Month: July 2020

Former president of Airbnb’s Homes division, Greg Greeley and Airbnb CEO Brian Chesky (Airbnb, Getty) Three weeks after detailing how Airbnb almost “lost everything” after the pandemic hit, CEO Brian Chesky is reviving plans for a 2020 public offering. “When the market is ready, we will be ready,” Chesky wrote in an email to staff…

The co-living industry has thousands of units in the pipeline. Industry leaders are predicting a tough year ahead (Pixabay) Before the pandemic, co-living executives were looking to capitalize on demand for shared, low-cost accommodation — specifically targeting young professionals in major cities. But now, with thousands of units in the pipeline, the pandemic has called…

Neil Kadisha, Jaime Lee, and the building (Credit: CHANCE YEH/Patrick McMullan via Getty Images) Jamison has sold its first apartment development project in Koreatown. Omninet Capital paid $32.4 million for the 72-unit Maya Apartments at 535 S. Kingsley Drive, according to Commercial Observer. The deal for the 70,000-square-foot property pencils out to $465 a foot.…

Openpath’s Alex Kazerani and James Segil Openpath, which grants employees hands-free access to their offices, just raised $36 million as landlords race to adopt Covid-inspired safety measures. The Series C was led by Greycroft, with participation from Okta Ventures, LPC Ventures and Allegion Sentre, the company said. The round brings Openpath’s total funding to $63…

Lowe co-CEO’s Mike and Rob Lowe, Related Fund Management’s Justin Metz, 2130 Violet Street A Related Companies affiliate has teamed up with Los Angeles-based Lowe to develop a 113,000-square-foot office building in the Arts District. The two firms announced the plan for the nine-story building this week; the project will rise at 2130 Violet Street.…

Survey finds 87.6 percent of tenants paid some rent this month With enhanced unemployment benefits set to expire this month, 87.6 percent of tenants paid some rent through July 13, according to a national survey of market-rate units. The number of renters paying at least some of the month’s rent was only slightly lower than…

President Donald Trump (Credit: MANDEL NGAN/AFP via Getty Images) A California advocacy group sued the Donald Trump administration over not getting data it asked for concerning the massive Paycheck Protection Program. American Small Business League, an organization based in Sonoma County, filed a lawsuit in San Francisco federal court Friday over the Small Business Administration…

Simon Property Group’s David Simon (Getty) Simon Property Group has kept its promise to sue mall tenants who aren’t paying their rent. On Tuesday, the country’s biggest retail real estate investment trust filed a lawsuit against Eddie Bauer, seeking to recover $6.2 million in missed rent payments. The outdoor clothing store chain has not paid…

U.S. Rep. Alexandria Ocasio-Cortez (Getty) UPDATED, July 15, 2020, 4:58 p.m.: U.S. Rep. Alexandria Ocasio-Cortez is taking aim at real estate investment trusts that seek to use federal aid to pay out shareholder dividends. The progressive superstar, who just won a primary challenge in her New York City congressional district, criticized industry trade group Nareit…

Downtown Los Angeles (Credit: iStock) Landlords hiked residential rents in Los Angeles by an average of just 4 percent in June, the smallest annual increase since October 2015. Landlords in Orange County raised rents by the same amount. The increases for both counties — compared to June 2019 — come as the statewide eviction moratorium…