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Real Estate Bisnow
   
January 15, 2012 
 
 

What FIGat7th Says
About 2013


Attend the High Speed Rail Summit Feb. 11-13 in DC, featuring top execs from real estate developer Stonebridge & Associates, USDOT, FRA, and Amtrak. TOD will be a hot topic. Registration includes networking events, reception, tours, and luncheons. Register today and save here.

 

Last October, the City Target store opened at Brookfield’s FIGat7th center. Western Region SVP Bert Dezzutti says the center is more than 60% leased with the balance in negotiations. Overall, Brookfield finished 2012 "well ahead of the average occupancy" for Class-A office buildings in Downtown LA.

 

Bert believes 2013 will bring "meaningful employment growth and greater office absorption,” not just in Downtown but in LA overall. He'll be keeping his eye on that market since he has a son finishing up his senior year at Loyola High School and a daughter who’s a sophomore at UCLA and is interested in sustainable development. As for his son, “It’s just too early to tell—the world is his oyster.” Bert will be a panelist at Bisnow’s 3rd annual LA State of the Market, Thursday, Jan. 24 (shameless plug: sign up here) at the Beverly Wilshire, A Four Seasons Hotel.

 
US Rail (Summit) MLA

GRAND AVENUE UNITS BREAK GROUND
 

No, these folks aren’t following up on that recent tip about Jimmy Hoffa. Last week, Related California CEO Bill Witte (far right) with the help of councilman Jose Huizar, supervisor Gloria Molina, Mayor Antonio Villaraigosa, and councilwoman Jan Perry broke ground on the first residential building at Related’s Grand Avenue in Downtown LA. The $120M, 19-story project (225 N Grand between Second and Third streets) will contain 271 apartments, 20% of them affordable, bringing the first new apartments to Bunker Hill in more than a decade.

This rendering shows the tower with The Broad (the contemporary art museum that's also under construction, next door on the right). It'll be home to more than 500 residents who will be within walking distance to the Walt Disney Concert Hall, Music Center, and MOCA, among other hotspots in Downtown’s cultural core. The project also includes 5,000 SF of ground-floor restaurant space. The tower was designed by Arquitectonica—the globally known firm’s first LA high-rise; LARGE Architecture served as the exec architect. (They needed a firm whose name is easy to pronounce.) The white, contemporary building, which was designed to LEED Silver, features windows that change in size and proportion across its façade.

Bill chats with the mayor and Eli Broad. The latter and his wife Edythe are the benefactors of The Broad, which topped out last week and is scheduled to open in mid-2014. The residential project, slated for completion in Q4 2014, will create 417 construction jobs over the next two years. Construction financing was provided by Citi Community Capital, with an equity letter of credit from Ohio State Teachers Retirement System. The general contractor is Pankow.


OFFICE MEMO
 

Cushman & Wakefield CEO Glenn Rufrano (snapped in the firm’s NY office on Friday with senior economist Ken McCarthy just after C&W’s Q4 office webinar) says US job growth and thus office occupancy will remain flat through the year. Two industries are hiring though: Tech is boosting San Fran, San Jose, and Denver, and energy’s helping out in Houston and Dallas. C&W LA’s Petra Durnin says the CBD’s office vacancy is troubling. To stoke the flames, landlords are preferring free rent over TIs. Meanwhile, the Wilshire Grand hotel came online Dec. 15 with 400k SF of office, the CBD’s first major office delivery in over 20 years.

 
Help us have a better 2013—email your LA commercial RE news to julie@bisnow.com.
 
 
 
 
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