Wednesday
Oct172012

Beverly Hills office building, fully leased, sells for $80 million

A Beverly Hills office building popular with entertainment industry tenants has sold for $80 million to New York real estate investment manager Clarion Partners. The property at 100 N. Crescent Drive is home to record industry giant Concord Music Group, movie maker Village Roadshow Pictures and RealD Inc., the world's leading supplier of 3-D technology to cinemas. The 120,000-square-foot, four-story building at the intersection of Crescent and Wilshire Boulevard is one of the first fully occupied offices to be sold in Beverly Hills since the economic downturn. Most other large office sales in recent years then have involved troubled or vacant properties, said real estate broker Drew Hild of Highmark Advisors Inc.

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Thursday
Oct112012

Kilroy buys Columbia Square in Hollywood, plans revival 

The long-planned Columbia Square mixed-use development planned around the historic former CBS headquarters in Hollywood will be revived by new owner Kilroy Realty Corp. Kilroy, a Los Angeles real estate investment trust, bought Columbia Square at 6121 Sunset Blvd. for $65 million from iStar Financial. Previous owners planned an $850-million project with offices, condominiums and a hotel, but the project stalled in the recent economic downturn. Kilroy plans a scaled-down development valued at about $235 million, Executive Vice President David Simon said. "We believe a mixed-use low-rise office campus with a residential component is the way to go. We want to make the project much more porous so people can enjoy the public spaces."

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Friday
Sep282012

Home Depot in China, Best Buy, Torrance Wal-Mart

Home improvement chain Home Depot Inc. will close its remaining seven big-box stores in China after a slowdown in the country's economy depressed sales. The retailer will continue to operate two specialty stores in Tianjin, China, and concentrate efforts on expanding its online business. About 850 jobs will be cut, the company said Friday.

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Wednesday
Aug152012

LOS ANGELES MIGHT EASE UP ON PARKING REQUIREMENTS FOR BUSINESSES

City Council is backing an ordinance that would reduce the number of parking spaces developers, landlords and business owners would need to provide for their projects. By David Zahniser and Kate Linthicum, Los Angeles Times Sparking new debate over how the city should grow, Los Angeles officials have embraced a plan to ease parking space requirements for apartments, restaurants and stores in selected areas of the city.

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Wednesday
Aug082012

Pinterest finalizes 60,000-square-foot San Francisco lease in SoMa 

By Blanca Torres, San Francisco Business Times The ink on Pinterest’s new lease in San Francisco is now dry, making the firm the lastest social media company to plant its headquarters in the city’s sizzling South of Market district. The online social network where people connect over images, videos and other objects they “pin” to virtual posting boards finalized a lease for 60,000-square-feet in 808 Brannan with landlord Flynn Properties Inc. Pinterest will transfer its operations from Palo Alto in a move heralded by San Francisco Mayor Ed Lee in early July.

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