Month: July 2020

Dune CEO Daniel Neidich and Aaron Greeno (Getty, Linkedin, iStock) Dune Real Estate Partners will open its first Los Angeles office, and the investment firm has set an ambitious goal for its West Coast expansion. The New York-based company hired Aaron Greeno to build out the business, and set up a team of three to…

Larry Silverstein, Steve Roth and the J. Edgar Hoover Building (Getty) Three years ago, Silverstein Properties and Vornado Realty Trust were among four finalists to redevelop the FBI’s headquarters. The government scrapped that plan, but the project’s renewed momentum — in the form of funding tucked into a proposed Covid relief bill — presents another…

CoStar CEO Andy Florance (Getty) CoStar Group’s second-quarter profits slid 4.5 percent to $60 million as it incurred higher operating costs and slower sales during the pandemic. During the quarter, the data giant reported $35 million in net new sales, down from $59 million during the same period last year. But as sales picked up…

Alex Sapir and Rotem Rosen (Getty) Trust betrayed. Contracts breached. Family exploited. Relationship destroyed. The bitter feud that has been playing out between two former real estate business partners and brothers-in-law, Alex Sapir and Rotem Rosen, has been a toxic divorce. It includes accusations of scheming, double-crossing and theft, and includes several members of their…

WeWork CEO Sandeep Mathrani (Getty, iStock) Despite its roots as a landlord for freelancers and startups, WeWork has spent the past several years pivoting towards larger “enterprise” tenants. The co-working firm’s new CEO, as well as the economic fallout of coronavirus, are now solidifying that trend. For the first time ever, companies with more than…

Blackstone’s Jon Gray and 1777 Center Court Drive in Cerritos (Getty, Google Maps) Blackstone Group has sold a 171,000-square-foot office building in the sprawling Cerritos Towne Center mixed-use development. Blackstone sold the property for $44 million, according to the Los Angeles Business Journal. Bay Area firm Nome Ventures was the buyer, and the deal penciled…

ELK Development founder Evan Kasper and the development site at 730 S. Vermont Avenue (Google Maps) An entity tied to rental housing builder ELK Development is planning an 80-unit apartment building in Koreatown. The seven-story project, which is eligible for city and federal incentives, would rise at 730 S. Vermont Avenue, property records show. ELK…

Google CEO Sundar Pichai. Google’s work from home plans could have a big impact on office markets in major U.S. cities (Getty, Pixabay) In December 2018, Google CFO Ruth Porat announced plans for the search giant’s new 1.7 million-square-foot campus in Manhattan’s Hudson Square, a move that would allow the company to “more than double…

Corcoran Group CEO Pam Liebman (Photography by Sasha Maslov) Corcoran Group is expanding its Northern California presence, saying Monday that it is absorbing Discovery Bay Properties in Contra Costa County. The acquired firm, formerly an affiliate of Berkshire Hathaway’s Intero franchise, will become part of Corcoran’s “Corcoran Global Living” California brand, said Michael Mahon, CEO…

Tani Cantil-Sakauye and Mayor Eric Garcetti (Getty, UC Davis School of Law, iStock) California has had zero legally enforceable evictions since a landmark April decree by the Judicial Council, the state court’s rulemaking body. But the Judicial Council could soon end the moratorium on commercial and residential evictions that has been the bane of landlords but…