquires $6 Billion Asset Manager

Clearlake Capital Group has acquired a majority stake in WhiteStar Asset Management.

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Wednesday, June 24

MAG USA Acquires Airport Parking Companies

Airport operator MAG buys SM companies

Santa Monica-based airport parking companies AirportParkingReservations.com Inc. and ParkSleepFly Inc. have been acquired by MAG USA, the U.S. arm of British airport operator Manchester Airports Group.

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ShortsTV Plans Virtual Cinema Series to Aid Local Theaters

Cable channel ShortsTV is partnering with independent theaters, including several in Los Angeles, to launch a virtual cinema series.

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Wilshire Vermont Property Gets $135 Million Recapitalization

Klein Financial, Divco West partner on multifamily recapitalization

The Wilshire Vermont multifamily property in Koreatown has at least one new owner.

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Treehouse Raises $2.6 Million

Treehouse Games Inc., a Koreatown-based cooperative video game developer, has raised $2.6 million in a seed round.

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Tuesday, June 23

Working Remotely with The Los Angeles Business Journal Executive Team

Meet our Team and connect with us!

For the last few months, The Los Angeles Business Journal teams have been working remotely and adapting to our new working from home environments.

Monday, June 22

State of Accounting: New “Core + Discipline” CPA Licensure Model is Designed to Future-Proof the Profession

Custom Content by the Los Angeles Business Journal

The National Association of State Boards of Accountancy (NASBA) and the American Institute of CPAs (AICPA) have proposed a new CPA licensure model that is designed to evolve newly licensed CPAs’ knowledge and skills, protect the public interest and position the CPA profession for the future.

State of Accounting: More than Half of Surveyed Business Executives Say Their Companies Sought PPP Funds

Custom Content by the Los Angeles Business Journal

Some 56 percent of business executives said their companies had sought relief funds through the Paycheck Protection Program (PPP), a $660 billion initiative under the CARES Act designed to protect small businesses and their employees, a survey by the American Institute of CPAs found.

State of Accounting: A Brave New Accounting Industry

Custom Content by the Los Angeles Business Journal

If I had been writing an article on the “state of accounting” a few months ago, it may have looked quite different.

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State of Accounting: The New Normal and a New Approach

Custom Content by the Los Angeles Business Journal

The COVID-19 pandemic has forced companies to re-invent themselves in the short term.

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DearHealth Turns to AI to Develop Disease Management Tools

Company is addressing issues with electronic medical records

DearHealth Inc., a Venice-based health-tech disease management firm, is using artificial intelligence algorithms to develop a disease management app that crafts structured care and treatment programs tailored to individual patients.

Designs That Keep Diversity in Mind

Mambetov aims for ‘modest, not Muslim’

For L.A. fashion designer Elle Mambetov, the Covid-19 outbreak has meant figuring out how to introduce a new fashion line without the benefit of a traditional live runway show.

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Heavy Duties

Gene Seroka guides the Port of LA — and the city’s PPE supply efforts

Gene Seroka, the executive director of the Port of Los Angeles, picked up additional duties in March when Los Angeles Mayor Eric Garcetti named him the city’s chief logistics officer.

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Special Report: Banking & Finance Quarterly — Q1 2020 Data

Read interviews with L.A.'s top finance professionals and access the latest data in the Los Angeles Business Journal's Banking & Finance Quarterly Special Report.

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Open Raven Raises $15 Million Series A

Kleiner Perkins, Upfront back data security startup

Data security startup Open Raven Inc. has raised $15 million in Series A funding. The round was led by storied Menlo Park venture firm Kleiner Perkins with participation from existing backer Santa Monica-based Upfront Ventures.

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Furniture Startup Raises $4 Million

Outer attracts investment from Mucker, Wavemaker

Santa Monica-based outdoor furniture startup Outer Inc. has raised $4.3 million in seed funding. The investment round was led by Santa Monica-headquartered Mucker Capital, with participation from a range of other venture investors including Santa Monica-based Wavemaker Partners.

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Cashless Transactions Gaining Favor

Pandemic boosts usage in food, beauty sectors

At many Los Angeles businesses, cash has become a casualty of Covid-19.

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Private Equity Sector Is Showing Signs of Life

While some firms are posting gains, category still faces a long road back

Covid-19 caused private equity fund managers to slam on the brakes but now they're facing some of the most complex deals of their careers.

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Cause for Concern

Economic uncertainty raises the prospect of an increase in going concern filings

Covid-19 has brought one of the greatest periods of market uncertainty in decades. The answers to major questions like when lockdown restrictions will be fully lifted, when customer demand will rebound and the extent to which the virus will ultimately affect the economy are simply unknowable.

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Student Housing Sets Financing

Ophir Terrace near UCLA secures $11 million loan

A student housing property near UCLA has secured $11 million in financing.

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Multifamily Site Sells in Silverlake

East Smart Choice acquires unique property for $8 million

East Smart Choice has purchased a multifamily property on the border of Silverlake and East Hollywood for nearly $8 million. The property has 11 recently completed units.

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Added Safety Measures Pay Off for Cityview

Rent collections remain steady as virtual leases rise

Century City-based multifamily developer Cityview has been striving to keep its communities working smoothly during the Covid-19 pandemic while also looking to the future.

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LA's the Space Place

Region’s ‘dynamic’ aerospace industry requires huge real estate footprint

The aerospace industry, which has been a bright spot in Southern California’s real estate market for years, continues to shine.

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Rocket Lab USA Planning Monthly Satellite Missions

Next launch is expected after July 3

Rocket Lab USA Inc., the Long Beach-based space systems company, is targeting monthly launches for the remainder of 2020 following a successful June 12 mission that deployed satellites for NASA, the National Reconnaissance Office and the University of New South Wales Canberra Space.

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SpaceX Adds Satellite Client for Latest Launch

Starlink shares payload with Planet Labs

Space Exploration Technologies Corp., the Hawthorne-based aerospace company, launched 58 Starlink satellites on a Falcon 9 rocket on June 13, then successfully landed the rocket on a waiting SpaceX ship at sea.

DroneBase Raises $8M, Sets Plans for Expansion

Series C brings total funding to $32 million so far

Santa Monica-based aerial data analytics company DroneBase Inc. announced $7.5 million in Series C funding, as well as expansion to the renewable energy market and its first overseas office in Germany.

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Cottonwood, Shawmut Design Form Partnership

Firms will focus on education sector

Downtown-based Cottonwood Management and Boston-headquartered Shawmut Design and Construction have formed a partnership with the goal of expanding their education sector real estate footprint.

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FDA Approves Fulgent Virus Tests

Company offering home-based kits

Temple City-based genetic testing firm Fulgent Genetics Inc. is joining the rush of companies with home-based Covid-19 tests, announcing the launch of its service after receiving emergency authorization approval from the Food and Drug Administration.

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Silverstein Pursues US Bank Tower

Developer could pay up to $490 million

New York-based Silverstein Properties Inc. is reportedly in talks to acquire downtown’s U.S. Bank Tower from Singapore-headquartered OUE Ltd.

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Quantgene Dials in Tests

Startup puts focus on cancer and Covid-19

Santa Monica health tech startup Quantgene Inc. is one of dozens of companies racing to revolutionize cancer detection screening by using only a drop of blood instead of the intrusive biopsies prevalent today.

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Letter from the Publisher and Editor

As our communities look for ways to move forward constructively, the need to effect change has never been greater. The business world is uniquely positioned to help drive that change — particularly in Los Angeles.

HyreCar Leans Into Deliveries

Company sets partnership with EV maker Arcimoto

HyreCar Inc., the digital car-sharing marketplace, has set its first partnership with a car manufacturer.

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QR Codes Facilitate Contactless Ordering

Companies offer platforms to bars and restaurants

Diners might soon find QR codes popping up on tables as local restaurants reopen under new health and safety guidelines designed to prevent the spread of Covid-19.

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Headspace Adds $48 Million to Series C

Meditation app developer also strikes deal with Snap

Headspace Inc., the Santa Monica-based meditation app developer, has raised an additional $47.7 million in equity from 10 investors for its Series C funding round.

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Friday, June 19

Interim LA Airports Chief Erbacci Moves a Step Closer to Permanent Post

Los Angeles World Airports interim Chief Executive Justin Erbacci moved one step closer to the permanent job.

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LA County Unemployment Near Record 21% in May Despite Uptick in Payroll Jobs

L.A. County’s unemployment rate hit a record 20.9% in May, up slightly from a revised 20.8% in April.

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Aerojet’s Drake Joins National Space Council

Aerojet Rocketdyne Chief Executive Eileen Drake is appointed to a National Space Council advisory group.

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Who's Building L.A: Navigating a Safe Return to Work: Best Practices for U.S. Office Building Owners and Tenants

Custom Content by the Los Angeles Business Journal

In a new guidance memorandum released last week, NAIOP, the Commercial Real Estate Development Association, has released best practices for the safe return to work in the wake of the COVID-19 shutdown.

Wednesday, June 17

Arena Cinelounge Sunset to Reopen June 19

Independent movie theater Arena Cinelounge Sunset plans to be the first L.A. theater to reopen following Covid-19 shutdowns.

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Tuesday, June 16

AECOM Names New CEO

Century City-based AECOM has named Troy Rudd to become its new chief executive, replacing longtime CEO Michael Burke.

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Drive-Away Destination Spotlight: Sedona, Arizona: Find Your Room to Play

Custom Content by the Los Angeles Business Journal

Just 90 minutes north of Phoenix, you’ll find nearly two million acres of unique, red rock beauty unlike anywhere else on the planet.

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Monday, June 15

Awards Adjust to Pandemic

Oscars, museum opening are delayed

The coronavirus pandemic has prompted a two-month delay for the 93rd Oscars ceremony and pushed back the opening of the Academy Museum of Motion Pictures to April 2021.

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Who's Building L.A: 2nd & PCH

Custom Content by the Los Angeles Business Journal

Positioned on eleven acres in Long Beach, 2nd & PCH is a 220,000 square foot, open-air retail and dining destination overlooking the scenic Long Beach Marina.

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CIM Exits Crenshaw Plaza After Facing Opposition

Proposed deal was valued at $100 Million

In an unusual development, one of the biggest retail real estate sales of the year has fallen through amid community opposition.

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Metro Project Wraps Ahead of Schedule in Beverly Hills

Metro announced that decking for a Purple Line Extension subway station on Wilshire Boulevard in the heart of Beverly Hills was finished seven months ahead of schedule.

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Who's Building L.A: COVID-19’s Impact on Development Begins to Decline

Custom Content by the Los Angeles Business Journal

NAIOP recently released the results of its second survey on the impact of the COVID-19 crisis on commercial real estate. Although conditions are broadly similar to those released in April,

Who's Building L.A: Overcoming Crisis with Ingenuity, Resiliency, and a Zero Harm Safety Culture

Custom Content by the Los Angeles Business Journal

Viruses know no borders, and no company is immune to the economic and operational challenges posed by COVID-19.

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Who's Building L.A: Seismic Code Changes: What is the Update and How Does it Affect You?

Custom Content by the Los Angeles Business Journal

In October 2015, the City of Los Angeles passed Ordinance 183893, which requires the retrofit of pre-1978 buildings to improve the performance of buildings during earthquakes.

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Who's Building L.A: Circa - Quixote North Valley Studios

Custom Content by the Los Angeles Business Journal

This was a first of its kind project for Pacoima’s well-located but aging industrial corridor in the Northeast San Fernando Valley.

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Who's Building L.A: Circa - Downtown West Medical

Custom Content by the Los Angeles Business Journal

The completion of the 300,000 square foot Downtown West Medical healthcare campus brings Class-A new outpatient ambulatory care and supporting healthcare to the historically underserved DTLA/Pico-Union/Westlake community.

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20 in Their 20s: George Sehremelis

"We believe that people should have the power to share information without the fear of spreading false information."

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20 in Their 20s: Roger Sanchez II

"As we grow, it is our intention to be active in supporting minorities entering and prospering within the real estate industry."

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20 in Their 20s: Joshua Javaheri

"We’ve been taking what works and being relentless about implementing it."

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20 in Their 20s: Andre Soroudi

"One of the things that attracted me to real estate development is that you are building things that you hope are going to impact a community for a hundred years or more."

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20 in Their 20s: Misha Euceph

"The pandemic has forced me and my team to come up with far more creative solutions ... (and) to build resilience into the infrastructure of my business."

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20 in Their 20s: Amanda Groves

"There is an incredible opportunity presented when you’re underestimated — to outperform and surprise."

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20 in Their 20s: Michael Cesar

"The Duet team realized there was an incredible mismatch between what was provided and what was actually needed."

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20 in Their 20s: Seungjun Yeo

"Within an hour of sharing our ideas and visions, we decided to start a company together."

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20 in Their 20s: Michael Broughton

"Our goal was just to help as many students as possible build their credit."

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20 in Their 20s: Greg Comanor, Sonya Falcone and Aaron Sassounian

"We are trying to bring institutional investors looking for a social impact investment to the space."

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20 in Their 20s: Delane Parnell

"We do a ton to reinvest in our community by supplying things like computer equipment to schools across the country."

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Techstars Announces Participants

Aerospace incubator includes two LA companies

The Techstars Starburst Space Accelerator, an aerospace-focused incubator based in El Segundo, has announced the participants for its 2020 program.

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LaTerra Sets $250 Million Multifamily Joint Venture

Developer will partner with QuadReal

Century City-based multifamily developer LaTerra Development plans to invest $250 million to develop and operate multifamily communities in Southern California as part of a joint venture with QuadReal Property Group.

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Local Bankruptcies Follow US Trends

More companies are filing Chapter 11, but the CARES Act helps others

True Religion Apparel Inc., the Manhattan Beach-based retailer that’s expected to reemerge from bankruptcy in August, is part of a growing wave of Chapter 11 filings hitting U.S. courtrooms.

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Long Beach Gains as LA Struggles

San Pedro Bay ports report mixed results in May amid ongoing pandemic

If you ask folks at the Port of Long Beach, things are looking up. The Port of Los Angeles, meanwhile, reported a 29.8% year-over-year decrease.

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LABJ Insider

Better Safe

Read this week's column from Los Angeles Business Journal Editor Scott Robson for goings-on in L.A.'s business community.

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Vista Studios Sees Future

Meets demand for remote, live tools

Broadcast veteran Randall Heer founded Vista Studios in 2017 with the idea of creating the “Swiss Army knife” of independent production hubs, focusing on live production.

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Key Milestone at BioLabs

Incubator is now home to 20 companies

The BioLabs LA incubator's 20 member companies have raised a total of $31 million over the past year to fund research and development of their therapies, medical devices and services.

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Rates Likely to Rise Sharply

Businesses may see hikes after vandalism, virus

Businesses throughout L.A. County will almost certainly face some combination of insurance rate increases, coverage cutbacks and new protective requirements as a result of recent looting and virus vulnerabilities.

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Digging In

Musk’s Boring Co. tunnels into new territory

While the world’s eyes have recently been focused on the first manned space launch by Elon Musk’s Hawthorne-based Space Exploration Technologies Corp., another Musk company has been making some news of its own.

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20 in Their 20s: Brandon Cavalier

"Business is all about creating something that benefits all parties involved."

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20 in Their 20s: Ryan Chan

"I started UpKeep out of passion and frustration by the lack of mobility in today’s maintenance management software."

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20 in Their 20s: Joel Joseph and Kaushal Saraf

"We were able to work with partners using our technology to get thousands of 3D-printed face shields produced locally and distributed to hospitals at no cost nationwide."

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20 in Their 20s: Joshua Mittler

"We have this core belief that technology can provide solutions to some of the society’s biggest challenges."

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20 in Their 20s

L.A. is loaded with young business talent, and the Business Journal is putting the spotlight on 20 of those rising stars.

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20 in Their 20s: Justin Greenberg

"My love for film is what initially drove me to pursue a career at WME after UCLA, but I have always wanted to be an advocate for talent and strategically drive their careers on the backend."

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20 in Their 20s: Alaina Hartley

"Venture capital and technology are such critical levers for driving change across the way we live and work."

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Executive Insights

In the midst of headlines about layoffs and shutdowns, L.A. business leaders seem to be ramping up.

Covina Medical Site Fetches $40 Million

IRA Capital purchases property from DaVita

Irvine-based IRA Capital has purchased a 64,000-square-foot medical office building in Covina for $40 million.

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Dean Foods Properties Are Sold

Dairy Farmers of America acquires City of Industry sites

Two industrial properties in the City of Industry have sold as part of a larger $433 million portfolio sale.

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Supportive Housing Projects Go Modular

Developers say prefabricated units save time, money

Supportive housing projects for the homeless and low-income housing developers are increasingly using modular construction.

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Kite Cancer Drug Passes a Key Test

Company seeks approval to expand use of Yescarta

Santa Monica pharmaceutical concern Kite Pharma has passed a key clinical trial milestone as it seeks to expand the use of one of its breakthrough drugs to treat a form of non-Hodgkin’s lymphoma cancer.

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Schools Turn to MiraDx

Company’s Covid-19 tests attract colleges nationwide

MiraDx Inc., a West Los Angeles-based molecular genetics company, is now signing up public and private universities and colleges across the country for its Covid-19 testing service.

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Wild Ride for Soon-Shiong's Firms

NantKwest, ImmunityBio in the hunt for virus vaccine

Developments have been coming at a rapid clip since late May for the effort by two of Patrick Soon-Shiong’s companies — El Segundo-based NantKwest Inc. and ImmunityBio Inc. — to come up with a vaccine for Covid-19.

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Career Technologies Is Acquired

Competitor Fralock picks up electronic components maker

Electronic components manufacturer Circuit Services, which does business as Career Technologies USA, has been acquired by a local competitor.

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Guess Market Value Tumbles After Miss

Retailer says difficulties will continue in second quarter

Shares of Guess Inc. dropped 30% to a market value of $584.4 million last week after the downtown-based retailer reported a decline of more than 50% in sales revenue for the first three months of the year.

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Hightimes Strikes Series of Deals

Cannabis company expands with acquisitions, licensing

Venice-based Hightimes Holding Corp. has been busy of late, expanding its dispensary footprint and venturing into licensing with two deals.

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Buy Bye Bye

Consumer spending patterns in LA reveal impact of pandemic

Consumer spending is the backbone of the American economy, making up roughly 68% of U.S. gross domestic product. That sector has been upended by the Covid-19 pandemic.

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At Local Movie Theaters, Action Will Be Limited

AMC, Laemmle move forward cautiously

Recently announced California state guidelines on reopening during the Covid-19 pandemic allow movie theaters in some localities, including L.A. County, to reopen provided they meet new safety requirements.

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Architect Equity Buys Faultless

PE firm acquires cleaning products company

Architect Equity, a private equity firm based in El Segundo, has acquired consumer products company Faultless Brands.

Thursday, June 11

Riot Plans Investments to Back Minority Efforts

Company sets $10 million in contributions to support publishing companies with leadership that is underrepresented in the gaming community.

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LA500 Speaker: Michael Milken

Custom Content by the Los Angeles Business Journal

Named one of the '75 Most Influential People of the 21st Century' by Esquire magazine, Los Angeles native Mike Milken is well into his fifth decade of driving social change with a consistent focus on disrupting - and improving - the status quo

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LA500 Speaker: Raul A. Anaya

Custom Content by the Los Angeles Business Journal

Raul A. Anaya is President of Bank of America for the Greater Los Angeles region, serving as the enterprise leader for Los Angeles.

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LA500 Speaker: Paul Altman

Custom Content by the Los Angeles Business Journal

Paul Altman is a Partner and Managing Director at The Sage Group, having been with the firm since August 2000.

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Wednesday, June 10

Wave Picks Up $30 Million for Virtual Concerts

Virtual concert startup Wave has raised $30 million in a Series B funding round with participants including Scooter Braun.

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LA500 Speaker: Sara Schaer

Custom Content by the Los Angeles Business Journal

Sara Schaer is the co-founder and CEO of Kango, an award-winning, app-based youth rideshare and childcare service for families and schools.

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Tuesday, June 9

AEG Announces Layoffs, Furloughs and Spending Cuts

AEG announced the layoffs, furloughs and pay cuts in a memo from AEG President and Chief Executive Dan Beckerman.

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Monday, June 8

2020 Executive Compensation Special Report

Spreading the Wealth

The Business Journal’s annual executive compensation special report reflects L.A.'s diversity of industries.

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Real Estate Strategies For Tomorrow's Workplace

Custom Content by the Los Angeles Business Journal

Who are the most important players that should make up your real estate team?

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Bird Scraps Some Scooters

Company curtails operations in Middle East

Santa Monica-based Bird Rides Inc. is reportedly scrapping 8,000 to 10,000 e-scooters across cities Qatar, Bahrain and the United Arab Emirates.

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The Kindest Cut

Hollywood execs earn praise for giving up salaries — but their overall compensation remains high

When pandemic-driven corporate layoffs and furloughs began, so did announcements that top executives would be giving up all or part of their salaries for the year.

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Strength in Numbers

LA’s highest paid executives represent a broad range of industries

The Business Journal’s annual executive compensation list reflects that diversity of industries, with the top paid leaders of the county’s public companies spread across sectors ranging from aerospace to footwear.

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Retail Site Is Sold in Pasadena

Remodeled strip center valued for its ‘potential’

A strip center in Pasadena at the corner of Lake Avenue and Orange Grove Boulevard has sold for an undisclosed sum.

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Dominguez Properties Bring $14 Million

Buyer plans to redevelop both infill industrial sites

Two industrial properties in Rancho Dominguez recently sold for a combined $14.4 million.

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Industrial, Office Sites Acquired in Carson

South Bay city attracts Salvation Army, Rexford

The South Bay city of Carson has seen two notable recent commercial real estate sales.

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Dating App for Gamers Raises $2 Million

Covalent’s Kippo works to create virtual matches

Downtown-based Covalent Inc., the developer of gamer dating app Kippo, has raised $2 million in a seed round.

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Arch Shifts VFX Work to the Cloud

Platform helps companies cut costs and increase flexibility

The coronavirus pandemic has slowed the visual effects industry, but Hollywood-based Arch Platform Technologies Inc. is helping to bring VFX artists back to their workstations, virtually.

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Subscription Brands Deliver for Consumers

SnackNation, Winc report a surge in new customers

For consumers stuck at home during the pandemic, a surprise delivery box just might be the thing that lights up their day.

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Financial Platform Raises $13 Million

Millennial-focused Stackin provides advice by texts

Venice-based Stackin Inc. has raised $12.6 million in a Series B funding round. The investment was led by European venture giant Octopus Ventures.

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Packaging Investment for Trilinc

Pandemic-proof Ecuadorian company receives investment

Manhattan Beach-based Trilinc Global has cleared a $3.25 million loan to a Latin American sustainable packaging company.

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PPP Lifts Some Local Business, But Not All

Retailers and restaurants hope for changes to program

In the three months since its launch, the Small Business Administration’s Paycheck Protection Program has faced many obstacles, from bottlenecks in the application pipeline to general lack of clarity on loan terms.

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Retail Reeling

Deals for brick-and-mortar properties face a slowdown

To say that 2020 has been interesting for retail so far is an understatement.

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Malibu Sites Sell for $18 Million

Pepperdine buys two office buildings

Two office buildings in Malibu Professional Park have sold for a combined $17.5 million.

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True Religion to Exit Bankruptcy

But unsecured creditors object to plan

True Religion Apparel Inc. estimates it will emerge from bankruptcy by mid-August, according to documents filed with the U.S. Bankruptcy Court for the District of Delaware.

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Prospect Medical Buys Physician Groups

Hospital company boosts network with addition of 10,000 doctors

Palms-based hospital and physician group operator Prospect Medical Holdings Inc. has acquired three medical groups with about 10,000 physicians, nearly doubling the doctor count in its physician association holdings to about 21,000.

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Brands Join in on the Conversation

Amgen, Mattel, Anastasia among companies embracing social justice

As protesters took to the streets across the U.S. recently to express their anger over the death of George Floyd at the hands of Minneapolis police officers, a growing number of local brands chose to take part in the social justice conversation.

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LABJ Insider

The Case for Space

Read this week's column from Los Angeles Business Journal Editor Scott Robson for goings-on in L.A.'s business community.

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Store Owners Are Challenged

Pandemic, unrest tests their optimistic outlook

Marred by tepid consumer interest, countywide protests, curfews and looting, the retail reopening after the Covid-19 shutdown had a rough start to say the least.

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Glass Company Rallies During Riots

Giroux responds for business owners

The first frantic call came into downtown-based Giroux Glass Inc. at 5 a.m. on May 30 from a terrified official at the Los Angeles Community College District office building in downtown.

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Boies Rethinks LA Approach

NY firm adjusts after mass defections by partners

At the height of a heady courtship in February 2017, Chris Caldwell found himself on Manhattan’s Upper East Side, being wooed over dinner at the fashionable Harry Cipriani restaurant by David Boies, perhaps the preeminent trial lawyer of his generation.

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Bargain Hunters

Real estate companies seek opportunities in a distressed market

For several real estate companies, the Covid-19 pandemic could present some unique opportunities.

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VALLEY INSIDER

CEO Shifts at Disney

A flurry of leadership changes at Walt Disney Co.

Friday, June 5

LA500 Speaker: Dr. Derek Peterson

Custom Content by the Los Angeles Business Journal

Derek Peterson, Ph.D., is chief technology officer at Boingo Wireless (NASDAQ: WIFI), responsible for the company’s technical vision and strategy.

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Thursday, June 4

Activision Postpones 'Call of Duty' Releases

Activision Publishing Inc. has postponed new versions of its "Call of Duty" first-person shooter games due to nationwide unrest.

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Real Estate Strategies Speaker: Matt Brainard

Custom Content by the Los Angeles Business Journal

For two decades, I have specialized in representing corporate tenants on a local, national and global basis.

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Lufthansa Resumes Flights from LAX to Munich

In a sign that LAX is starting to rebound from the air travel slump caused by the Covid-19 pandemic, Lufthansa resumed service between LAX and Munich.

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Real Estate Strategies Speaker: Kasey Garcia

Custom Content by the Los Angeles Business Journal

Kasey Garcia is a Senior Manager in CBRE’s Workplace practice.

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Wednesday, June 3

Real Estate Strategies Speaker: Ray Haj

Custom Content by the Los Angeles Business Journal

As Swinerton’s Sr. Vice President and SO-CAL Regional Manager, Ray Haj is responsible for more than 1100 staff and oversees $2.5+ billion worth of projects in the Southern California region.

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Tuesday, June 2

LA500 Speaker: Chant Vartanian

Custom Content by the Los Angeles Business Journal

Chant Vartanian, M-Theory Group’s CSO, doesn’t want you to buy any hardware, ever.

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Monday, June 1

TrueCar Lays Off 30% of Staff

The job cuts were made in anticipation of the termination of TrueCar’s partnership with USAA Federal Savings Bank.

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Purple Line Is on Track

Metro taking advantage of Wilshire Blvd. lockdown

Call it an unanticipated silver lining of the Covid-19 pandemic: Construction of the Metro Purple Line extension’s station in the heart of Beverly Hills is now running about seven months ahead of schedule.

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Edison International Completes $800 Million Offering

Utility's parent company plans $5B annual investment

Rosemead-based Edison International recently completed a private placement of common shares worth $800 million, with proceeds destined for the company’s mandated wildfire fund contribution and other infrastructure investments for its Southern California Edison utility subsidiary.

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Bride and Gloom

LA’s wedding industry is reeling — but vendors see a happy ending

The wedding industry was a healthy year-round business in Los Angeles, until Covid-19 crashed the party.

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Furniture Rental Startup Fernish Raises $15 Million

Service looks to expand in additional markets

Beverly Grove-based furniture startup Fernish has raised a $15 million Series A, bringing its total funding to $45 million.

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Big 5 Reports Sales Slump

Company sees 11% decline during first quarter

Big 5 Sporting Goods Corp. delivered the results it had expected for the first quarter despite the impact of the Covid-19 pandemic that forced the temporary closure of about half of its stores.

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Banc of California Ends Partnership

Pays $20 million to leave LAFC stadium deal

Just over two years into its 15-year stadium naming deal with Los Angeles Football Club, Banc of California has announced it is dialing back the partnership.

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LAX Traffic Tumbles 96% in April

Slight rise is anticipated for May

Passenger traffic at Los Angeles International Airport dropped nearly 96% in April, to less than 300,000, as the Covid-19 pandemic hit the air travel industry with full force.

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Unconventional Path Pays Off for BLT

Developer wins with diverse businesses

Santa Monica-based BLT Enterprises, now a major developer and owner of real estate across several asset types, got its start in an unusual way.

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Frame Wellness Rolls Out Therapist Service

Matches Angelenos with mental health help

Frame Wellness Inc., a Santa Monica-based mental health care company, has launched Frame Matching, a service that connects Angelenos with therapists.

Atlas Capital Buys Pasadena Office Site

Company pays $72 million, latest big deal in low-risk market

The Pasadena marketplace has already seen a handful of big investments this year, and Atlas Capital Group is the latest buyer.

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Covid-19 Cuts Deep Into LA Jobs

Hospitality, entertainment sectors drive record unemployment results

It’s no surprise that L.A.’s economy has been walloped by coronavirus-driven business shutdowns, but the extent of the damage and how much worse L.A. County has fared only became apparent with the release of data for April.

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LABJ Insider

Finding the Balance

Read this week's column from Los Angeles Business Journal Editor Scott Robson for goings-on in L.A.'s business community.

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Sustain and Gain

Trilinc makes the most of socially conscious investing

Last year saw record levels for socially conscious investing, with sustainable fund assets reaching $960 billion globally in 2019 — the highest ever.

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Women’s Clubs Find a Way

Chief, AllBright adapt for members

Chief, a private executive organization designed to help women network their way into positions of power, had big plans to open a 13,000-square-foot, multiuse clubhouse on La Cienega Boulevard near Melrose Avenue this spring.

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Divorce Firms Expect Surge

Post-lockdown period will lead to ‘very busy’ time

For 23 years, Barbara Hammers’ family law practice Hammers & Baltazar, with offices in Santa Monica and West L.A., hummed along. As one divorce case ended, another walked in the door, providing a steady income.

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Executive Insights

In the midst of headlines about layoffs and shutdowns, L.A. business leaders seem to be ramping up.

Barach Takes Larger Role at Vista

Veteran executive says firm will seek value-add properties

Real estate veteran Philip Barach is taking a more active role as chief executive and co-managing partner of Vista Investment Group.

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LPC West Is Looking to West Coast Growth

Rawi sees additional $1 billion in investments for LA market

Downtown-based LPC West, the West Coast arm of Lincoln Property Co., is expanding its mixed-use sector in Los Angeles.

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Decron Pays $72 Million for Site in NorCal

Deal continues company's expansion into other markets

Mid-Wilshire-based Decron Properties Corp. has purchased a property in Fremont for nearly $72 million.

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USDA Gives Lift to Don Lee Farms

Agency's food program connects suppliers, needy

Goodman Food Products Inc., doing business as Don Lee Farms, is among a handful of Los Angeles County firms that won contracts with the U.S. Department of Agriculture to provide food boxes to nonprofits serving the needy.

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Settlement for Honda

Carmaker to pay state $2 Million over engine emissions

American Honda Motor Co. Inc. reached a $1.9 million settlement with the California Air Resources Board for clean-air violations related to small engines used to power lawnmowers and other garden equipment.

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Faraday Bankruptcy Plan Approved

Court ruling clears path for production of vehicles

Faraday & Future Inc.’s founder and former chief executive caught a break from the U.S. Bankruptcy Court for the Central District of California in Los Angeles.

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Cadiz Finds New Focus

Management restructuring puts emphasis on agriculture

Downtown-based water infrastructure company Cadiz Inc. has codified through a management reorganization a shift in focus for its massive Mojave Desert land holding.

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