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The LA Deal Sheet

In one of the city’s largest commercial office leasing transactions in the past 12 months, Bank of America has expanded its downtown Los Angeles presence. 

Anchor tenant Bank of America at Brookfield's 333 South Hope St. in Los Angeles will expand its lease to a total footprint of 218K SF. 

Brookfield's Bank of America Plaza in downtown Los Angeles
Brookfield's Bank of America Plaza

Brookfield officials said the bank plans to relocate its regional Merrill Lynch and U.S. Trust offices to the site to consolidate its other banking and finance arms into one campus. Bank of America officials have made similar moves in New York, Chicago and Houston.

Brookfield’s John Barganski and James Malone represented the company. JLL’s Troy Freeman, Adam Mars, Tony Morales and Maureen Hawley represented Bank of America.

Brookfield’s 55-story, 1.4M SF Bank of America Plaza is now 93% occupied.

 Towne Centre Office Building in Arcadia
Towne Centre Office Building in Arcadia

SALES

Positive Investments has purchased the Towne Centre Office Building in Arcadia from a San Francisco-based family trust for $25.6M. The eight-story, 83,250 SF office building at 150 North Santa Anita is 97% occupied and anchored by Bank of America. Avison Young’s Mark Evanoff and Andrew Berk represented the seller. Positive Investments represented itself.

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Water Tower LLC has purchased a 13,940 SF vacant land site in west Los Angeles from an undisclosed individual for $3.25M. The property is at 2412 Federal Ave. Marcus & Millichap’s Filip Niculete, Lonnie McDermott and Rick Ramirez represented the seller and buyer.

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Kearny Newport B. LLC has sold an office building at 4931 Birch St. in Newport Beach to 4931 Birch Street LLC for $3.9M. Lee & Associates’ Brian Garbutt represented the seller. CBRE’s Matt Didier represented the buyer.

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An undisclosed personal trust has sold a six-unit apartment building at 1051 South Sherbourne Drive in Los Angeles to 1051 Sherbourne St LLC for $2.45M. The building consists of six two-bedroom, two-bathroom units. Marcus & Millichap’s Jeff Louks represented the buyer and seller.

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First Generation Investments LLC has purchased a five-unit apartment building in Canoga Park from an undisclosed private seller for $750K. The property at 7332 Alabama Ave. in Canoga Park has a mix of one-bedroom and studio units. Marcus & Millichap’s Jordan Fischer represented the buyer and seller.

EXECUTIVE NEWS

Layton Construction named Bob Maxwell as executive vice president for business development. Prior to joining Layton, Maxwell served as a partner and senior vice president for business development at Level 10 Construction. Layton Construction President David S. Layton said he hired Maxwell for his development expertise and his ability to bring strong projects on board. 

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David Morrison has been promoted to chief investment officer of the Americas at CBRE Global Investors. Morrison previously served as head of portfolio management-Americas and global head of strategy and research. As chief investment officer, he will be responsible for creating and implementing the company’s investment strategy and overseeing portfolio management, asset management, strategy and research and performance management. 

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CBRE has appointed Brian Harringon as chief product officer and Brennan McReynolds as senior vice president of business development and operations for CBRE 360, the company’s new platform that gives property investors and occupiers customized workplace solutions. Previously, Harrington served as a senior marketing and product executive at public and private companies. McReynolds most recently served as chief operating officer at Event Farm.