Month: July 2018

12800 Center Court Drive South and WCCP co-founder and principal Scott Douglas West Coast Capital Partners acquired a Cerritos office tower for $24 million, or around $229 per square foot. The five-story, 105,000-square-foot property at 12800 Center Court Drive South was purchased from an affiliate of Transpacific Development Company, according to the Los Angeles Business…

In an open letter, the CEO of a rival brokerage is accusing Compass of “trash-talking” and “distortion.” (Credit: iStock and IK Films via Google) It’s the open letter ricocheting around the residential brokerage world. Addressed to Compass, the lengthy missive is full of zingers accusing the New York-based startup of “trash-talking,” “distortion” and being “boastful.”…

Essex Property CEO Michael Shall with the property Could another Grand Central Market be in the works? Essex Property Trust, a publicly-traded real estate investment firm, has filed plans to build a 22,000-square-foot food hall on the site of one of its apartment complexes in Downtown Los Angeles, according to documents published with the city.…

Senator Marco Rubio (Credit: iStock) Florida Republican Sen. Marco Rubio is seeking more transparency of shell companies’ purchases of U.S. real estate in an attempt to thwart money laundering. Rubio is proposing an amendment in an unrelated spending bill that would require shell companies across the country to disclose their owners for real estate purchases…

Jon Jerde’s 1984 Olympics architecture (Credit: Jerde.com) The widow of the founder of the Jerde Partnership has lost her bid to get back her husband’s renderings of a mega-shopping development in Newport Beach and other significant Los Angeles-area works. A Los Angeles Superior Court judge ruled in favor of the Jerde Partnership, a Downtown-based architecture…

The proposed development site at 3rd Street and Dangler Avenue Azure Development, Inc., is vying to secure an exclusive agreement with Los Angeles County this week to develop a 76-unit project in unincorporated East Los Angeles. The Commerce-based firm and partner Romero Management Consultants want to combine County-owned properties with adjacent properties Romero owns at…

Denise Richards and the home Denise Richards is swapping out Hidden Hills for a glitzier zip code — and a spot on reality television. The actress and model finally sold her home in the Hidden Hills for $4.75 million, reflecting a nearly 40 percent price chop from the original asking price of $7.9 million. The…

A rendering of the tower at 141 East 47th Street and Bentley Zhao (Credit: LinkedIn) Bentley Zhao’s New Empire Real Estate has slammed Town New Development with a $250 million defamation lawsuit after the brokerage firm said it was owed $2.4 million in fees. In an eight-page complaint dated July 27, New Empire said Town’s…

Mauricio Umansky, Billy Rose and Miami (Credit: iStock) The Agency, a Los Angeles-based brokerage with more than 350 agents, is opening an outpost in Miami, The Real Deal has learned. Sources familiar with the deal said the luxe brokerage will open an office in the coastal city later this year, bringing its total number of…

LA County Board of Supervisors Sheila Kuehl, Hilda Solis and Los Angeles City Hall Los Angeles County officials are considering a short-term solution to the long-term affordable housing problem: a cap on maximum rent increases on unincorporated areas. An ordinance being debated would limit the amount a landlord could increase the annual rent at 3…