This Week's LA Deal Sheet
Independent music company Concord signed a 32K SF office lease at Wilshire & Palm, a 110K SF creative office building at 9171 Wilshire Blvd. in Beverly Hills. Concord is headquartered in Nashville and has offices in New York, London, Berlin, Melbourne and Miami. The firm will move into its Beverly Hills location in the third quarter of 2025.
Concord’s team will occupy the entire sixth floor and penthouse of the building. The penthouse features indoor-outdoor creative workspace, while the sixth floor will be open workspace and collaboration areas and will be equipped with listening rooms with high-tech acoustics.
JLL’s Bryan Dunne and Danny Rainer represented the landlord, Cruzan. Paul Haskin and Jeff Gerlach of CBRE represented Concord.
PEOPLE
Cityview promoted Damian Gancman to chief investment officer. Gancman will oversee the operations of Cityview and its investments, focusing on unifying its investment and asset management strategy and supporting Cityview’s growth in an active time for the firm. Gancman is a 19-year veteran of Cityview. He previously served as the firm’s chief operating officer and chief financial officer, and he sits on Cityview’s investment committee.
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Kidder Mathews promoted Eric Paulsen to president of brokerage. He will lead more than 500 brokers across the firm’s 19 locations throughout the West. Paulsen is a 35-year industry veteran. Since joining the company as regional president of brokerage in Southern California and Arizona in 2021, he has recruited nearly 50 brokers, resulting in $7.3B in volume and more than 4,600 transactions.
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Ferguson Partners appointed Robert Mayes to senior managing director overseeing the company’s executive search practice in the western U.S. Mayes will lead the growth of Ferguson’s global executive search practice on the West Coast and reestablish a SoCal presence for the firm by opening an office in Los Angeles. Mayes joins Ferguson from Korn Ferry, where he served as a senior client partner, leading its U.S. real estate practice. This also represents a return to Ferguson for Mayes, who first served with the company from 2001 to 2008.
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CBRE has expanded its U.S. debt and structured finance reach through the addition of industry veterans Mark Fluent, David Milestone and Bill Moyer in Los Angeles. All three join CBRE as vice chairs. Fluent and Moyer join CBRE from Deutsche Bank. Milestone joins from Newmark. Together, the three have closed deals totaling more than $150B.
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Matt Riley rejoined JLL’s hotels and hospitality group as senior director, specializing in hotel investment sales and advisory. Riley has more than $2B in hotel investment sales and debt placement transaction experience throughout the United States. Riley had worked at JLL as a vice president in the hotel group and spent more than six years with the firm.
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Chicago-based Partner Valuation Advisors hired Jeff Colton, who joins the firm in its Irvine office as an executive vice president. Colton is a multifamily specialist with experience throughout the western U.S. and a specialty in Southern California. Colton most recently worked for Cushman & Wakefield.
SALES
Rexford Industrial Realty purchased a fully leased, 279K SF industrial property at 13201 Dahlia St. in Fontana for $70.1M. The facility was constructed in 1989 and was fully leased to a credit tenant at the time of sale. JLL facilitated the transaction. The JLL investment sales and advisory team was led by Mark Detmer and Patrick Nally. The JLL Inland Empire markets team was spearheaded by Mike McCrary.
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CBRE sold a 32-unit multifamily property at 15741 Blaine Ave. in Bellflower to a private investor for $5.6M. The selling price represents $175K per unit and $347 per SF. CBRE's Dan Blackwell, along with Andrew Boukather, now with MBI Equity Partners, represented the undisclosed buyer.
LEASES
Home furnishings company Room & Board renewed its 70K SF lease at Storm Properties’ Storm Business Park in Torrance. The lease at 1390 W. Storm Parkway is valued at nearly $8M. The Klabin Co.’s Matt Stringfellow and Courtney Bell represented Storm Properties in the five-year lease. Room & Board Inc. was represented by Cushman & Wakefield’s Rusty Smith.
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Newmark secured an 11K SF lease for Slalom, a consulting firm, at 12045 E. Waterfront Drive in Playa Vista. Newmark Managing Director Ron Burkhardt represented the tenant. The building is owned by Hart Campus Playa Vista and spans 87K SF.
FINANCING
Slatt Capital arranged acquisition financing for a 60-acre industrial plot at the southeast corner of Euclid and Schaefer avenues in Ontario. This deal marks the inaugural financing executed by Slatt with one of its correspondent life company lenders. The transaction was overseen by Slatt Capital's Antonio Hachem and his team.
The project's backer, developer RCCD, has more than 35 years of expertise in land development, large-scale real estate financing and homebuilding, and it is now focusing on land entitlement.
THIS AND THAT
East End Studios’ final environmental impact report for its Arts District LA campus has been published by the Department of City Planning. The project at Alameda and Sixth streets involves the construction of 16 soundstages totaling approximately 300K SF, about 307K SF of office space and 69K SF of studio support spaces. East End anticipates approvals of its project in early 2025.
