The LA Deal Sheet
New York-based flexible workspace provider Knotel has opened its first spot in Southern California.
Knotel has signed a sublease with Inventure Capital Corp. to occupy 12,338 SF of office space at the Douglas Emmett-owned, seven-story, 87K SF Class-A building at 429 Santa Monica Blvd. in Santa Monica.
Knotel will take up a portion of the building's third and fourth floors. Knotel members will have views of the Pacific Ocean, exposed ceilings, a modern kitchenette, conference rooms and open, collaborative areas, according to a news release.
The lease is part of Knotel’s worldwide expansion plans. The company has more than 110 locations totaling 2.5M SF worldwide.
“We are very excited to be entering the Los Angeles market, which marks our third city in the U.S. and our seventh worldwide,” Knotel CEO Amol Sarva said in a statement. “L.A. is one of the largest metropolitan areas in the country, with a density of high-tech, fast-growing companies that would benefit from the flexibility of our office spaces.”
Sarva said the company plans to add several more locations in Los Angeles and to expand in more cities during the year.
Cresa's Ray Howden represented Knotel in the Santa Monica transaction. Savills Studley's Robert Cavaiola and Shay Bolton represented the sublandlord, Inventure Capital Corp.
SALES
S.S. 1631 Harvard LLC has purchased a nine-unit apartment building in Los Angeles from Harvard Blvd Apartments for $2.7M. The building at 1631 North Harvard Blvd. sold for $425/SF. Marcus & Millichap's Sam Liberow and Max Gersht represented the seller.
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In a 1031 exchange, Optimus Properties has acquired a 60,803 SF office building in Torrance from an affiliate of Transpacific Development Co. for $15.75M. Built in 1989 on 5.5 acres, the single-story property at 2325 Crenshaw Blvd. is currently occupied by the Los Angeles County Department of Children and Family Services. Newmark Knight Frank's Sean Fulp, Ken White, Ryan Plummer and Mark Schuessler represented the seller.
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Westcore Properties has acquired a seven-building industrial property in Azusa from Heppner Hardwoods for $8.77M. The properties total 47K SF and sit on 4.37 acres at 555 West Danlee St. Colliers International's Scott Heaton and Riley Heaton represented the seller. Westcore represented itself.
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Raven Properties has acquired a 36-unit multifamily property in Long Beach from VMG Properties for $11.05M. Built in 1963, the properties consist of four two-story buildings that sit on a 13,500 SF lot at 910, 918, 924 and 930 Freeman Ave. Stepp Commercial's Robert Stepp and Todd Hawke represented the buyer. Stepp also represented the seller.
EXECUTIVE NEWS
Bixby Land Co.'s board of directors has appointed Aaron Hill as the company's new CEO and president. Hill takes over for Bill Halford, a scion of the Bixby family, who passed away last year. Hill previously served as Bixby Land's executive vice president and chief operating officer. His responsibilities include in-house asset management, property management, leasing, marketing, design and construction. He joined Bixby 13 years ago from the Irvine Co.
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Kidder Mathews has named Eric Tse as a first vice president. Tse has been in the commercial real estate industry for 15 years and specializes in office and medical properties. Prior to joining Kidder Mathews, he served as a vice president at Zuvich Corporate Advisors.
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Oliver Ternate has joined Kidder Mathews’ Orange County office as a senior vice president. Ternate has 17 years of experience in the commercial real estate industry. In his career, he has represented clients in over 500 assignments totaling 5.4M SF. Prior to joining Kidder Mathews, he served as a senior vice president at Zuvich Corporate Advisors.
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Bolour Associates has announced two executive moves:
Christopher Serna has joined Bolour as head of acquisitions. Serna will be responsible for building out the company’s acquisitions platform in California. The company plans to acquire more than $300M in commercial real estate. Prior to joining Bolour, Serna served as a managing director at Hilco Real Estate.
Bolour has promoted Adam Eisenberg from vice president of acquisitions to vice president of development. Eisenberg will manage the company’s development pipeline, which currently has more than $350M of ground-up projects. Eisenberg joined Bolour in 2013.
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Attorney Shelby Bittner has joined real estate law firm Pircher, Nichols & Meeks as an associate. Prior to joining Pircher, Bittner worked as a law clerk for PeerStreet and intern at Paul Hastings.
