This Week's LA Deal Sheet
The $5B One Beverly Hills development is finally under construction at Wilshire and Santa Monica boulevards at the edge of Beverly Hills.
The completed project will hold a high-end Aman hotel, the West Coast’s first, with 75 suites in a 10-story building as well as 200 condos across two towers rising 26 and 32 stories, the Los Angeles Times reported.
The project was approved by Beverly Hills in 2021.
PEOPLE
Newmark has hired Suzanne Lee away from Cushman & Wakefield, where she was an executive director. Lee joins Newmark as an executive managing director. Based out of the firm’s West Los Angeles office, Lee brings two decades of experience working with clients across the technology, financial services and nonprofit sectors for occupier and investment services.
Lee specializes in structuring and negotiating complex office transactions, particularly for corporate headquarters evaluations. Most recently, Lee led successful negotiations on significant headquarters assignments for CTBC Bank, NECU and ServiceTitan.
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Cushman & Wakefield has hired Troy Pollet as an executive director in Los Angeles. Pollet will specialize in representing corporate clients and investors locally and nationally. Before Cushman, Pollet was a partner at Cruzan, a vertically integrated owner-operator focused on office and industrial assets on the West Coast.
LEASES
After a lot of back-and-forth, the city’s plan to put five departments into almost 310K SF of offices at the 52-story Gas Co. Tower in Downtown L.A. has been put into action, Commercial Observer reported.
The city’s 15-year lease with the receiver of the former Brookfield property includes two five-year options to extend, expansion rights at five and 10 years and $210 per usable SF for tenant improvements, for a total cost of $55.3M. The landlord will provide about $34M of that.
CONSTRUCTION AND DEVELOPMENT
Construction of a new Target in El Monte is underway and on track for an October 2024 completion. The retailer will occupy a former Sears Outlet building and two adjacent vacant retail buildings at 3610 Peck Road. The Target will take up nearly 128K SF with parking for 372 cars. Within the store, tenants will include Target Optical, CVS Pharmacy, Starbucks and Ulta Beauty.
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Bolour Associates Inc. secured the entitlements to build a new five-story apartment building at 2424 S. Veteran Ave. in West Los Angeles. Plans for the development include 30 studio, one- and two-bedroom apartment units ranging from approximately 475 to 975 SF.
FINANCING
DJM Capital has recapitalized Lido Marina Village, a mixed-use shopping center in Newport Beach. JLL’s Capital Markets team represented the ownership, DJM Capital and Arc Capital Partners through a partnership with Belay Investment Group, in the transaction with Redwood West joining the partnership. As part of the transaction, Arc Capital Partners and Belay Investment Group exited the original partnership. JLL also secured financing through a relationship life company. The terms of the deal were not disclosed.
JLL Capital Markets Investment Sales Advisory team was led by Managing Directors Bryan Ley, Geoff Tranchina and Gleb Lvovich, Senior Director Tim Kuruzar and Director Daniel Tyner. The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Jeff Sause, Senior Director John Marshall and Director Alex Olson.
