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3 days 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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6 days 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 week 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 week 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.
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2 weeks ago | 
therealdeal.com | Abigail Nehring
A bill that would have tightened price controls on rental housing in California and expanded eviction protections died suddenly Tuesday after landlords and pro-housing allies mounted a furious attack in Sacramento. Assemblymember Ash Kalra, a Democrat from San Jose, introduced Assembly Bill 1157 in February to little fanfare with a coalition of labor and tenant groups as co-sponsors.
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2 weeks ago | 
therealdeal.com | Abigail Nehring
Lincoln Property Company and its joint venture partner, Goldman Sachs affiliate Broad Street Principal Investments, have cashed in on the 11-story Entrada in Culver City, The Real Deal has learned. Fenway Capital Advisors paid $130 million, or about $413 per square foot, for the 315,000-square-foot office building at 6181 Centinela Avenue, according to property records filed in Los Angeles County and a source with knowledge of the deal.
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2 weeks ago | 
therealdeal.com | Abigail Nehring
A vacant 25-story office building in San Francisco’s South Financial District has flown off the clearance rack and into the hands of private equity giant Blackstone and DivcoWest. The companies want to dust it off and make it into a nerve center for the city’s artificial intelligence sector. To make their vision for 199 Fremont Street come true, the joint venture partners scored a $163 million loan from Wells Fargo Bank, according to property records filed in San Francisco County.
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2 weeks ago | 
therealdeal.com | Joel Russell |Abigail Nehring
Community Preservation Partners has acquired the Witmer Manor workforce housing complex in Los Angeles for $48.4 million. The complex at 1501 Miramar Street in the Westlake neighborhood consists of 142 studios and 96 one-bedroom units, according to a press release from CPP. The company plans to invest about $64,000 per unit in upgrades, bringing its total expenditure on the project to $65 million.
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3 weeks ago | 
therealdeal.com | Abigail Nehring
A specter is haunting California — the specter of CEQA. The 1970 statute known as the California Environmental Quality Act could get a major reform if lawmakers in Sacramento pass a bill exempting urban housing development from onerous impact studies weighing the risk of traffic, noise and pollution. The bill, AB-609, would make environmental impact reports a thing of the past for most new housing projects across the state.
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3 weeks ago | 
therealdeal.com | Abigail Nehring
All’s well that ends well in Hollywood. Kim Kardashian’s voguish shapewear startup Skims is mending the seams with its new Hollywood landlord, Kingsbarn Realty Capital, after the private equity firm brought a zombie deal back to life. Kingsbarn finally rested its case against former lender, KeyBank, and co-sellers Oscar Englebert and developer J.H. Snyder to buy 1601 North Vine Street for $105 million, or $905 per square foot.
