Southern California’s commercial real estate market this year has once again been defined by a sinking office sector, a seemingly unsolvable housing crisis, and development restrictions. But those aren’t necessarily the stories that will garner the most attention in 2024.
But the Commercial Observer’s most popular article in the region directly targets the changing direction of the market. Donald Bullen‘s irvine companyOne of the state’s largest development companies has submitted plans for: Convert some office space into 700 apartments Located in Newport Beach. This article was the most read article in the region this year, even though it was published less than two weeks ago.
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The next most-read articles feature the kind of flashy Hollywood celebrities you’d expect from Los Angeles. movie producer and entrepreneur Ellie Samaha and Stephen Markoff Home to an iconic Japanese restaurant, Yamashiro Hollywoodon the market for $100 million In July. The 7.3-acre property in the Hollywood Hills was made famous by its appearances in films such as “Memories of a Geisha” and “Kill Bill Vol. 2.” 1” and hosted countless celebrity parties and events. (According to real estate records, the transaction had not closed as of Dec. 30.)
For reasons that are not immediately obvious, Airport hotel bankruptcy “Inland Empire” was the next most-read article in Southern California. morgan group Filed for Chapter 11 protection for the 10-story, 309-key building in June Ontario Airport Hotel & Conference Center After defaulting on approximately $13.6 million.
Top stories from San Diego cover life sciences appropriately. Biotech and pharmaceutical giant pfizer signed in March The 15-year contract has a total value of approximately $290 million. 230,000 square feet on a 10-acre campus built by groundbreaking properties (this is, Tishman Speyer and Belco Capital) in partnership with Mitsui Fudosan America, Ontario Investment Management Company and AP2.
The most read article in Colorado, followed by Southern California, was the exchange surrounding the former article. Brookfield (BN) It’s an office tower in downtown Los Angeles, but it’s probably not the first office that comes to mind. After making it the default, 777 tower In 2023, funds managed by Brookfield Asset Management In March, it agreed to sell the 52-story building. $145 million — Represents approximately half of the assets’ outstanding debt — Based in South Korea Consus. The CO learned a few weeks later. the deal failed. Finally, in July, Chinese investors started using the corporate name. fairantia got it Even at a discounted price $120 million.
Includes the following big stories Henry and Susan Samueli, owner of anaheim ducks, Purchase industrial land near the baseball stadium angel stadium; Justin Mateenco-founder of the dating platform craterlead $211 million deal For a complex located in the 100 block of Beverly Hills’ famous Rodeo Drive. and 2 golf courses It’s on sale in Orange County for $122 million.
lastly- gas company tower. It may not have been the most read post, but it was probably the most talked about commercial real estate listing in Southern California other than a void. graffiti tower. The city planned to lease nearly a quarter of the 1.4 million-square-foot building, which would have had a base rent of $375 million. County officials swooped in. and offered to acquire, and ultimately paid for, a 54-story building for its employees in return. 200 million dollars. The building was part of Brookfield’s once-prized portfolio of office towers in downtown Los Angeles, but its value has fallen alarmingly during the pandemic.
Gregory Kornfield can be contacted at: [email protected].
