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July 14, 2024
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Commercial Real Estate Pros Getting into the Holiday Spirit at Annual Industry Events


It’s the holiday season and, like many of you, RENTV has enjoyed meeting up with friends and business colleagues at a few recent holiday get-togethers. A couple of notable events we had the pleasure of attending were annual parties held by Allen Matkins and Lone Oak Fund.

Allen Matkins held their annual holiday party at the California Club in downtown Los Angeles last week. Nearly 800 guests crowded the room to dine on fine food and network with some of the most important commercial real estate and business executives in the region.

No surprise -- it has been a great year for the highly regarded commercial real estate law firm, which provided legal counsel for many of the state’s largest real estate transactions including:

• Kilroy Realty Corporation’s disposition of a 12-property San Diego office portfolio to an affiliate of Starwood Capital Group for $275 mil. The deal included nearly 1 msf of office space in the Sorrento Mesa and Rancho Bernardo submarkets,

• Hudson Pacific Properties’ $219.2 mil sale of a 45 percent stake of 1455 Market Street in San Francisco’s booming Mid-Market area as part of a joint venture agreement with the Canada Pension Plan Investment Board. Hudson Pacific Properties gained $80 mil on the sale, having purchased the 22-story office tower for $93 mil in 2010 and invested another $50 mil into its renovation to cater to tech tenants. The repositioned property serves as the headquarters for Uber Technologies and Square

• A joint venture between Worthe Real Estate Group and Shorenstein Properties in the $316 mil sale of The Reserve, a 400k sf Playa Vista office campus, to Invesco. The sellers made a large profit on the deal, having purchased the property in 2011 for $46.5 mil and invested another $30 mil to transform the former U.S. Post Office distribution center into a creative office campus. According to the Los Angeles Business Journal, the deal marks the highest purchase price paid for an office asset in the region. The property is in high demand from media and tech companies, and its tenants include Microsoft Corporation, Sony Playstation, and Verizon Communications.

• Transpacific Development Corporation’s $159 mil sale of the 339k sf Sony Pictures Plaza in Culver City to LBA Realty. Sony Pictures Studios has occupied the modernist property since the late 1980s. According to the Los Angeles Business Journal, the acquisition involved one of the highest prices paid for a Los Angeles stand-alone office property in 2014.

Our friends at Allen Matkins let us know that they expect another robust real estate transaction market in 2016.

And another noteworthy industry holiday event, probably one of the first of the season, which occurred in mid-November, was the 2nd Annual Lone Oak Fund Soiree at Shutters on the Beach in Santa Monica. The event was a bit more cozy then Allen Matkins' grand affair with about 200 professionals representing a mix of private money lenders, mortgage brokers, commercial real estate brokers, borrowers, investors and developers.

This great real estate networking event also featured its share of fun with unlimited cocktails from a special mixologist, a photo booth and, of course, belly dancers!! We were able to snag one of the photo strips of one of the company's founders, James Rothstein, and some of the Lone Oak crew.

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