This Week's LA Deal Sheet
Residents have begun moving into the first 200 pre-leased units at Kurve on Wilshire, a $300M apartment project developed by Hankey Investment Co. and Jamison Properties along Wilshire Boulevard where Westlake meets Koreatown.
The 23-story complex holds 644 apartments ranging from studios to three-bedroom, two-story penthouse apartments with private spas and outdoor spaces. Studio rents start at $2,400 a month. The penthouses rent for $31K a month.
The complex includes a 1-acre rooftop park with a pool, a coworking space and an outdoor movie theater. Along the street, Kurve contains 15K SF of street-level retail space that developers say will appeal to building residents, locals and visitors to the area alike, though tenants haven't yet been announced.
Kidder Mathews hired former CIM Group First Vice President of Leasing Andrew Altman as regional president for Greater Los Angeles. In his new position, Altman will oversee and grow the firm’s four LA offices. Prior to coming to Kidder Mathews, Altman oversaw the leasing and development teams for the West Coast.
C.W. Driver Cos. has promoted Brent Hughes to chief operating officer. Hughes will expand on the responsibilities he had as vice president of operations for the company to provide executive-level oversight on all projects in the Greater LA area and San Diego. He will be responsible for the company’s operational oversight and client satisfaction for projects statewide and develop training and performance strategies for company employees.
Automotive parts manufacturer Amp Research has signed a roughly 105K SF lease for industrial space at 3172 Nasa St. in Brea. Amp Research will use the space for its West Coast distribution center, which it is relocating and expanding from a building in Tustin.
JLL’s Steve Wagner and Zach Niles represented the landlord, CheckerProp, in the lease. Amp Research was represented by John Collins of Lee & Associates.
Longfellow Real Estate Partners bought a multibuilding property in San Diego’s Sorrento Mesa known as the Lusk Innovation portfolio. The developer plans to turn the 20.6-acre, nine-building portfolio into a destination life sciences complex to support the area’s biotech industry. Though the price was not disclosed, sources with knowledge of the deal place the sale price at just over $315M.
The seller was PS Business Parks, which was represented by Lynn LaChapelle, Bob Prendergast, Sach Kirpalani and Michael Leggett of JLL. Longfellow Real Estate Partners represented itself.
Waterford Property Co. and the California Statewide Community Development Authority purchased 1818 Platinum Triangle, a 265-unit Anaheim apartment complex, for $127.26M. The building will be converted to moderate-income units.
This is the partnership’s third purchase in Anaheim and its ninth moderate-income project through the CSCDA’s program. Waterford and CSCDA will immediately lower rents for qualified new residents making between 60% and 120% of the area median income under CSCDA’s middle-income housing program.
CONSTRUCTION AND DEVELOPMENT
Phase 1 of the Town Square & Promenade project at the LA Waterfront in San Pedro has been completed. The $36M infrastructure project “sets the stage for construction of the long-anticipated West Harbor retail, dining and entertainment development,” a release from Port of LA officials said. West Harbor is under construction adjacent to the project now. The conceptual design for Town Square & Promenade was developed by West Harbor’s landscape architect James Corner Field Operations.
Clune Construction announced the completion of GoodRx’s 76K SF headquarters in Santa Monica at the Pen Factory. The space includes a library, three interconnecting staircases, a coffee bar, six new skylights and a speakeasy with a 100-year-old bar from Glasgow, Scotland. GoodRx’s headquarters was designed by RIOS. AMA Project Management and ARC Engineering rounded out the project team.
Comcast Spectacor, a part of Comcast Corp., enlisted architecture firm Populous to create a Burbank headquarters for the soon-to-relaunch G4 digital and television network. The network’s new office and studio broadcast space repurposes the 67K SF, 1960s studio building that once housed the TMZ and Inside Edition studios. The new HQ, built by Shawmut Design and Construction, includes 40K SF of varied workspaces, 15K SF of broadcast production facilities and 5K SF of space for esports training and gaming.
Beverly Hills-based developer Markwood has broken ground on a 45.5K SF mixed-use project at 11701 Santa Monica Blvd., at the corner of West Santa Monica Boulevard and South Barrington Avenue. The Steinberg Hart-designed five-story project features 51 apartments, 1,200 SF of retail and a 30K SF robotic parking garage.