Los Angeles
Chinatrust Bank Moves HQ to 801 Tower As It Plans Expansion
Taiwan-based Chinatrust Bank is set to move its headquarters after an announcement regarding a new leasing deal was made by company officials recently. The financial entity will move its operations from its current Torrance HQ to the new location, in 801 Tower, in the financial neighborhood set up just north of the Staples Center. Continue reading →
Academy Tower in North Hollywood Now Part of Kennedy Wilson’s Portfolio for $48 Million
North Hollywood properties have been the subject of some interest lately, a trend that is making itself noticed through a number of purchases. The latest of these is the acquisition of The Academy Tower, an office property located in the area, by international real estate firm Kennedy Wilson. The company reportedly paid $48 million for the office building, a large chunk of which was raised through a financing deal facilitated by KW with Bank of America Merrill Lynch.
Avison Young Makes Entrée into Southern California’s Orange County Market
Toronto’s Avison Young continues the rapid expansion of its footprint in the United States with yet another new office opening.
New Joint Venture to Acquire Burbank Media District Office Campus
Hudson Pacific Properties, Inc. has announced that it has entered a new joint venture, with M. David Paul & Associates/Worthe Real Estate Group, that will move to acquire one of the largest properties in the Burbank Media District. The new JV is set to close on the two-building facility named The Pinnacle, one of the highest-rated office properties in the district. MDP/Worthe is contributing its ownership of the Pinnacle II building to the venture. The joint venture will own the Pinnacle buildings for approximately $342.5 million, subject to $218.6 million of project financing.
Division 13 Will Provide Local Transportation Authority With State-of-the-Art Maintenance Equipment
The Los Angeles County Metropolitan Transportation Authority is now underway with the development of the new Metro Division 13 Bus Maintenance and Operations Facility. The state-of-the-art construction will be located next to Union Station and will be built over the following two years. While the facility will cost around $72 million by the end of the development process, the MTA received a crucial federal grant from the United States Department of Transportation worth $52.5 million. When finished, Division 13 will have 442,000 square feet of utility and office space.
Archstone Acquires Silicon Beach Residential Property Formerly Known as The Frank
The Frank, a Venice, CA multifamily property, was the subject of a recent deal resulting from an Archstone-sponsored partnership. The company is currently on a shopping spree that includes the acquisition of a 205-unit apartment community in Marina del Rey, as well as a 237-unit Washington D.C. residential property. Archstone paid $56.2 million for the property, and has also decided to rename the asset Archstone Venice on Rose.
Historic Celebrity Magnet ‘El Royale’ Trades Hands for $29.5M
Located at 450 North Rossmore Avenue, the building features 56 luxury units, with an impressive per-rate unit of $527,000. The property offers an expansive overlook with views that include Hancock Park and the nearby Wilshire Country Club. The average apartment is about 1,400 square feet. Forty-six of the units are rent-controlled, while the remaining ten are exempt due to their luxury residence designation. According to Ron Harris, one of the brokers in charge of the transaction, “El Royale is one of the most iconic and celebrated apartment communities in all of Los Angeles County”.
Multifamily Portfolio in Lancaster is Acquired by MG Property Group
A Lancaster, CA multifamily portfolio was recently acquired by real estate company MG Properties Group from an unnamed seller. The San Diego-based company paid approximately 91.75 million for the four residential communities. The properties comprising the portfolio are Cordova Park, Granada Villas, Sienna Heights and Woodlands West, all of them located in the city of Lancaster.
Kilroy Expands SoCal Portfolio With Media-Centric Office Acquisitions
Real estate investment trust Kilroy Realty Corp. has further increased its Southern Californian footprint by completing the acquisition deal for Columbia Square, a Hollywood media campus. The company is also in final stages on the acquisition of Tribeca West, an entertainment-oriented office property in West L.A.
Wells Fargo Inks Decade-Long Renewal Deal With MPG Office Trust
Wells Fargo recently completed a deal to keep it at its current Los Angeles home. The banking giant has finalized a lease renewal with landlord MPG Office Trust, Inc. for space at the Bunker Hill-located Wells Fargo tower. The financial entity will stay on the building’s tenant roster for another 10 years, according to a press statement MPG recently released.