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3 weeks ago | 
therealdeal.com | Abigail Nehring
Rancho Palos Verdes has waved the white flag in its standoff with YIMBY reforms. The Rancho Palos Verdes City Council voted Tuesday to keep the zoning changes it adopted in its housing element last April rather than wade into uncharted legal territory to block a 16-unit development maligned by neighbors on a picturesque ocean bluff overlooking Catalina Island.
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3 weeks ago | 
therealdeal.com | Alena Botros |Abigail Nehring
Brookfield Properties offloaded another Downtown Los Angeles office tower for less than the debt tied to the property. Uncommon Developers bought 601 S. Figueroa Street for $210 million, or $201 per square foot, in an off-market sale, according to a spokesperson for Colliers, which represented the buyer.
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1 month ago | 
therealdeal.com | Emily Landes |Abigail Nehring
A Pac Heights mansion that was one of 2023’s biggest sales has traded hands once again, this time for a discount over two years prior. But just how much of a discount is unclear. Last time, 2750 Vallejo Street sold in August 2023 for $23.5 million, and the transfer tax on the May 12 sale indicates a price of almost $22.5 million. But San Francisco Multiple Listing Service records show a sales price of about $20.6 million.
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1 month ago | 
therealdeal.com | Abigail Nehring
Amid tariffs and an uncertain economic landscape, Taiwanese tech company MSI Computer Corporation is staking its claim in the Los Angeles area. The Taipei-based firm paid Blackstone’s Link Logistics $65.2 million for a 200,000-square-foot property at 18045 Rowland Street in the City of Industry, Commercial Observer reported. The warehouse was built in 1985, and has a new 4,735-square-foot office suite that was subsequently added by Link.
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1 month ago | 
therealdeal.com | Abigail Nehring
Bay Area developer and evangelical zealot Kenneth Mattson stole from Peter to give to Paul, federal prosecutors claim. FBI agents arrested Mattson in a Napa parking lot Thursday morning after a federal grand jury indicted him for defrauding about 200 investors — mostly seniors — out of $46 million over 17 years, according to court documents unsealed yesterday.
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1 month ago | 
therealdeal.com | Abigail Nehring
Bel-Air’s most famous unfinished acropolis is up for auction once again, The Real Deal has learned. Paul Ventura’s Sahara Construction is selling the 1.2-acre site of Mohamed Hadid’s failed spec mansion at 901 Strada Vecchia Road in a sealed-bid auction that runs until July 16, according to a listing posted Monday by Compass’s Tracy Tutor and Premiere Estates Auction Company’s Todd Wohl. The starting bid is $7.9 million and there’s no reserve.
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1 month ago | 
therealdeal.com | Emily Landes |Abigail Nehring
Nvidia’s $123 million office buying binge led the Bay Area headlines this week. In another indication that artificial intelligence is pushing the local office recovery, the circuit-maker paid cash for a 10-building 13-acre office and research campus in Santa Clara across the street from its eight-building 550,000-square-foot headquarters, which it bought a year ago for $374.3 million.
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1 month ago | 
therealdeal.com | Abigail Nehring
Kilroy Realty’s earnings last quarter were fair to middling as office and life sciences occupancy slackened further across its 17.1-million-square-foot portfolio in San Francisco, Los Angeles, Seattle and San Diego, the company reported Tuesday. Kilroy’s funds from operations were $122.3 million, or $1.02 per diluted share in the first quarter, down 8.5 percent from $133.7 million, or $1.11 during the same period last year.
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1 month ago | 
therealdeal.com | Abigail Nehring
Developer Eli Sasson filed for Chapter 11 protections to avoid foreclosure on a Beverly Hills mansion he listed for $88 million three years ago. The octogenarian builder, known for his battle to redevelop the South Los Angeles site of the 1992 Rodney King riots, completed the meticulously designed eight-bedroom home at 620 Arkell Drive in the Trousdale Estates in 2020 and put it on the market in 2022, as The Real Deal previously reported.
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1 month ago | 
therealdeal.com | Abigail Nehring
Adam Rubin and Andrew Shanfeld’s Carolwood is in escrow to buy the 41-story EY Plaza for $130 million, or about $141 per square foot, The Real Deal has learned. The 11-year-old firm, which invests in real estate, hot sauce and a YouTube influencer, is set to close with landlord Brookfield Properties’ lenders to purchase the troubled downtown office tower at 725 South Figueroa Street in June, according to multiple sources with knowledge of the deal and servicer commentary provided by Morningstar.
