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August 26, 2019

GPI's Lee Wagman On $300M Equity Raise, Amoeba Controversy

Venue announced! Modular Construction Summit to be hosted at the L.A. Grand Hotel Downtown Sept. 18

It has been an eventful couple of months for GPI Cos.

A West Los Angeles-based developer and investment manager, GPI recently received a $300M equity commitment from an undisclosed pension fund and is fighting a lawsuit over a mixed-use project that replaces what some call a landmark in Hollywood.

Founded by Cliff Goldstein and Drew Planting in 2008, GPI currently owns and is developing more than 1M SF of commercial and residential real estate in and around Los Angeles.

GPI's Lee Wagman On $300M Equity Raise, Amoeba Controversy

Bisnow caught up with GPI partner Lee Wagman to get his thoughts on the recent equity commitment from the undisclosed pension fund, what the company plans to invest in, the ongoing topic of a possible recession, and the future of the high-rise, mixed-use 200-unit residential with ground-floor retail development planned…

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Bisnow Wants To Know Your Thoughts On Qualified Opportunity Zone Businesses

Much has been discussed about how to develop and/or invest in real estate as part of the federal opportunity zone program, which was created to revitalize low-income or distressed neighborhoods. 

But few are discussing the benefits or disadvantages of setting up or operating a qualified opportunity zone business or QOZB.

Bisnow Wants To Know Your Thoughts On Qualified Opportunity Zone Businesses

Under the opportunity zone program that was passed as part of the Tax Cuts and Jobs Act in 2017, and clarified under a pair of more recent regulations, a business owner through a qualified opportunity fund could set up a startup or operate a business as a QOZB in any of…

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WeWork By The Numbers

 

The world's introduction to coworking behemoth WeWork's financials came via its initial public offering filed with the Securities and Exchange Commission last week.

There were a lot of figures to look at behind the company's $47B valuation. The S-1 outlined everything from how many countries WeWork operates in (29) to its overall occupancy rate (90%) to how many of its clients have more than 500 employees (39%).

Depending on how long it has taken you to read the beginning of this article, WeWork may have lost tens of thousands of dollars — since its disclosed operating loss in the first half of 2019 totaled $1.37B, we can break down their burn rate to $5,213 per minute.

What do all of these numbers mean? Are they all important in a market context? How does WeWork stack up to its competitors?

Read the full story here.

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