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July 15, 2014
Tech Firm's Big Growth Plans
When big names (think DirectTV, Comcast, Virgin Media, Wyndham and Proactiv) want to turn online traffic into buyers, they often call on TouchCommerce, a fast-growing e-biz engagement solutions provider, which just inked a deal in the west San Fernando Valley for an HQ expansion and relo. (Wonder if they'll have an easy time getting cable.)
Yesterday, we chatted with Newmark Grubb Knight Frank executive managing director David Kluth (right), who repped TouchCommerce in the 26k SF plug-and-play deal along with colleague Josef Farrar. The tenant has 172 employees now and expects to up headcount by 20% by year's end, having doubled in size since 2010. The transaction increases TouchCommerce's space by 30%.
The new HQ (29903 Agoura Rd in Agoura Hills) is owned by Realty Bancorp Equities, repped by managing member Norman Kravetz. The previous tenant was gaming company THQ. No wonder Touch Commerce likes the area: David notes Agoura Hills has a diverse tenant base with a sizable roster of fellow tech firms. The NGKF team also included Ryan Harding and Aliya Coher. On Aug. 3, David will compete in the Dwight Crum Pier-to-Pier Swim, a long-distance event that takes contestants from Hermosa Beach to Manhattan Beach.
On the AIR
The man in the broadcast booth speaking to a KABC 790 radio audience is AIR Commercial Real Estate Association executive director Tim Hayes. (He knows how to talk to big groups, he's a dad of 11.) Tim, a guest on Barry Burnett's weekly show Investing Insights, talked about the association's 1,600 member brokers and its newly enhanced commercial property data system.
Tim (whom we recently snapped at an AIR seminar) says entrepreneurial investors can waste a lot of time searching for properties online, but using an AIR broker (who are entrepreneurs themselves) to access credible property data can save many headaches. AIR has partnered with Xceligent on an Internet-based property data system, dubbed CDX 9.0. So far, some 120 people have categorized 137,000 properties in the LA Basin ranging from industrial to retail, including comps; Tim says the info has been scrubbed and cleaned. (So that's why we get that fresh, just-laundered scent when we look up transactions.)
Following in Dad's Footsteps
Recently, we asked for your pics of families who work together in real estate. (The commercial real estate biz would make a great family album.) Here's NAI Capital's Team Noack: daughter Kimberly, son Travis, and their dad Warren, who is a 40-year vet of the business, having gotten his start in 1974. Kimberly has been working with her father for 15 years, and Travis for two. The chip off the block was named NAI Capital's 2013 Rookie of the Year.
Team Noack, based out of the firm's South Bay office, focuses on industrial properties. Recently, the team repped the buyer in the sale of the 150k SF 250 W Apra St in Compton's Dominguez Hills Industrial Park from Prudential Real Estate Investors (repped by Cushman & Wakefield). Travis says they were challenged by SoBay's increasingly low level of for-sale inventory, but transitioned a lease opportunity into a purchase for their client.
YOU TELL US: Your Firm and Women's Careers
Women now earn more college degrees than men, are marrying and having kids later, and are significantly more career focused than generations past. (Even Rosie the Riveter has quite the LinkedIn profile.) These trends have spurred big changes in commercial real estate, and many major players have launched leadership programs to grow women's careers. We'd love to hear what your companies are doing; click our survey to tell us more. And make sure to read our most recent Real Estate Bisnow National newsletter to find out what's still keeping women from the top.
Join us for Bisnow's Creative Office Summit!
It seems like all space nowadays is trying to be creative, so Bisnow's thrilled to be holding our second annual LA Creative Office Summit on July 31 at the JW Marriott LA LIVE. Our all-star lineup, who'll discuss all the latest trends, includes Kilroy Realty's David Simon (who's under construction on Columbia Square in Hollywood, left), Howard Stern, PMI Properties' Jeffrey Elliot Palmer, Cross Campus' Ronen Olshansky, and Howard Building's Paul McGunnigle, with moderating by Allen Matkins' Pete Roth. Plenty of networking, too! Sign up here.
Do Developers Charge Development Fees?
Bisnow's exclusive, new 150-page Executive Research Report on Capital Structures tells all. It finds that, in addition to promotes, 40% of developers earn an acquisition fee as part of their deals. In the slide here, you can see what percentage of developers take on average on all kinds of fees, from property management to leasing. To see over 100 slides of analysis illustrating how investors and developers are investing and raising capital, we invite you to purchase our exceptional new research report here.
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