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Malibu and Beverly Hills dominate LA’s most expensive neighborhoods


Malibu and Beverly Hills dominate LA’s most expensive neighborhoods Malibu's Colony, where median sales price was $13 million, tops list December 20, 2017 09:31AM Edward Norton’s home The “Steven’s House” by John Lautner (Credit: The MLS, Wikimedia Commons) Surprise! Malibu and Beverly Hills were the most expensive places to buy in Los Angeles in 2017, according to a list of the 10 priciest areas based on median sales price. The most expensive neighborhood in LA this year was Malibu’s Colony — the gated beachfront road tightly packed with mansions and their celebrity owners — where the median sales price was $13 million, according to PropertyShark data culled by Curbed. That figure is even lower than the median sales price of $15.7 million recorded in the Colony in the first half of 2017. Prices have skyrocketed in the Colony in recent years. Actor Edward Norton bought the “Steven’s House” by John...
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Could Unibail’s Westfield deal pressure Simon Property Group to make a big buy?


Unibail Rodamco CEO Christophe Cuvillier and the Westfield mall at the World Trade Center Unibail-Rodamco’s $15.7 billion bid to buy Westfield Corp. has the market buzzing about whether or not Simon Property Group will pull out its checkbook and acquire one of its smaller REIT rivals. Unibail, Europe’s largest real estate investment trust, is creating a $70 billion retail behemoth with its acquisition of Westfield. That puts it squarely in the rearview mirror of Simon, which has a portfolio of real estate valued at $110 billion. And it comes at a time of consolidation in the mall REIT sector on both sides of the Atlantic. “Next on the list is Simon Property,” said Kai Klose, a stock analyst who covers Unibail for Berenberg Bank. “If they can make a move that makes sense and be more dominant, I would not be surprised if they would do something.” Simon already owns...
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New 240K sf office building slated for El Segundo


New 240K sf office building slated for El Segundo The site will include office, studio, production, and retail space December 19, 2017 04:30PM The site of the Beach Cities Media Campus in El Segundo (Credit: Google Earth) A vacant six-acre site on Rosecrans Avenue in El Segundo is slated for development as a mixed-use campus with about 240,000 square feet of new office space. The development, dubbed the Beach Cities Media Campus, includes a five-story, 240,000-square-foot office building, a 66,000-square-foot studio and production facility, and two single-story retail buildings. The site would also include parking for 1,100 vehicles and a pedestrian bridge to a neighboring property with an ArcLight Cinemas movie theater and restaurants, according to Urbanize LA, which cited an environmental report being prepared by the city. The site at 2021 Rosecrans Avenue was formerly an air separation plant run by Air Products, but it was demolished sometime after...
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Olive Hill buying Santa Monica office building for $117M: sources


Olive Hill buying Santa Monica office building for $117M: sources Tishman Speyer paid $92M for 520 Broadway in 2015 By Chava Gourarie | December 19, 2017 03:36PM 520 Broadway, Michael Cho and Rob Speyer The Downtown L.A.-based Olive Hill Group is in contract to buy a Santa Monica office building from Tishman Speyer for $117 million, The Real Deal has learned. The sale of the 113,000-square-foot, six-story property, located near the Santa Monica Freeway and Third Street Promenade, is expected to close later this week for about $1,035 a foot, sources familiar with the deal said. Tishman Speyer bought it for $91.6 million in 2015 from Vornado Realty Trust, which had bought it out of foreclosure. Michael Cho, president of Olive Hill Group, said the building is a rare acquisition opportunity in Santa Monica, which has strict limits on development. The building is 82 percent occupied, property records show, with...
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US housing starts hit highest level in more than a year


From TRD New York: Housing starts in the U.S. hit their highest level in longer than a year in November, thanks largely to a spike in single-family home construction in the South and West. Starts rose 3.3 percent in November compared to October, hitting a seasonally adjusted annual rate of 1.297 million, while residential building permits dropped 1.4 percent, hitting an annual pace of 1.298 million, according to the Wall Street Journal. New single-family home construction in the South and West hit their highest monthly rates since July 2007, while housing starts in October were revised down to an annual pace of 1.256 million. Starts in the first 11 months of the year were up 3.1 percent compared to 2016, while permits went up 5.8 percent compared to last year. Single-family home building has been close to its highest levels since before the recession started, while construction of larger buildings...
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Spaces inks first deal in Hollywood during LA leasing spree


Spaces inks first deal in Hollywood during LA leasing spree Renovated Vine Street office building features 3D theater and roof deck December 19, 2017 02:06PM 1800 N. Vine Street (Credit: JLL) Co-working firm Spaces signed a lease for its first outpost in Hollywood Tuesday, marking its sixth deal in Los Angeles and its second in as many weeks. The Dutch company will take over the recently renovated, 61,000-square-foot Class A office building at 1800 N. Vine Street, according to the Los Angeles Business Journal. The three-story building is located one block north of the iconic Capitol Records Building and just south of the 101 Freeway. It’s also close to a Metro Red Line stop. Owner Archway Holdings Corp. brought in Rios Clementi Hale Studios to give the 35-year-old building a sorely needed renovation last year, adding 20,000 square feet of usable outdoor space, including a rooftop garden, according to Urbanize...
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Reliable Properties’ prez hit with $15.7M suit for allegedly shielding family homes


Reliable Properties’ prez hit with $15.7M suit for allegedly shielding family homes Suit says Jack Nourafshan made up fake foreclosure sales to buy and sell the Beverly Hills homes By Dennis Lynch | December 19, 2017 01:00PM 580 Chalette Drive (Credit: Zillow) A pair of creditors have sued Reliable Properties President Jack Nourafshan for more than $15.7 million for his part in an alleged scheme to buy and sell family members’ pricey Beverly Hills homes to protect the properties from seizure. The suit filed last week in California’s Central District Court revolves around two multimillion-dollar homes in Beverly Hills — 910 North Rexford Drive and 580 Chalette Drive — owned, respectively, by Nourafshan’s brother-in-law, Massoud Aaron Yashouafar, and Aaron Yashouafar’s brother, Solyman Yashouafar. The pair owed their creditors, New York-based brothers Howard and Israel Abselet, for a roughly $1.7 million loan in 2009, the suit says. The Yashouafar siblings would...
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Why the family behind Westfield moved to sell, not hand down empire

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Why the family behind Westfield moved to sell, not hand down empire The Lowys are selling the company to Unibail-Rodamco for $15.7B December 19, 2017 11:25AM Frank, Peter, and Steven Lowy (Credit: Getty Images) The Lowy family that built Westfield Corporation into one of the biggest mall owners across the globe looks like a real estate dynasty in many ways, but not when it comes to retaining control of that empire. “Westfield always was dominated by the family, but it was never meant to be one of those dynasties to be handed down,” Westfield co-chief executive Peter Lowy told the Wall Street Journal. Unibail-Rodamco’s $15.7 billion purchase of Westfield is one of the unusual cases of a real estate family giving up control, but in line with the Lowy’s family philosophy. Holocaust survivor Frank Lowy took the company public in 1960. And while his sons – Peter Lowy, 58, and...
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Wildfire-relief funds part of proposed $81B disaster-aid package


Wildfire-relief funds part of proposed $81B disaster-aid package Congress is set to debate and vote on the plan this week December 19, 2017 09:40AM   Smoldering trees at the Thomas Fire (Photo by David McNew/Getty Images) Congress plans to debate and vote this week on a sweeping $81 billion disaster-relief bill that includes funds for California’s wildfire-recovery efforts. The exact dollar figure that would go to help southern California recover from one of the worst wildfire seasons in history isn’t clear, as the bill is also set to include money for hurricane-relief efforts in the Gulf Coast, Puerto Rico and elsewhere, according to the Los Angeles Times. While lawmakers did not provide a detailed breakdown of the spending, the bill would bring the total amount of federal dollars spent on disaster recovery this year to $130 billion if approved. Details are scarce, but Bloomberg reported that $28.6 billion set to...
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Brookfield to partner with Airbnb in $200M Florida deal

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Brookfield to partner with Airbnb in $200M Florida deal Investment giant joins JV with Niido December 19, 2017 07:00AM Brookfield’s Ric Clark and Airbnb founders Joe Gebbia, Nathan Blecharczyk, and Brian Chesky Brookfield Property Partners plans to invest up to $200 million in a series of Florida multifamily properties whose units will be rented out through Airbnb for part of the year, the company announced Monday. The Canadian investment giant formed a joint venture with Niido, the developer behind the projects. It will invest $20 million in the first project, a 324-unit property in Kissimmee, Bloomberg reported. The partners plan to buy existing buildings and under-construction projects in Miami, Fort Lauderdale and Tampa and turn them into a giant home-sharing experiment: tenants will be allowed to sublet their pads via Airbnb for less than half the year. In return, the landlords get a share of the income (Brookfield’s cut will...
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This week in celebrity real estate: LeBron James buys yet another Brentwood estate, Pistons owner Tom Gores regains his former home… and more


This week in celebrity real estate: LeBron James buys yet another Brentwood estate, Pistons owner Tom Gores regains his former home… and more By Natalie Hoberman | December 08, 2017 05:00PM Big Sean and Tom Gores (Credit: Getty Images) Basketball star LeBron James dropped $23 million to acquire a 15,850-square-foot mansion in Brentwood this week. That’s $2 million more than he paid when he purchased a house in the same neighborhood just two years ago. This time, the newly-built property includes eight bedrooms, a cigar room and beer on tap. Santiago Arana of the Agency brokered the deal for the four-time NBA champ. In an unexpected turn of events, Detroit Pistons owner and Platinum Equity chief exec Tom Gores paid $38 million to buy his former home in Beverly Park. He sold the home last year as part of a switcheroo deal where Gores traded several properties to acquire the...
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Trump says Wells Fargo could pay more fines for mortgage lending abuse

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Trump says Wells Fargo could pay more fines for mortgage lending abuse Consumer Financial Protection Bureau head promises changes December 08, 2017 05:00PM From left: President Donald Trump (credit: Getty Images), Wells Fargo CEO Tim Sloan and Mick Mulvaney President Trump says that Wells Fargo won’t escape penalties linked to alleged mortgage lending abuse, tweeting that the bank may face even higher fines. The president’s tweet follows reports that the interim head of the Consumer Financial Protection Bureau, Mick Mulvaney, was reviewing whether or not the bank would have to pay tens of millions of dollars as part of previous settlement agreements, CNBC reported. One of the settlements was related to Wells Fargo charging borrowing fees to secure low mortgage rates, a practice that the bank admitted led to a “substantial number” of customers being charged inappropriately . “Fines and penalties against Wells Fargo Bank for their bad acts against...
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Wildfire destroys Bel Air home of former NBA player Andrei Kirilenko


Wildfire destroys Bel Air home of former NBA player Andrei Kirilenko The Russian hoopster bought the home for $5.5 million in 2015 December 08, 2017 03:00PM     Andrei Kirilenko and his Bel Air house (Credit: Wikimedia Commons, Redfin) The wildfire ravishing pricey properties in Bel Air has claimed the home of former NBA player Andrei Kirilenko, the Los Angeles Times reported. The Skirball fire destroyed Kirilenko’s 4,350-square-foot property on Linda Flora Drive, one of at least six in the wealthy enclave lost to the blaze. His former Brooklyn Nets teammate, Jason Collins, tweeted the news. I have left my home because my area is under voluntary evacuation, but my thoughts are with my former teammate Andrei Kirilenko & his wife Masha whose house was lost in today’s fire. #SkirballFire — Jason Collins (@jasoncollins98) December 7, 2017 Kirilenko, current commissioner of the Russian Basketball Federation, purchased the home in 2015...
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“Million Dollar Listing LA”: All in the Family


“Million Dollar Listing LA”: All in the Family Recap of season 10, Episode 5 December 08, 2017 02:11PM Madison Hildebrand and Josh Altman They say “home is where the heart is.” Yet in the case of this episode, home is where the drama is. Josh Altman is struggling to balance the needs of his sellers at Dovetail, and those of his pregnant wife Heather. Madison Hildebrand is ready to take the infamous “next step” with Cody, who needs to meet his broker boyfriend’s parents to reach peak relationship status. Here’s where we left off: Meet the parents Madison is taking time off from real estate this episode to focus on “the next step” with his boyfriend Cody. Things appear serious enough that Madison wants to bring him home to Arizona for a family reunion, because nothing says “I love you” more than subjecting your significant other to swarms of relatives....
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Hilton & Hyland hires team from Halton Pardee, JLL names a new exec… & more


Hilton & Hyland hires team from Halton Pardee, JLL names a new exec… & more By Natalie Hoberman | December 08, 2017 01:00PM Mick Partridge and Justin Alexander (Credit: Hilton & Hyland, Wikimedia Commons) Luxe residential brokerage Hilton & Hyland poached Justin Alexander and Mick Partridge — also known as Alexander Partridge — from the Venice-based Halton Pardee and Partners this week. Alexander previously served as director of sales at Halton Pardee, while Partridge was one of the six listing agents on the team. The duo specializes in properties in Beverly Hills’s Platinum Triangle and on the Westside. Reid McCartney joined commercial brokerage JLL this week as its new executive vice president and Los Angeles market lead of the Project and Development Services team. McCartney, who previously worked at Tesla, will oversee the direction, management and execution of projects for the firm. Developer TruAmerica Multifamily, based in Sawtelle, promoted Matthew...
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National Cheat Sheet: Inside commercial real estate’s data wars, new leaders named at Elliman and Related … & more

National Real Estate News
Clockwise from top left: The Skirball wildfire threatening the Los Angeles area, New York City Mayor Bill de Blasio, Art Basel in Miami, and Andrew Right, Anthony Foxx, Stephen Ross of Related. Who will lead commercial real estate’s data revolution? With data increasingly considered a sacred resource in commercial real estate, a battle is raging between the companies that control the information used in many transactions. CoStar Group, the longtime industry leader, is fighting off competition from its main rival Xceligent and many other smaller firms, leaving brokers, landlords and other real estate professionals caught in the middle. CoStar and Xceligent are not only fighting in court, but have also launched PR attacks on each other, complete with reports of data piracy and even sex trafficking. [TRD] Realtors: GOP tax plan will lower coastal home values and inventory The National Association of Realtors predicts that changes to property taxes, mortgage...
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Rexford Industrial buys Inglewood FedEx building for $54M


Rexford Industrial buys Inglewood FedEx building for $54M The property is fully leased to FedEx until 2031 December 08, 2017 11:00AM 687 N. Eucalyptus Ave, Inglewood CA (Credit: JLL) Rexford Industrial Realty has scooped up the 143,400-square-foot industrial building home to FedEx at 687 N. Eucalyptus Avenue in Inglewood sold for $53.9 million — or $376 per square foot, CoStar reported. The property’s sellers were MetLife, Inc. and Panattoni Development Company, Inc., which jointly acquired the site in December 2015 for $7.4 million. FedEx fully leased the customized building in 2016 and will stay on as the main tenant until 2031. Cushman & Wakefield’s Kelli Snyder, Michael Condon, Edward Hernandez and Mike Adey had the listing. Rexford’s in-house brokers represented the investment trust. Rexford is continuing to nab industrial properties on the heels of its massive $211 million acquisition of a six-building campus in Compton, marking the South Bay’s biggest sale...
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LeBron James snags another Brentwood home for $23M


LeBron James snags another Brentwood home for $23M Could he be thinking about joining the Lakers next year? December 08, 2017 10:00AM LeBron James (Credit: Wikimedia Commons, Max Pixel) LeBron James is now two-for-two in Brentwood. The four-time NBA MVP dropped $23 million to acquire a second home in the wealthy enclave, just two years after spending $21 million on another property nearby , the Los Angeles Times reported. The two-story mansion boasts eight bedrooms and nine-and-a-half bathrooms over 15,850 square feet of living space. Amenities at the newly constructed, Traditional-style estate include a wine cellar and cigar room, sauna, swimming pool, home theater and outdoor barbecue area complete with beer taps. Santiago Arana of the Agency brokered the deal. The 32-year-old James — a three-time NBA champion — currently plays for the Cleveland Cavaliers, but will be a free agent after this season. His Brentwood neighbors include Snap Inc.’s...
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Multimillion-dollar Bel Air homes obliterated by LA wildfire


Multimillion-dollar Bel Air homes obliterated by LA wildfire Southern California fires continue to devastate region December 08, 2017 09:00AM A wildfire burns in Bel Air, California (credit: Getty) UPDATED at 10:40 a.m.: A quartet of wildfires continues to devastate Southern California, with the Skirball Fire in Los Angeles tearing through a handful of multimillion-dollar homes in Bel Air. At least six homes in the hills of Bel Air — the most expensive neighborhood in Los Angeles — were totally destroyed on Wednesday, according to the Wall Street Journal. Zillow estimated them to be worth about $20 million. Roughly 1,700 homes were located in mandatory evacuation zones from the Skirball Fire, and Zillow has estimated that their total value at $6.4 billion. The fires have torched 116,000 acres across Southern California so far and are still going strong despite nonstop work from thousands of firefighters. Addresses of the damaged homes in...
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Masa Son has brought his billions to Compass. What happens next?


From left: Robert Reffkin, Ori Allon and Masayoshi Son (Photo illustration by Lexi Pilgrim for The Real Deal) A five-year-old New York-based residential brokerage has now raised more than $750 million in venture capital. Let that sink in. Just a month after raising $100 million in a Series E round, Compass received a $450 million infusion from SoftBank, the company announced Thursday, giving it a new valuation of $2.2 billion. The capital makes Compass the richest brokerage in the country – no one else even comes close– and sets it up to make a flurry of acquisitions in coming months. In this, it mirrors WeWork. The shared-office space company hit a valuation of $20 billion earlier this year after its most recent investment round, also led by SoftBank, a Japanese conglomerate that is transforming the world of venture capital through its $97.7 billion Vision Fund. Since launching in May, the...
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