Month: March 2021

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(iStock/Illustration by Kevin Rebong for The Real Deal) The office market is looking at three more years of pain until it turns the corner, according to a new report. Moody’s Analytics and CWCapital note that long-term leases saved landlords from a mass exodus but downsizing will continue to erode their tenant base. As a result,…

Israeli bond market rule changes could hinder U.S. developers

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Around 30 U.S. real estate firms have raised over $5.5 billion in the Israeli bond market in the past decade (iStock) Over the past decade, U.S. developers have flocked to the Israeli bond market to obtain cheap financing for real estate projects — but that could change if new rules governing bonds are enacted. The…

WeWork exits CIM Group’s Hollywood complex

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925 N. La Brea Avenue with CIM Group’s Shaul Kuba and WeWork’s Sandeep Mathrani (Google Maps, Getty/Illustration by Alexis Manrodt for The Real Deal) WeWork is canceling a long-term lease in Hollywood as part of a wider restructuring of its real estate portfolio. The 47,500 square feet account for three-quarters of CIM Group’s 925 N.…

SoCal home prices keep rising while supply dwindles

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(iStock) The Southern California seller’s market continues, as home prices keep rising and listings keep falling. The median sales price for a home in the six-county region in February was $619,750, or 15 percent higher than the same period last year, according to the Los Angeles Times. There were also 17.6 percent more sales last…

Knotel to tap former top WeWork exec as CEO

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Michael Gross (Getty, iStock) Knotel is bringing on a WeWork veteran to help straighten out the bankrupt flex-operator. Former WeWork vice chairman Michael Gross will join Knotel as its chief executive, the Wall Street Journal reported. Gross’ first order of business will be to reduce Knotel’s significant losses. The company already plans to close a…

Here’s where Trumpworld has put down roots in South Florida

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From left: Joshua Kushner and Karlie Kloss; Melania and Donald Trump; Ivanka Trump and Jared Kushner; and Tiffany Trump (Getty Images) When Donald Trump left the White House on Inauguration Day, skipping his successor’s ceremony, he flew to South Florida, which has become a base of sorts for his inner circle since election results became…

How the “Big Three” iBuyers stack up

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Offerpad’s Brian Bair, Zillow’s Rich Barton and Opendoor’s Eric Wu. (Offerpad, Zillow, Opendoor) Until recently, iBuying was largely a two-horse race. Now, Offerpad’s decision to go public in a $3 billion SPAC deal has put rivals Opendoor and Zillow on notice. The deal, with a blank-check firm backed by Zillow co-founder and former CEO Spencer…

Ownership trio takes over beleaguered shopping center in Long Beach

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City Place Long Beach with Waterford’s John Drachman, Monument’s Benjamin Poirier and Turnbridge’s Michael Gazzano (RPALA Group, Linkedin) A trio of investors has redevelopment plans for a beleaguered Long Beach shopping center and office complex it acquired through a loan sale. Turnbridge Equities, Waterford Property Company and Monument Square Investment Group bought the nonperforming loan…

Ex-UCLA soccer coach took bribes to pay off Century City home

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Jorge Salcedo and his $2.3 million house. (Getty, Realtor.com) Former UCLA soccer coach Jorge Salcedo said he couldn’t afford the $1.9 million Century City home he bought for his family in 2016. So to get out from under that debt, Salcedo accepted $200,000 in bribes for his part in the now-infamous college admissions scandal. Salcedo…

There are more agents than homes for sale

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