This Week's LA Deal Sheet
A new brand concept, Be, is debuting in Hollywood, attracting the likes of Live Nation and Revolt TV.
The Souferian Group's Behzad Souferian tells Bisnow more about his Class-A office building at 1800 North Highland Ave.
Behzad, who refers to the concept as his "baby," has been working on the brand for years, he says.
The goal is to "create the next generation of office space where it fosters to the way we live today," Behzad says.
The idea is 9-to-5 is dead, according to Behzad.
As a result, Behzad is incorporating a number of amenities and services into the building, designed by Rios Clementi Hale Studios.
The perks include Be-branded bikes for tenants, room service-inspired deliveries to offices in picnic baskets, valet service and outside communal courtyards with canopies.
The office building is also a pet-friendly environment and offers a concierge service, Behzad says.
Instead of lobbies, there are tenant lounges with custom furniture, free WiFi and custom music playlists.
It all adds up to a “best-in-class lifestyle” that aims to please, according to Behzad.
The Highland location is the brand's flagship, and 11k SF is currently available.
SALES
Iconic Investments founder Peter Strauss has sold Habitat, a 23-unit apartment building at 3333 San Marino St in Koreatown, for $5.35M.
The sale price was $232,608/unit, or $358/SF, with a pro forma cap rate of 5.25% post-renovations. Peter repped the seller, MCP.
The buyer will be able to renovate and remodel the building.
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Pacific Crest Realty bought Alexandria Tower, a 60-unit apartment building in Koreatown, for $9.95M.
The six-story building at 314 South Alexandria Ave has studios and one-bedroom units.
The seller had renovated the building's common areas and over half of the units.
Pacific Crest Realty plans to make boutique hotel-style upgrades to the lobby and hallways and create an outdoor lounge and dog run.
Berkadia Real Estate Advisors managing director Adrienne Barr repped both the buyer and the seller.
FINANCING
George Smith Partners secured $33M in cash-out refinancing for a nine-property portfolio of rent-stabilized apartment buildings in West Hollywood and Koreatown on behalf of a local owner and developer.
The financing was arranged by George Smith Partners principal Bryan Shaffer, along with his team, which included VP Jon Shapiro and assistant VP Max Lehrman.
Bryan and his team secured two capital providers for loans at a five-year fixed rate of 3.15%.
George Smith Partners secured the permanent financing at 75% of the portfolio’s appraised value and a 1.20 debt coverage ratio.
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Calmwater Capital provided $25.2M to Urban Offerings to buy and redevelop the historic Norton Building in DTLA.
The 100k SF manufacturing building, at 755 South Los Angeles St, will undergo a remodel into Class-A creative office space on the upper floors and new retail space on the ground floor.
Urban Offerings will redevelop the property in partnership with Van Nuys' ESI Ventures.
LEASING
Atelier, a 33-story tower being built at Eighth and Olive streets in DTLA, just announced pre-leasing will begin early next month.
It marks Carmel Partners' second project in South Park after Eighth & Grand.
Atelier consists of 363 studio, one-, two- and three-bedroom units and penthouses with floor-to-ceiling windows that have uninterrupted views of the DTLA skyline.
The building, designed by Solomon Cordwell Buenz, has a 25-meter-long Olympic-size lap pool and spa, a regulation bocce court, a dog run and pet spa, a nearly 3,400 SF fitness center, a fully equipped business lounge and a 20-person screening room.
AWARDS
Century Plaza Towers at 2029/2049 Century Park East achieved LEED for Existing Buildings: Operations & Maintenance Gold recertification from the US Green Building Council and verified by the Green Building Certification Institute.
LEED is the highly esteemed program for the design, construction and operation of high-performance green buildings.
