Hathaway Dinwiddie Leases Full Floor In Union Bank Plaza: The Los Angeles Deal Sheet
Hathaway Dinwiddie Construction Co. has signed an 18K SF lease for the full 16th floor of Union Bank Plaza at 445 S. Figueroa St. in Downtown Los Angeles.
Newmark's David Kluth and Mai Hu represented the tenant, and John Zanetos and Chris Penrose of CBRE represented the landlord.
It is the second lease at Union Bank Plaza this week. An official partner of the 2028 Olympics leased 108K SF in the building, to be occupied in phases.
PEOPLE
Century Housing hired Jacqueline Waggoner as its president and CEO. Waggoner brings more than 25 years of experience. Most recently, she was president of the solutions division at Enterprise Community Partners, where she deployed more than $1B in impact investments and grants for community-informed solutions nationwide.
SALES
Bucksbaum Properties paid $25.8M for Palm Desert mixed-use office campus One El Paseo Plaza.
The three-building, 87K SF campus sits at 74-199 El Paseo Drive and 74-225 and 74-245 Highway 111 in the city about 12 miles southeast of Palm Springs. Major tenants include Morgan Stanley, Royal Bank of Canada, Wells Fargo Advisors, Compass Real Estate and Shogun Restaurant.
Newmark's Kevin Shannon, Scott Schumacher, Ken White and Rick Reeder represented the undisclosed seller.
LEASES
MEI Rigging & Crate signed a five-year lease renewal valued at approximately $21M on a 248K SF industrial property at Brookfield’s 14555 Alondra Blvd. in La Mirada. The property features more than 11K SF of office space, plus storage facilities, 22-foot clear heights and an expansive concrete-fenced yard.
Colliers' Chuck Wilson represented the landlord, Brookfield Properties. The tenant was represented by David Cartwright at Armour Realty.
CONSTRUCTION AND DEVELOPMENT
Blackstone Real Estate portfolio company Tricon has opened a built-to-rent community in Riverside County. Called Tricon Winchester, the 180-home development was built on vacant land in partnership with Foremost Pacific Group.
The community offers three- and four-bedroom homes with attached two-car garages and fully fenced backyards.
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Community Corporation of Santa Monica has completed Santa Monica's first modular affordable housing development, Berkeley Station. The development has 13 affordable apartments for low‑income families and young adults facing housing insecurity. The city of Santa Monica supported the development with an $11.3M housing trust fund construction loan and 13 project‑based vouchers from the Santa Monica Housing Authority. St. Joseph Center will provide on‑site case management and supportive services for young adult residents.
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Lowe, in partnership with Affinius and Centennial, has broken ground on The Carina, a 408-unit apartment project at 2828 N. MainPlace Drive in Santa Ana. The project is part of the mixed-use development MainPlace, which is owned by Affinius and Centennial, which is also the property operator. It is the first residential component in the retail, dining and entertainment mixed-use complex.
FINANCING
Bridge lender Avatar Financial Group provided a $16M bridge loan secured by The Yukon, a three-building industrial campus totaling 52K SF in Hawthorne.
The two-year loan carries a 62% loan-to-value ratio and financed the sponsor’s acquisition of the property through a bankruptcy sale. The property was one of four that the Vella Group defaulted on in 2023, Commercial Observer reported at the time.
Avatar also provided capital to improve the vacant building and execute a lease-up strategy aimed at setting the asset up for sale or permanent refinancing once stabilized.
THIS AND THAT
Southern California-based coworking company Tailored Space will open its 16th coworking campus at 191 N. Orange St. in the city of Orange. The approximately 12K SF space is just one block from the Old Towne Orange Historic District. The new location will encompass the full second floor, above a newly opened Culinary Dropout restaurant.
