The LA Deal Sheet
February 12, 2019

The LA Deal Sheet

Next week! Join the C-suite of CityView, Abode Communities, Cypress Equity, Goldrich Kest and more at Los Angeles Multifamily.

A JV of Hankey Investment Co. and Jamison Properties has broken ground on a $300M, 25-story mixed-use project at 2900 Wilshire Blvd. in the Koreatown neighborhood of Los Angeles.

The yet-to-be-named project is at the corner of Wilshire Boulevard and Hoover Street, near several completed developments including Circa, 3033 Wilshire and the historic Bullock's Wilshire building. Large Architecture, Dianna Wong Architecture + Interior Design and a JV construction team consisting…

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Rising Realty (Feb-2019) LA PO 16750
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Top stories on Bisnow.com

BB&T, SunTrust Banks To Merge In Biggest Such Deal Since Recession Retailer Things Remembered And 2 Others Go Bankrupt, Struggle Not To Be Things Forgotten
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Construction Begins For $1B The Grand Mixed-Use Project In Downtown Los Angeles

Construction for the much-anticipated $1B The Grand mixed-use development in downtown Los Angeles is finally underway.

Los Angeles city and county officials along with the JV of Related, CORE USA and the Los Angeles Grand Avenue Authority held a ceremonial groundbreaking Monday to kick off construction for the megadevelopment that is being hailed by officials as a game changer in Los Angeles — one that will bring tourists, jobs and people together as a cultural destination.

“Los Angeles has always been a creative capital, and we see that story told through generations of landmarks — from the LAX Theme Building to Griffith Observatory,” Los Angeles Mayor Eric Garcetti said during the ceremony, according to a news…

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Milender-White (Unparralled-Preconstruction) LA PO 16882
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The Difficult Truth About Being A Working Parent In Property

Guilt. Fear. Regret. Pride. Most business events, Bisnow's included, deal with economics rather than these kind of raw emotions. But when last week's London Women Leading Real Estate event took a deep dive into the stresses of trying to find a good work-life balance, things were very different.

Work-life balance affects everyone in today's always-on world of work, and the possibility to work flexibly is increasingly demanded by employees. But it is a particularly acute issue for parents, and since women are still more likely than men to be the caregivers for children, a good work-life balance and the ability to work flexibly are important in increasing gender balance in the workforce.

Read the full story here.

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EKA (Cannabis) SoCal PO 16881
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Coalition Calls For Plan To Get California Buildings Off Fossil Fuels

A coalition of energy providers, cities, environmental groups and those in the building trades is calling for California to take its next step in battling greenhouse gases by targeting buildings.

The Building Decarbonization Coalition released a plan Tuesday that calls for a reduction in emissions from homes and buildings to meet the state's climate goals by focusing on all-electric buildings powered with renewable energy. “Building emissions spiked 10% nationally in…

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Bisnow (Multifamily_2.19.19_RH) LA PO 14395
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EXCLUSIVE: Reonomy Signs CBRE To Platform As It Builds A Universal CRE Data Language

For more than a year, the biggest real estate services company in the world has been picking over Richard Sarkis' creation, testing its capability and evaluating if the platform is worth its time and money. 

“As the founder of a company, you're always nervous when your baby makes its debut into the world,” said Sarkis, the CEO and co-founder of Reonomy. “Sure, you can pass it around and people say, ‘It's cute,' but to have it evaluated and determined that it has value is something different.” 

CBRE liked what it saw, and it will be the latest, and biggest, company signed to Reonomy's data platform, Bisnow has learned. Nine of the 10 biggest brokerage firms in the country are now Reonomy clients, including HFFNewmark Knight Frank and Avison Young

Read the full story here.

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Dog Owners Face Off With Developers In Push To Preserve Park Space

WASHINGTON, D.C. — Maggie Garrett walks her dog, Finn, each day to a small lot on a Columbia Heights corner that residents have long used as an unofficial dog park. It is the only open space within a 30-minute walk for Finn to run off his energy. 

Garrett is one of scores of dog owners who bring their pets to the Columbia Heights park at the corner of 11th Street and Park Road NW. She is vice chair of 11th and Bark, a group that has been working with the District to take control of the property to make it an official dog park. But the property's owner, the Washington Metropolitan Area Transit Authority, put it up for public sale last month and marketed it as a development opportunity, a move Garrett said will make it more difficult for the efforts to keep the site as a dog park. 

The saga is the latest confrontation in the dog-loving city between canine owners looking to preserve public space and developers and housing advocates looking to use the scarce city land to add to the residential stock and help bring down sky-high housing costs. 

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Beyond The Bio: 16 Questions With Marx Realty CEO Craig Deitelzweig

This series profiles men and women in commercial real estate who have profoundly transformed our neighborhoods and reshaped our cities, businesses and lifestyles. 

Craig Deitelzweig is the president and CEO of Marx Realty, a management and development company with 4.3M SF of commercial office, retail and residential space. A division of the publicly traded Merchants National Properties, Marx has 67 properties in 17 states, including the office building 10 Grand Central at 155 East 44th St. in Midtown East in Manhattan, and the Cross County Shopping Center in Yonkers, New York. The company is aiming to buy $1B worth of real estate this year in New York City, Washington, D.C., and Atlanta.

Deitelzweig, a former attorney, joined the firm in August 2017. He spoke about real estate's “group-think” mentality, how a meritocracy is the best way to attract talent and why he'll always believe in the Mets.

Read the full story here.

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Los Angeles 02.19.2019
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Greater Los Angeles Multifamily
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Sean Burton
CityView
Robin Hughes
Abode Communities
Arjun Nagarkatti
AMCAL
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Los Angeles 04.03.2019
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Greater Los Angeles Capital Markets & Real Estate Finance
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Warren de Haan
ACORE Capital
Jeff Friedman
Mesa West Capital
Robin Potts
Canyon Partners Real Estate
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Tell Us

Send your commercial real estate news, announcements, story leads or tips to Joseph.Pimentel@bisnow.com.