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May 6, 2024

Hollywood's Slow Return Weighs On Hudson Pacific Properties

Two years after its acquisition, studio production services company Quixote Studios is weighing on the balance sheet of its new owner, Hudson Pacific Properties. 

Hudson Pacific said in its first-quarter earnings call Friday that it is still feeling the burn from last year's Hollywood work stoppage, particularly as it relates to Quixote.

“Quixote isn't performing quite to our expectations when we guided back in February,” Hudson Pacific Properties President Mark Lammas said during the call. “We're not quite getting the lift that we had hoped either from show counts or other metrics that weigh on the Quixote business, and so it's showing up in second-quarter results.” 

Hollywood's Slow Return Weighs On Hudson Pacific Properties

Quixote Studios, which HPP acquired in 2022, isn’t hitting the numbers that executives expected in part because productions are not fully recovered to 2022 levels, according to Lammas. Uncertainty continues to cloud the near future of the studio sector as another round of labor negotiations is ongoing. Most…

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Brookfield Gets Extension On $250M Loan For 601 S. Figueroa

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Brookfield has a little more time to repay a $250M loan at one of its Downtown LA towers.At the end of last year, Brookfield and its insurance company lenders, Massachusetts Mutual Life Insurance and the Teachers Insurance and Annuity Association, made a deal to extend…

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Despite Slowing Market, SoCal Industrial Owners Are Holding Tight To Their Properties

Although there has been a notable slide in rents in some Southern California markets, it's still broadly a desirable market, and for those developers and owners still looking to acquire in the region, the deals are hard to find and the competition is steep. 

“We're struggling to find sellers, frankly — that's our biggest challenge,” Rexford Industrial Realty Chief Investment Officer Patrick Schlehuber told attendees at Bisnow's Southern California Industrial Conference at the Omni Los Angeles Hotel Thursday.

Many sellers saw how high the peak prices were and are having a difficult time tempering their expectations. 

Despite Slowing Market, SoCal Industrial Owners Are Holding Tight To Their Properties

“We're struggling sometimes getting people to get off the sidelines on a sale,” Schlehuber said. There are always motivated sellers staring down a maturity date, but overall, the flood of deals that some buyers hoped for has failed to materialize. “I wouldn't say there’s been a ton of distressed industrial,” Ares Management…

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Why The 'Strange Marriage' Of WeWork And Yardi Makes Perfect Sense

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Yardi Systems spent the past 40 years quietly growing into a giant in the real estate software industry, but it's far from a household name.

It's about to own one.

When WeWork's attorneys revealed in court on Monday that Yardi would become the majority owner of the beleaguered coworking company after providing it most of the money it needs to exit bankruptcy, the arrangement seemed to come out of left field to players in the coworking…

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Weekend Interview: CBRE's Barbara Perrier On Weathering Choppy Waters In Industrial And What's Ahead

Weekend Interview: CBRE's Barbara Perrier On Weathering Choppy Waters In Industrial And What's Ahead  

This series goes deep with some of the most compelling figures in commercial real estate: the deal-makers, the game-changers, the city-shapers and the larger-than-life personalities who keep CRE interesting.

This is not Barbara Perrier's first rodeo.  

A top producer and a big name in capital markets, Perrier has been with CBRE for 35 years and has risen to the level of vice chair, the highest level a producer can achieve, according to the firm. In 2023, Perrier and her team, which includes her sister and fellow vice chair, Darla Longo, closed 76 deals totaling 19M SF and a transaction volume of $3.3B. And that, by her account, was a bad year. 

Perrier got her start in commercial real estate more than three decades ago. Instead of going into one of the more popular property types at the time, retail or office, she recalled her father’s positive encounters with the brokers he met working in manufacturing and went into industrial real estate. 

A lot has changed since Perrier began working in industrial real estate, including an increase in the number of prominent women in the field and industrial real estate's rise as an asset class. Perhaps because of those changes, she looks at the market now and sees opportunity.  

“Right now, I tell clients this is a really good buying opportunity,” Perrier said. “It's hard to convince people because we're in it.

“You never know you're at the bottom until you're at the bottom.” 

This interview has been edited for length and clarity.

Bisnow: Industrial real estate rose to prominence in the pandemic, but that wasn't always the case, and it probably wasn't when you started in the field. So I'm curious, what drew you to industrial real estate, and what kept you there? Barbara Perrier: I first got…

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