LBA Realty co-founder and principal Phil Belling and LaSalle Investment Management CEO Jeff Jacobson with USC Tower A joint venture between LBA Realty and LaSalle Investment Management has put the landmark USC Tower on the market for sale, The Real Deal has learned. The 32-story tower is part of the South Park Center, a two-building […]
Ben Ashkenazy jacked up the rent to $30M. Now Barneys is weighing another bankruptcy
Barneys at 660 Madison Avenue (Credit: Getty Images) Barneys, a symbol of New York City luxury fashion, is reportedly weighing a second bankruptcy, after the retailer’s $16 million annual rent jumped to $30 million at its Madison Avenue flagship. The move comes after a city arbitrator decided last year to allow Ben Ashkenazy to nearly […]
Blackstone is already selling pieces of the $18B GLP industrial portfolio
Blackstone CEO Stephen Schwarzman (Credit: Getty Images, iStock) The ink isn’t dry on Blackstone Group’s $18 billion buy of a U.S. warehouse portfolio, and it’s already negotiating to sell part of it. The company, which finished its transition into a corporation this month, is drumming up interest from potential buyers for pieces of the GLP […]
Bank OZK’s loan growth slows in Q2 amid cooling markets
George Gleason (Credit: iStock) Bank OZK, one of the country’s most aggressive condo construction lenders, signaled in its most recent earnings report that its real estate lending growth is slowing down. The bank’s organic loan portfolio increased 11 percent in the second quarter of 2019, year-over-year. That’s after increasing 28.6 percent in the second quarter […]
Landlord sues Kuwait-based burger chain for failing to comply with USA Patriot Act
A rendering of the project A popular fast-casual hamburger chain in Kuwait that now has two locations in Los Angeles is being sued by its landlord as it seeks to open a third spot Downtown, in a case that involves the USA Patriot Act. The landlord, GID Development, is suing the company that owns Rock […]
Blackstone’s Q2 earnings decline as real estate segment tumbles
Blackstone Group CEO Stephen Schwarzman (Credit: Getty Images) Blackstone Group’s earnings declined over the past three months as distributable earnings from the firm’s real estate segment fell by nearly a quarter from the same time last year. The firm’s overall net income for the second quarter of the year fell to $305.8 million, or 45 […]