STEVE MCQUEEN SAT HERE

February 29, 2008 on 11:44 pm | In Fascinating Office Real Estate Information, Funny...Money, Investment Opportunities, Lights Camera Transaction, Office Fodder, Uncategorized, Winning Properties | 10 Comments

STEVE MCQUEEN SAT HERE
THE WILLIAM MORRIS AGENCY’S BEVERLY HILLS OFFICES GO UP FOR SALE
  For those into celebrity memorabilia, a big prize has just hit the market - three William Morris Agency buildings in Beverly Hills. Founded in 1898natalie_wood_and_steve_mcqueen_love.jpg, the William Morris Agency is the largest diversified talent and literary agency in the world, with offices in New York City, Beverly Hills, Nashville, Miami, London, and Shanghai. The Agency represents clients in all segments of the entertainment industry, including film, television, music and personal appearances, Broadway theatre and theatrical touring, publishing, commercial endorsements, sports marketing, video games, digital media and corporate consulting, and boasts more than 750 employees. Over the years, clients have included SUCH NOTABLES AS the Marx Brothers, Mae West and Charlie Chaplin, Jimmy Cagney, Louis Armstrong, Frank Capra, Clark Gable and Judy Garland, Steve McQueen, Frank Sinatra, Andy Griffith, Marilyn Monroe, Elvis Presley, Spencer Tracy, Katharine Hepburn, Jack Lemmon, Walter Matthau, Arnold Schwarzenegger, Tommy Hilfiger and Bill Cosby.
 
 The William Morris Agency opened its first Los Angeles office in 1927 in the State Theatre Building, eight miles away from the city’s downtown Broadway theatre district.  
Now located at William Morris Plaza on El Camino Drive, (In 1998, the street was re-named William Morris Place by the City of Beverly Hills on the occasion of William Morris’ 100th Anniversary.), but not for long. The company  has gone to market with three trophy buildings totaling approximately 185,000 sf of space at 150 S. Rodeo Dr. and 150-151 S. El Camino Dr.
 Irv Weintraub, wmbeverlyhills.jpgWMA chief operating officer, comments that, “With the increased interest in our property, we have decided to explore our potential options,” for the Beverly Hills buildings. “We will continue to own and manage our assets unless we find an agreement that is beneficial to all parties involved.”
 

The properties, which have served as WMA’s worldwide headquarters for years, are in the Beverly Hills Golden Triangle, known for its top-tier office buildings and shopping districts. WMA, which is committed to remaining in Beverly Hills, plans to move more than 500 employees into new premises on Beverly Drive within the next few years. WMA has hired architectural and design firm Gensler to develop the new headquarters, which will be a green building with recycled materials and energy-efficient water and lighting systems. It will feature more than 175,000 sf of office space and 30,000 sf of retail space and restaurants at its base.
 logo_wma_sm.gifMarc Renard of Cushman & Wakefield - one of the selling agents involved with the property observes that, “Beverly Hills properties are highly sought-after by domestic and foreign capital.”  With a direct office vacancy rate of only 2.9%,  and  ”extraordinary barriers to new construction” as well as strong future rent growth potential, he expects that the buildings “will generate tremendous investor interest.”

LAND IS SELLING AT $19,230,000 PER ACRE IN SANTA MONICA

February 22, 2008 on 5:17 pm | In Fascinating Information, Fascinating Office Real Estate Information, Investment Opportunities, Lights Camera Transaction, New Developments, Office Fodder, Uncategorized, Winning Properties | 11 Comments

LAND IS SELLING AT $19,230,000 PER ACRE IN SANTA MONICA 

Congratulations to all who own land west of the 405 freeway…prices are still escalating. You +your portfolios are still rocking! SM Blog logo.jpg CoStar.com Commercial Real Estate Information Service reports that Randall Miller of Arnon Development Group purchased a .69-acre parcel in Santa Monica from Arnold Porath of Spruce Realty Group for $13.25 million, or about $19.23 million per acre. Miller plans to build a three-story, 50,000-square-foot medical center on the $30,000+ s.f. parcel located at 1223 16th St. across from the new UCLA hospital, just south of Wilshire Blvd.1223-1231 16th St aerial.jpg Previously, the property held a multi-family building with 3,534 SF of rentable building area.  No one tried to landmark the site, and apparently there are no questionable trees located there.1223-1231 16th St.jpgMiller is already working with the City of Santa Monica to obtain approvals and permits for the proposed building. The ground break is scheduled to commence in the second quarter of 2009. No word yet on how environmentally friendly the property will be. 

The building will feature surgery, imaging, outpatient, clinical and medical laboratory capabilities and subterranean. The completion date scheduled for second quarter 2010. 19.23 million per acre.jpg

This off-market transaction was the downleg in a 1031 exchange for the seller. Anyone who ones an acre of land in Santa Monica, please let us know so we can applaud you. 

THE ANAHEIM CANYON BUSINESS CENTER WILL EXIST WHERE BOEING ANAHEIM HAS BEEN

February 15, 2008 on 7:58 am | In Fascinating Office Real Estate Information, Green, Lights Camera Transaction, New Developments, Office Fodder, PROPERTY MAINTENANCE, Uncategorized, Winning Properties | 11 Comments

THE ANAHEIM CANYON BUSINESS CENTER WILL EXIST WHERE BOEING ANAHEIM HAS BEEN
  Phase I of a 102-acre redevelopment site is underway in Anaheim…where Boeing still stands. The plan calls for the renovation of 450,000 sf of existing buildings and 1.2 million sf of modern, LEED-certified office, warehouse and retail facilities.
 boeing_hq_huntington.jpgThe deal was struck between ING Clarion Partners, and Panattoni Development and Boeing for the acquisition and redevelopment of the 102-acre site.
 Panattoni recently closed on the first 61 acres of the property and has the remaining acreage under contract.
 “That first chunk includes buildings that we can and have anticipated renovating, but our actions ultimately will be driven by demand factors,” notes Mike McCann of ING. “We are currently talking with folks interested in leasing renovated space but we also are evaluating a plan to tear down that space and build new industrial in these early phases.”
  The site is located on East La Palma Avenue just north of the Riverside (SR-91) Freeway between both the Orange (SR-57) Freeway and the Costa Mesa (SR-55) Freeway. The property is situated at the center of a 2,300 acre zone designated by the city as the “Anaheim Canyon Business Center,” which is scheduled for major redevelopment.
 The expectation is that the industrial that ING and Panattoni will develop 20,000- to 40,000-sf for-sale product, “but if the market stays healthy (and rents continue to grow), in two years time renting the space may work as well,” observes McCann.
 The property current holds 14 office and factory buildings containing 1.5 million sf. Boeing has leased back most of that space and is tentatively scheduled to give back the first chunk of it–about 15 acres–for renovation or redevelopment this summer.
 The cost of the acquisition and the value of the lease back were not immediately available. McCann declined comment, citing a confidentiality agreement, and Boeing has not yet disclosed the information in any SEC filings.
  Generally speaking, McCann says the cost of the land was such that it could be profitably used for industrial or office in part because the allowed density for either is .5 sf of building area for every 1 sf of land area. As well, he says the cost to lease industrial warehouse space in the area has risen 50% over the last two years and now stands in the mid $0.60s NNN for larger box space and more for smaller chunks. “North Orange County is a very healthy industrial market,” he says.
 Despite there being a schedule for Boeing vacating the property, it can delay any of those plans and can even call off the sale of the remainder of the property. But based on the company’s plans to consolidate operations in Huntington Beach, McCann says he expects Boeing to eventually follow through on both counts.
 “There was tremendous competition for this site in the development community,” says Panattoni principal Stephen Batcheller. “Our partnership with ING Clarion was instrumental in fulfilling Boeing’s desire for an expedited transaction….”
 Info courtesy of Brian K. Miller
GlobeSt.com Commercial Real Estate News and Property Resource
 http://www.globest.com/news/1069_1069/orangecounty/167330-1.html?type=pf
 

SF Mayor Proposes Green Building Requirement

February 6, 2008 on 7:49 pm | In Fascinating Office Real Estate Information, Green, Office Fodder, PROPERTY MAINTENANCE, Uncategorized | 17 Comments

 SF Mayor Proposes Green Building Requirement

 

 SAN FRANCISCO-Mayor Gavin Newsom has proposed an ordinance that would make San Francisco the city with the most stringent green building requirements in the nation. The ordinance requires developers and renovators of larger residential and commercial buildings to achieve progressively higher levels of LEED certification from the US Green Building Council in the coming years. 

  ”We’ve got to stop playing within the margins and get serious about addressing our reliance on fossil fuels,” said Newsom during an announcement of the ordinance at 555 Mission St., Tishman Speyer’s under-construction office building, which is expected to achieve LEED Silver certification.   

“A lot of people don’t realize that their homes and businesses also create a major carbon footprint, so today, by proposing these strict green building standards for our city, we’re saying enough is enough. It’s time to tackle global warming and climate change on all fronts.”

 

 

If approved, the ordinance would require large projects–commercial and residential projects over 25,000 sf or 75 feet in height–to meet the base level of LEED certification starting in 2008. Large commercial projects would have to achieve LEED Silver certification starting in 2009 and LEED Gold staring in 2010. Large residential projects would have to achieve LEED Silver starting in 2010.

 

 

Mid-sized buildings would have to complete a LEED checklist but would not be required to achieve any LEED credits or points (the basis for the rating system) until 2009. Starting then, mid-size commercial buildings would have to achieve three LEED credits. The bar would be raised to four points in 2010, six points in 2011 and seven points in 2012.

 

 

Small and mid-size residential projects, starting in 2009, would be required to achieve 25 points from GreenPointRated, a rating system of BuildItGreen, a professional nonprofit membership organization that promotes energy- and resource-efficient buildings in California. The hurdle would increase to 50 points in 2010 and then 75 points in 2011 or 2012. The earlier increase would occur for multifamily residential buildings with more than five units.

 

 

Cumulative benefits this ordinance is expected to achieve through 2012 include: reducing CO2 emissions by 60,000 tons; saving 220,000 megawatt hours of power; saving 100 million gallons of drinking water; reducing waste and storm water by 90 million gallons of water; reducing construction and demolition waste by 700 million pounds; increasing the valuations of recycled materials by $200 million; reducing automobile trips by 540,000; and increasing green power generation by 37,000 megawatt hours.

 

 The ordinance is based on the recommendations of a task force formed at the start of the year that included 10 members from San Francisco’s ownership, developer, financial, architectural, engineering, and construction community. The task force issued its report and recommendations in June. 

 

 

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