This Week's LA Deal Sheet
Onni Group’s plan to redevelop Times Mirror Square, the former home of the Los Angeles Times, has taken a step forward. On Thursday, the Los Angeles City Council’s Planning and Land Use Management Committee approved the project.
The committee voted to certify the project’s environmental impact report and denied an appeal of the project from the Supporters Alliance for Environmental Responsibility, a nonprofit whose membership overlaps with the Laborers’ International Union of North America's, the Los Angeles Times reported.
The project will involve demolishing a 1970s addition to the Times complex designed by architect William Pereira but retaining the iconic 1930s-era structure emblazoned with the newspaper’s name.
Two towers of 37 and 53 stories, respectively, will rise on the site. When complete, the project will hold just over 1,100 apartments and 34K SF of street-level retail space.
The site is in District 14, previously represented by former Council Member Jose Huizar, who is facing federal prosecution for allegedly using his political position to build a criminal enterprise to enrich himself and his associates through gifts from developers.
The current representative, Kevin de Leon, requested that Onni swap out the 34 units of workforce housing planned for the project in favor of 24 moderate-income units and 10 low-income units. Onni complied.
Onni is also planning to build a 36-story tower just south of Seventh Street in the Arts District.
SALES
Universe Holdings has acquired Hollywood’s Villa Valentino, an 18-unit, 1920s-era apartment complex, for $6.9M, or $380K per unit. That is “well below the average sale price” for similar buildings, Universe said. The garden court-style building at 2000 Highland Ave. is a half-block from the Hollywood Bowl and is fronted by a large courtyard. Once home to Charlie Chaplin, the structure is a city landmark.
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Centre Urban Real Estate Partners announced the sale of 717-759 North Hill St., a roughly 82K SF property in Chinatown. The site is occupied by a parking lot and was sold for an undisclosed price. The buyer was TRJLA LLC, a privately held real estate development company. The seller was PAMC Ltd. TRJLA wants to build a mixed-use project on the site and has already partnered with architecture firm AC Martin to begin planning it.
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A fully leased office building in Camarillo has sold to a Los Angeles-based private investor in a 1031 exchange for $9.9M. CBRE’s Mark Shaffer, Gary Stache, Gerard Poutier, Anthony DeLorenzo, Doug Mack and Bryan Johnson represented the seller, also a local private investor. The property at 711 East Daily Drive is part of the Camarillo Business Center.
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Private equity real estate firm Trion Properties purchased a parcel in Pico-Robertson for $5.2M. Trion plans to build a 29-unit luxury multifamily development on the site at 1442-1448 Bedford St. The property received entitlements for a multifamily development while the sale was in escrow. Trion expects to break ground in Q2 2021.
LEASES
Two more companies have signed on for space at The Irvine Co.’s Spectrum Terrace office campus in Irvine. Middle-market-focused audit, tax and consulting services company RSM and iHerb, an online vitamin and supplement company, each leased 30K SF. Construction on Spectrum Terrace has been happening in phases. Phase 2, during which RSM and iHerb leased space, wrapped up in December.
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Two companies have renewed leases for their sizable space at Century City’s Century Plaza Towers. International law firm Seyfarth Shaw LLP renewed its 15-year lease for just over 45K SF, and an undisclosed financial services company signed a five-year lease renewal for 103K SF. CBRE’s Pat McRoskey, Patti Gilbert, Amanda Calof and Jennifer Katnik are the leasing team for the towers.
PEOPLE
Commercial real estate direct lender Money360 promoted Tom MacManus to president and CEO. MacManus joined the Orange County-based company as president in October 2020. He has more than 30 years of experience in commercial real estate.
