Apr 29 2008
The Grand Avenue project, the massive mixed-use development near Walt Disney Concert Hall, is being delayed again as a result of the tight credit markets, developer Related Cos. announced late Monday.
The New York City-based company said construction is now expected to begin Feb. 15, which would result in the development’s first phase [...]
Apr 29 2008
Robert Maguire offers to buy the real estate trust and sell off many of its signature buildings, but directors say the deal has too many uncertainties.
Downtown Los Angeles skyline boss Robert Maguire, fighting to keep control of the real estate investment trust he founded, on Monday made a complicated offer to [...]
Apr 29 2008
First quarter profit climbed 71 percent at CB Richard Ellis Group Inc. thanks to gains in international business, but the earnings missed Wall Street estimates sending shares downward.
The Los Angeles-based real estate services company posted net income of $20.5 million (10 cents per share), almost double the $12 million (5 cents) in [...]
Apr 11 2008
Funds Less But Quality Improves
IndyMac Bancorp Inc. said Friday that it made $3.3 billion in loans in March, a 63 percent decline from a year earlier. For February, IndyMac had reported $3.5 billion in mortgages, which was off 58 percent from a year earlier.
However, the parent of IndyMac Bank said that its loan quality has [...]
Apr 11 2008
To answer the most commonly asked question: Yes, the Downtown building boom has slowed. However, "slowed" needs to be put into context. To understand that context, just glimpse at the wealth of construction sites and cranes spread across the community.
Photo by Gary Leonard.
There is still a heck of a lot going on in Downtown Los [...]
Apr 11 2008
Mountainside Village
LOS ANGELES-A joint venture of Mountainside Village Apartment Investors LP and Griffin Investments LLC has acquired a 197-unit apartment complex for $26.5 million. The buy floats on a $22.5-million acquisition bridge loan that was designed to provide favorable terms despite the credit crunch, according to George Smith Partners. Principal Steve Bram of Century City-based [...]
Apr 11 2008
Leiweke(Don Jergler is editor of Real Estate Southern California.)
LOS ANGELES-L.A. Live developer Tim Leiweke on Tuesday railed against the idea that now is a bad time to invest in commercial real estate. Leiweke, president and CEO of Anschutz Entertainment Group, made his comments at the Southern California Investor Symposium hosted by Marcus & Millichap Real [...]
Apr 11 2008
717 Olympic
LOS ANGELES-The new 26-story 717 Olympic luxury apartment tower, a joint venture of the Hanover Co. and MetLife Inc., will soon open its doors in Downtown L.A. next to the Staples Center with 151 live/work units for lease. The JV has developed the new project in the middle of the L.A. Live entertainment complex [...]
Apr 10 2008
Apartment rents in Southern California are projected to increase slowly in 2008 as a result of the credit crunch, according to a report released Thursday by the USC Lusk Center Casden Forecast. Los Angeles County rental increases are expected to be in the 2.5 percent to 3 percent range on average.
The report notes that [...]
Apr 10 2008
The process of underwriting and selling securitized mortgages is fast becoming the primary target for reform as the market tries to assess how to prevent a similar future economic wreck, so much so that some are starting to question, what parts of the process are history.
Jack Guttentag, emeritus finance professor at The Wharton School [...]