Month: January 2023

From left: Rexford’s Howard Schwimmer and Michael Frankel along with 14400 South Figueroa Street (Getty, Rexford Industrial Realty, LoopNet) Not everyone in commercial real estate can say they had a busy 2022, as rising interest rates hampered sales in the latter half of the year. But Rexford Industrial Realty didn’t let rising rates stop them.…

Nassef Sawiris and 440 Trousdale Place in Beverley Hills (Google Maps, Getty) What do you get if you’re Egypt’s richest man? Buy a $24 million home in Beverly Hills’ Trousdale Estates. Nassef Sawiris, the billionaire construction mogul from the Land of the Pharaohs, was identified as the mystery buyer who paid $24.1 million for a…

(Getty) The L.A. office market did not kick off 2023 with a bang, but with a slow fizzle. About 2.9 million square feet of office space was leased in the fourth quarter of 2022, dropping 19 percent from 3.6 million square feet during the same period in 2021, as remote work continues to pummel demand,…

(Getty) California has more renters than any state, more tenants per unit and some of the nation’s highest rents. That puts it among the worst places for renters in the U.S., according to a new study. A rental survey of 50 states plus the District of Columbia ranked California the third-worst place for renters, behind…

350 W. 1st Street in Los Angeles with Former L.A. Deputy Mayor Raymond Chan and Former L.A. Councilman Hose Huizar (Getty, Google Maps) Former Los Angeles councilman Jose Huizar, accused of taking $1.5 million in bribes from real estate developers in a City Hall corruption scheme, has lost his bid for a separate trial from…

Hackman Capital Partners’ Michael Hackman and 5300 Melrose Avenue (Hackman Capital Partners, Google Maps, Getty) Hackman Capital loves Hollywood. The firm, one of the largest owners of studio real estate, has expanded its portfolio in Hollywood, picking up a 70 percent stake in Raleigh Studios for $140 million, according to L.A. County property records. The…

Fashion Nova’s Richard Saghian with 22446 Pacific Coast Hwy (Getty, Google Maps) Fashion Nova founder Richard Saghian paid $40 million for a home on Malibu’s Carbon Beach in an all-cash deal, The Real Deal has learned. The beachfront home, located at 22446 Pacific Coast Highway, was asking $69 million in June and was owned by…

Markwood Enterprises’ David Wright with 400 East Adams Boulevard (Getty, Aero Collective, Markwood Enterprises) Markwood Enterprises has a green light to build 84 workforce apartments in South-Central Los Angeles. The Beverly Hills-based developer was approved by the Los Angeles Planning Department to build the five-story complex at 400 East Adams Boulevard, Urbanize Los Angeles reported.…

Charles and Willa Bruce with Bruce’s Beach (California African American Museum, Getty) Six months after Los Angeles County returned Bruce’s Beach to the descendants of Black owners, the family is selling the property in Manhattan Beach back to the county for $20 million. The Bruce family, whose beachfront property was returned in July after it…

Healthcare Property Advisors’ James McGrade and the campus at 915-975 West Imperial Highway and 950 Mariner Street in Brea (Loopnet, Healthcare Property Advisors) Healthcare Property Advisors has bought its own headquarters office campus in North Orange County for $80 million. The healthcare real estate investor bought the 288,000-square-foot campus at 915-975 West Imperial Highway and…