Vereit CEO Glenn Rufrano and the property An office tower poised for a reposition has a new owner. TA Realty has paid $138.5 million to acquire a 340,000-square-foot El Segundo office that Northrop Grumman now occupies. Newmark Knight Frank announced the deal. Grumman, the aerospace giant, moves out by the end of the month, paving […]
Amazon rumored to make landfall in Santa Barbara
Former Saks store in Santa Barbara Santa Barbara A giant this way comes. In a move that is expected to re-energize the city of Santa Barbara’s main thoroughfare of State Street, the 48,000-square-foot former Saks Fifth Avenue store space will be occupied by “a Fortune 100 tech company,” said Austin Herlihy, executive vice president of […]
Kutzer Company snags Whole Foods, two acres in Pasadena
Kutzer’s new Whole Foods South Pasadena-based investment firm the Kutzer Company picked up a Whole Foods-leased retail property and two acres of neighboring real estate in an off-market deal. The transaction was part of a 1031 exchange for the seller, which property records identifies as the Beverly Hills-based Marc Ittah Trust. The property stretches along […]
“Rent control is a risk, just like climate change:” Equity Residential unbowed by affordable advocates
Mark Parrell Multifamily investor Equity Residential reported higher earnings in the first quarter thanks to continued demand for rentals and a “sizeable drop in new competitive supply” in its properties in the New York and Boston markets. The Chicago-based REIT reported first-quarter revenue of $662.3 million, up from $632.8 million in the first quarter of […]
Rexford keeps up investing pace with $118M purchase of San Fernando Business Center
Rexford co-CEOs Howard Schwimmer and Michael Frankel and the entrance to the San Fernando Business Center Rexford Industrial Realty continued its active investing this year with the purchase of a San Fernando industrial park. The Brentwood-based real estate investment trust paid $118 million for the 590,570-square-foot San Fernando Business Center in an off-market transaction. It […]
As it gears up for an IPO, WeWork faces competitive headwinds in Europe
WeWork CEO Adam Neumann (Credit: Getty Images) WeWork’s announcement this week that it has filed preliminary paperwork to pave the way for a public offering is a signal of its plans to expand further. But in Europe, the company faces a more competitive field where local firms dominate market share in many cities. Flexible office […]