c u s t om c on t e n t f e b r ua ry 12, 2018
BROKER & PROJECT NOMINEES
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Tuesday, February 20, 2018 | 6:00pm – 8:30pm The L.A. Hotel Downtown | 333 South Figueroa Street | Los Angeles, CA 90071
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33-57_cre_pre-supp_v2.indd 33 2/8/2018 4:29:00 PM 34 LOS ANGELES BUSINESS JOURNAL – CUSTOM CONTENT FEBRUARY 12, 2018
2018 Commercial Real Estate Forecast Indicates Change and Opportunity, Domestically and Globally apid change is underway in the world’s in e-commerce outpaced that of overall retail commercial real estate industry, and the sales, and analytics will play a greater role as Rdynamics are in flux as the current invest- retailers embark on targeted and automated mar- ment cycle enters its latter stage. The industry keting campaigns. The need for omni-channel continues to contend with differing property retailing has not abated, and successful retailers’ fundamentals across asset types, markets and offerings include experiential retail and strong regions, with occupier behavior, innovation and digital storefronts with speedy delivery. technology acting as key sources of change that Notable U.S. industrial market highlights are taxing the sector. The current interest-rate include: environment is another contributor to this • The U.S. industrial market’s growth is change – albeit a somewhat limited factor. being fueled by logistics and distribution needs These are some of the key trends noted in Avi- related to growing adoption of e-commerce and son Young’s 2018 North America and Europe Com- bridging the last mile in the supply chain. Data mercial Real Estate Forecast, released last month. redundancy, technology and distribution have “We have spent the better part of three years all contributed to driving vacancy lower, pushing debating where we are in the real estate cycle; rents higher and spurring a considerable amount for 2017, we dragged out a baseball analogy, of new industrial development. Big data and the pondering what inning we were in,” commented Internet of Things will further push demand for Mark E. Rose, Chair and CEO of Avison Young. data centers in this sector. “We concluded that the real estate industry • As 2017 drew to a close, the U.S. industrial was in the late stages of the game, but could be sector totaled 11.2 bsf and reported an overall headed into extra innings. As we start 2018, vacancy rate of 5.2 % – a 10-bps dip from year- the game is still going, but there is a clear and end 2016. Another 188 msf of new construction palpable difference. Change is underway and the is underway. dynamics on the field are in flux. Our industry • U.S. industrial vacancy is expected to rise needs to decide what to do next.” slightly to approximately 5.4% at the end of Rose continued: “As we greet the New Year, pricing of assets based on a risk-adjusted real trajectory through 2018.” 2018 while 19 markets are forecasting vacancy to however, a critical difference is that change is in rate of return. Once the stalemate over prior Webb added: “Likewise, trends seen in 2017 fall year-over-year. motion – change that is positive, powerful and cycle strategies and underwriting ends, growth for the office sector are expected to continue in Supported by a period of historically low moving very quickly. This is the type of change should fuel more demand, reduce vacancies and 2018. Aging inventory and tenant demands for interest rates, investment sales volume rose each that creates opportunity and allows for success. cause rental rates to rise. When this change is on-site amenities will bring further renovation year between 2009 and 2015. In 2015, total Those who cannot accept this new reality will combined with efficiencies captured by the latest and reuse of older and obsolete properties. These volume nearly reached the 2007 peak of $572 dismiss it at their own peril.” technologies, we will welcome a new wave of are often repurposed to alternative property billion on the back of a slate of megadeals and He added: “Interest rates are at historic lows demand, performance and innovation.” types – we’ve seen office become residential, portfolio sales. After falling by 9% year-over-year and continue to stay low, but are moving up “U.S. commercial property markets demon- storage and even conversions to schools. Owners in 2016, transaction volume in 2017 trended incrementally, as they really only have one way strated further strength in terms of vacancy and are setting aside under-utilized spaces, portions still lower through November 2017. Neverthe- to go. Short-term interest rates are being prop- pricing in 2017 and the recent tax reform legis- of lobbies and other common areas for tenant less, pricing was supported and an abundance erly – and effectively – normalized by central lation could have a positive impact on real estate amenities, such as shared conference centers and of capital chased available deals. Select U.S. banks. There is stability and growth in the GDP and investors in 2018, in spite of the often-divi- gathering spaces. As well, landlords are building markets also reported significant, or historic, sale of the G7, and rising interest rates are typical sive issues facing the country,” commented Earl ready-to-occupy spec suites to attract smaller prices. Specific asset classes and key markets are in this environment. Capitalization rates are Webb, President, U.S. Operations for Avison tenants, and are often directly competing with performing well and this trend is expected to be another story. Commercial real estate has printed Young. “While overall sales transaction volume the expanding number of new co-working opera- amplified in 2018. trades at historically low cap rates, but the bid- fell for the second year in a row, domestic and tors. From an occupier standpoint, the new lease “There is no question about the global ask spread is widening – and acting as a brake foreign investors continue to view the U.S. as accounting standard is one year away from tak- appetite for industrial investments,” said John on transaction volumes in major markets. The a safe haven with specific markets and property ing effect and will, undoubtedly, cause occupiers Kevill, Principal and Managing Director of U.S. theory that interest rates will rise at the short sectors registering gains. And as we forecasted to study the costs and benefits of leasing versus Capital Markets for Avison Young. “With attrac- end, but thinning spreads will keep cap rates in at the beginning of 2017, an equilibrium was ownership seriously.” tive financing options persisting and new tax place, is not logical or supportable over the mid- legislation taking effect, capital markets should to-long term. Cap rates and corresponding return maintain their strength in 2018 – with even requirements will eventually move as financing more real estate exposure possible from private acquisitions becomes more expensive.” investors. Of course, markets thrive on clarity; Occupier behavior, states the report, is ‘Change is good when it benefits an industry and with several macroeconomic shifts underway another source of change that is challenging the and its stakeholders. When this change is across all product classes, we expect that demand market and more fundamentally driving innova- will continue to be strongest for well-established tion and performance. combined with efficiencies captured by the latest properties and institutional-quality offerings.” “Ultimately, these trends will prove beneficial technologies, we will welcome a new wave of After China led foreign investment in the as real estate is used more effectively and with U.S. in 2016, Canada reclaimed top spot, by far, greater cost efficiency,” said Rose. demand, performance and innovation.’ with more than $15 billion invested at year-end Technology, including its impact on real MARK E. ROSE, Avison Young 2017. Including Singapore, China, the Neth- estate solutions, is potentially the most exciting erlands and Germany, the top five countries element of change in the commercial real estate accounted for $34 billion in cross-border capital industry. Technology adoption – including arti- investment in the U.S. in 2017. ficial intelligence – is gaining so much momen- “We expect several factors to influence real tum that it is driving profitability and expanding achieved between new supply of space delivered Notable U.S. office market highlights include: estate occupancy and capital-markets activity capabilities exponentially. and overall incremental demand for space by • Avison Young is tracking 5.2 billion square in 2018,” added Webb. “Real estate will provide Wellness in the workplace is another occupiers. With modest interest-rate increases feet (bsf) of office inventory in 46 U.S. markets attractive yields relative to stock-and-bond alter- emerging trend that intersects with occupancy readily absorbed by both the debt and equity that had an overall vacancy rate of 11.8% at the natives as the growth rate of the stock market solutions, the hunt for talent and technology. markets, cap-rate compression largely ceased end of 2017, mirroring office vacancy in Canada, should slow from that of 2017.” Whole health, or the combination of physical during the year.” and falling 10 bps from year-end 2016’s 11.9% He concluded: “Essentially, we expect rental and mental wellness, is critical to the success of Webb continued: “An abundance of capital rate. U.S. vacancy is forecasted to increase stability to prevail in most markets. Although all enterprises. remains available for trades, pricing is strong slightly to 12% by year-end 2018. transaction volume will decline again, by as Rose concluded: “Change is good when it and property markets are registering meaningful • Office space under construction is 55% pre- much as 10% to 15% in major markets, pricing benefits an industry and its stakeholders. Rising development in response to demand for modern leased with tenants demonstrating demand for should be buoyed by capital demands from all interest rates and capitalization rates in 2018 properties. These factors will keep the U.S. com- new well-located and amenity-rich product. investors, thus offsetting any slight increases in – and beyond – will allow for more traditional mercial property market on its current upward The report goes on to say the rate of growth borrowing costs.”
33-57_cre_pre-supp_v2.indd 34 2/8/2018 4:24:41 PM FEBRUARY 12, 2018 CUSTOM CONTENT - LOS ANGELES BUSINESS JOURNAL 35 LOCAL ADVANTAGE.
CBRE knows Los Angeles. Through our industry leading perspectives, scale and local connectivity, we deliver outcomes that drive business and bottom-line performance for every client we serve. How can we help transform your real estate into real advantage?
LEWIS C. HORNE President, Southern California & Hawaii Region +1 213 613 3305
@CBRESoCal cbre.us/socal
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36 LOS ANGELES BUSINESS JOURNAL - CUSTOM CONTENT FEBRUARY 12, 2018
LEADERS IN REAL ESTATE POWERING REAL ESTATE SOLUTIONS INNOVATION Newmark Knight Frank is one of the world’s leading commercial Newmark Knight Frank is leading the technological revolution in real estate advisory firms. With a global presence of more than commercial real estate. As the authority in real estate advisory, data and 400 offices and 15,000 professionals, our integrated services technology, our firm utilizes the most high-tech tools in the industry to platform provides clients with a single-source solution for every meet our clients’ needs and exceed their expectations. phase of occupying or owning a property. Newmark Knight Frank is transforming businesses and properties – • Leasing Advisory and pioneering the next evolution in real estate services. • Global Corporate Services • NKF Capital Markets • Consulting • Program and Project Management • Property and Facilities Management • Valuation and Advisory Services
North America • Latin America • Europe • Asia-Pacific • Africa • Middle East ngkf.com
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FEBRUARY 12, 2018 CUSTOM CONTENT - LOS ANGELES BUSINESS JOURNAL 37
LEADERS IN REAL ESTATE POWERING REAL ESTATE SOLUTIONS INNOVATION Newmark Knight Frank is one of the world’s leading commercial Newmark Knight Frank is leading the technological revolution in real estate advisory firms. With a global presence of more than commercial real estate. As the authority in real estate advisory, data and 400 offices and 15,000 professionals, our integrated services technology, our firm utilizes the most high-tech tools in the industry to platform provides clients with a single-source solution for every meet our clients’ needs and exceed their expectations. phase of occupying or owning a property. Newmark Knight Frank is transforming businesses and properties – • Leasing Advisory and pioneering the next evolution in real estate services. • Global Corporate Services • NKF Capital Markets • Consulting • Program and Project Management • Property and Facilities Management • Valuation and Advisory Services
North America • Latin America • Europe • Asia-Pacific • Africa • Middle East ngkf.com
07-78_labj_fullpages_02-12-18.indd 37 2/7/2018 11:08:47 AM 38 LOS ANGELES BUSINESS JOURNAL – CUSTOM CONTENT FEBRUARY 12, 2018
2018 BROKER NOMINEES
Jeff Adkinson Martin D. Agnew Barbara Armendariz Tony Azzi Jones Lang LaSalle Marcus & Millichap SharpLine Commercial Marcus & Millichap Partners
Brandon Bank Patrick Barnes Hunt Barnett Brad Baskin CBRE Group, Inc. Colliers International LA Realty Partners CBRE Group, Inc.
Bill Bauman Steve Bellitti Kevin Bender Joshua W. Bernstein Newmark Knight Frank Colliers International CBRE Group, Inc. First Property Realty Corporation
Peter Best David Black Steve “Bogie” Bogoyevac Bill Boyd LA Realty Partners Marcus & Millichap Marcus & Millichap Charles Dunn Company
Steve Bram Rick Buckley Kent Butler Derek L. Caldwell George Smith Partners LA Realty Partners Colliers International Marcus & Millichap
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2018 BROKER NOMINEES
Chris Caras Cray A. Carlson Eric C. Chen Gary Chou CBRE Group, Inc. CBRE Group, Inc. CBRE Group, Inc. Matthews Real Estate Investment Services™
Jay Chu Aron Cline Marty Cohan Robert Cohen Secured Properties Matthews Real Estate Marcus & Millichap RFK Investment Services™
Anthony DeLorenzo Charles DeSantis Chris DeVries Ian DeVries CBRE Group, Inc. Charles Dunn Company Colliers International Colliers International
Jay Dick R. Todd Doney Barbara Perrier Owen Fileti CBRE Group, Inc. CBRE Group, Inc. CBRE Group, Inc. LA Realty Partners
Kyle Fishburn Jaclyn G. Fitts Robert Flores Ryan Foley Illi Commercial Real Estate CBRE Group, Inc. CBRE Group, Inc. CBRE Group, Inc.
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RAISING Accelerating success. THE BAR TOP PRODUCERS Los Angeles County 2017
Colliers in Greater Los Angeles is proud to recognize those whose truly elevated sense of service has made them our Top Producers of 2017.
Visit us at colliers.com Patrick Barnes Steve Bellitti
Lary Carlton John DeGrinis Patrick DuRoss Kevin Fenenbock Reza Ghobadi
Scott Heaton Darrin Kennedy Chuck Littell James Min Rick Nunez
Tony Phu Richard Schwartz Chris Sheehan Mark Tarczynski Thomas Taylor
Adam Tischer Corey Waite Kitty Wallace Dan Weil Mark Zorn
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2018 BROKER NOMINEES
Michael Geller George Gleason Rob Hannan Gregory Harris First Property Realty LA Realty Partners Newmark Knight Frank Institutional Property Corporation Advisors Division, Marcus & Millichap
Ronald Z. Harris Alexander Harrold Scott A. Heaton Matthew Heyn Institutional Property Matthews Real Estate Colliers International CBRE Group, Inc. Advisors Division, Investment Services™ Marcus & Millichap
Allison Higgins Chris Houge Christopher A. Isola Morgan Jackson George Smith Partners LA Realty Partners CBRE Group, Inc. Cushman & Wakefield
Mike James Gabe Kadosh Justin B. Kim Alex Kozakov James Capital Advisors Colliers International Marcus & Millichap CBRE Group, Inc.
Chad Kurz Chandler A. Larsen Jonathan Larsen Michael Lawrence Matthews Real Estate Avison Young Avison Young Marcus & Millichap Investment Services™
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Regional Connector
Union Station Fred Harvey Building Restoration LA Metro Expo Line Phase II
Sixth Street Bridge LAX Building what matters for Los Angeles
Partnering with the community, Skanska builds the places we work and play - and the ways we get to all of them.
usa.skanska.com CA 817578 /140069
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2018 BROKER NOMINEES
Linda Lee Bryan D. Lewitt Evan Lewitt Darla Longo Charles Dunn Company CBRE Group, Inc. CBRE Group, Inc. CBRE Group, Inc.
Mike Longo Jeff Louks Laurie Lustig-Bower Christopher Maling CBRE Group, Inc. Marcus & Millichap CBRE Group, Inc. Colliers International
David Maling Tyler J. Martin Brendan McArthur Lonnie McDermott Colliers International Institutional Property Jones Lang LaSalle Marcus & Millichap Advisors Division, Marcus & Millichap
Brandon Michaels Eddie Michino Craig Miller Kyle Miller Marcus & Millichap Colliers International Stone-Miller Newmark Knight Frank
Matthew Miller Michael Moll Derrick Moore Jacob Mumper Cresa Newmark Knight Frank Avison Young Colliers International
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2018 BROKER NOMINEES
Priscilla Nee Janet Neman Dana Nialis Patrick O’Donnell CBRE Group, Inc. Charles Dunn Company Colliers International George Smith Partners
Greg Offsay Orbell Ovaness David Pascale, Jr. David Passman Illi Commercial Real Estate CBRE Group, Inc. George Smith Partners The Passman Group
Kamran Paydar Jordan Perlman Rebecca Perlmutter Tony Phu CBRE Group, Inc. Illi Commercial Real Estate CBRE Group, Inc. Colliers International
Jeff Pion Gerald A. Porter Rick E. Raymundo Connor Reeves CBRE Group, Inc. Cresa Marcus & Millichap Colliers International
Marc Renard Richard J. Ringer Richard Rizika Ryan Rothstein-Serling Cushman & Wakefield Marcus & Millichap CBRE Group, Inc. Marcus & Millichap
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2018 BROKER NOMINEES
Phillip Sample Manfred Schaub Bryan M. Schellinger Artin Sepanian CBRE Group, Inc. Cushman & Wakefield Marcus & Millichap CBRE Group, Inc.
Kevin Shannon Lee J. Shapiro Christopher Sheehan Peter Sherman Newmark Knight Frank Kennedy Wilson Colliers International Avison Young
Calvin Short Michael Shustak Ben Silver Ted Simpson Matthews Real Estate CBRE Group, Inc. First Property Realty Avison Young Investment Services™ Corporation
Jeffrey Smart Mark Sprague Lisa St. John Randy Starr Colliers International CBRE Group, Inc. LA Realty Partners Avison Young
Kimberly Stepp Robert Stepp Jake Stickel Laura Stumm Stepp Commercial Stepp Commercial CBRE Group, Inc. Newmark Knight Frank
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2018 BROKER NOMINEES 2018 BROKER NOMINEES
Sean Sullivan Thomas Taylor Todd Tydlaska Patricia Uchytil CBRE Group, Inc. Colliers International CBRE Group, Inc. Colliers International
Scott Unger Nicolas Vranka Patrick Wade Erik J. Wanland Charles Dunn Company CBRE Group, Inc. CBRE Group, Inc. CBRE Group, Inc.
El Warner Angie Weber Gary Weiss Ken White Matthews Real Estate Colliers International LA Realty Partners Newmark Knight Frank Investment Services™
Joshua Yammer Ryan Yatman Shahin Yazdi Jesse Zarouk Marcus & Millichap Secured Properties George Smith Partners CBRE Group, Inc.
Mark Zorn Colliers International
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2018 PROJECT NOMINEES |DEVELOPER |GENERAL CONTRACTOR | ARCHITECT
101 Sepulveda Rehab Avalon West Hollywood | Lincoln Property Company | AvalonBay Communities Inc. | Oltmans Construction Co. | AvalonBay Communities Inc. | ShubinDonaldson Architects | MVE + Partners, Inc.
1601 Vine BCG Los Angeles Office HQ | J.H. Snyder Company, LLC | Sierra Pacific Constructors | J.H. Snyder Company, LLC | ShubinDonaldson Architects | Ware Malcomb
1800 Vine BCG: Digital Ventures - | Archway Holdings Manhattan Beach | Page Construction | The Boston Consulting Group | Rios Clementi Hale Studios - Digital Ventures | Howard Building Corporation | R&A Architecture + Design
925 La Brea Beverly Center Renovation | CIM Group | Taubman | ShubinDonaldson Architects | Jacobsen / Swinerton Builders Joint-Venture | Neumann / Smith Architecture
Aerojet Rocketdyne Bright Horizons | CBRE Group, Inc. | Clune Construction Co | Esplanade Builders | AB Design Studio, Inc. | IA Interior Architects
Akerman LLP Bunim Murray | Rising Realty New Campus Headquarters | Corporate Contractors | 2020 Acquistions | Wirt Design Group Inc | DBaC, Inc. | IA Interior Architects
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2018 PROJECT NOMINEES
C3 at Culver Point Collins & Katz Family YMCA | DS Real Estate Group | Collins & Katz Family YMCA | KPRS Construction Services Inc. | Oltmans Construction Co. | Gensler | Gonzalez Goodale Architects
Capital Brands Columbia Square | Capital Brands | Kilroy Realty Corporation | Sierra Pacific Constructors | Hathaway Dinwiddie | HKS Architects, Inc. (Office and Parking) | Rios Clementi Hale Studios Executive Architect Company: House & Robertson Architects
Cedars-Sinai, Playa Vista Crenshaw Imperial Plaza Physician Office & | NewMark Merrill Companies Urgent Care | CSI Construction | Cedars-Sinai | McKently Malak Architects | TIS Construction Services Inc. | ZGF Architects LLP
Christie’s Los Angeles CSUN Associated Students Flagship Sustainability Center | Christie’s | California State University, | Swinerton Builders Northridge | Creative Space | Gilbane Building Company | Gensler
City National Plaza Culver Creative (C3) Office Repositioning and and Parking Structure Event Space | IDS Real Estate Group | Commonwealth Partners | KPRS Construction Services Inc. | Charles Pankow Builders | Gensler | Gensler
Claremont McKenna College, Eataly Los Angeles Roberts Pavilion | Clune Construction | Claremont McKenna College | Studios Architecture | PCL Construction Services, Inc. | John Friedman Alice Kimm Architects, Inc.
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2018 PROJECT NOMINEES |DEVELOPER |GENERAL CONTRACTOR | ARCHITECT
Evanston Court Freehand LA Hotel | Heritage Housing Partners | Sydell Group | RAAM Construction | Shangri-La Construction | KFA Architecture | KFA Architecture
Fountainview at Gonda Ganahl Lumber South Bay Westside | Ganahl Lumber Co. | JHA WEST 16, LLC | Oltmans Construction Co. | C.W. Driver | Withee Malcolm Architects, LLP | Gensler
Fred Segal G-Cubed | Shawmut Design and Construction | CBRE Group, Inc. | Loescher Meachem Architects, Inc. Global Investors | Swinerton Builders | Skidmore, Owings & Merrill LLP
Gensler Los Angeles: A ICON Unified Creative Campus | Hudson Pacific Properties | CommonWealth Partners | McCarthy Building Companies | KPRS Construction Services Inc. | Gensler | Gensler
HATCH Bioscience Labs Immanuel Place | ASG Real Estate Inc & | Thomas Safran & Associates Agora Partners | Dreyfuss Construction | City Constructors Inc. | KFA Architecture | BAM Architecture Studio
Hollywood Bowl Box Kaiser Permanente Baldwin Office Plaza Hills Medical Office Building | Los Angeles Philharmonic | Kaiser Permanente | MATT Construction | Turner Construction | Rios Clementi Hale Studios | HOK
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2018 PROJECT NOMINEES
Horizon Media Los Angeles Kaiser Permanente West LA Expansion Parking Structure | Clune Construction Co. | Kaiser Foundation Health Plan | Architecture Plus Information Inc. National Facilities Service | DPR Construction | Parking Design Solutions
HYFN Knoll Los Angeles Showroom | Marshall Property & Development, LLC | Taslimi Construction Company | 360 Construction Group Inc. | Architecture Research Office / | OKB Architecture Wirt Design Group
Hyundai Card Studio Black Los Angeles Football Club, | Hyundai Card Banc of California Stadium | Artco Design | LAFC (Los Angeles Football | Gensler Club) Stadium Co., LLC | PCL Construction Services, Inc. | Gensler
BUILDING A HIGHER STANDARD
Young Israel of Century City - Synagogue Renovation and Expansion Nominated for Los Angeles Business Journal’s Commercial Real Estate Awards
LOS ALAMITOS (562) 493 3611 Millie and Severson is a proud California ONTARIO (909) 291 7380 builder, creating award-winning projects
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OFFICE HEALTHCARE MEDICAL OFFICE BUILDING INDUSTRIAL CULTURAL + EDUCATIONAL
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2018 PROJECT NOMINEES |DEVELOPER |GENERAL CONTRACTOR | ARCHITECT
Los Angeles Rams Metropolis Phase I Residences Administrative Offices | Greenland USA | Los Angeles Rams | Webcor | RCI Builders | Gensler | HKS Architects, Inc.
Los Angeles Union Station The Micropolitan Bike Hub at Larchmont Village | Morlin Asset Management, LP / | Micropolitan, LLC Metro | Frymer Construction | Swinerton Builders / GES | KFA Architecture | Architectural Resources Group
Metropolis Phase I Monarch Beach Resort Hotel Indigo | KSL Capital Partners LLC | Greenland USA | Layton Construction Company | Webcor | TFO Architecture / | Gensler Wimberly Allison Tong & Goo
Ganahl Lumber South Bay 101 Sepulveda
Collins & Katz Family YMCA
Congratulations to all nominees PIH Health Bloomfield Medical Office Building
United Pacific Headquarters www.oltmans.com
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2018 PROJECT NOMINEES
The Morita Building nVe Apartments at Sony Pictures | Micropolitan, LLC | Sony Pictures Entertainment Inc. | Frymer Construction | C.W. Driver Companies | KFA Architecture | Gensler
NBCU - E! Entertainment Orchard Supply Hardware | Sierra Pacific Constructors | Cadence Capital Investments, LLC | Ex Novo, Inc. | W.L. Butler Construction, Inc. | Naos Design Group, LLC
NBCUniversal Cable Pen Factory Entertainment | Clarion Partners / | Sierra Pacific Constructors Lincoln Property Company | Ex Novo, Inc. | Morley Builders, Inc. | Skidmore, Owings & Merrill, LLP
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2018 PROJECT NOMINEES |DEVELOPER |GENERAL CONTRACTOR | ARCHITECT
PIH Health Bloomfield Medical Rancho Los Amigos National Office Building Rehabilitation Center - | PIH Health Don Knabe Wellness Center | Oltmans Construction Co. and Plaza | Burghard Design Group Architects, Inc. | County of Los Angeles Department of Public Works | McCarthy Building Companies, Inc. | SmithGroupJJR / Taylor Design
Promenade at Downey Stoneview Nature Center | Alberta Development Partners, LLC / | County of Los Angeles Industrial Realty Group, LLC Department of Public Works | Lyle Parks Jr. Construction | Ledcor Construction Inc. | Architects Orange | Ehrlich Yanai Rhee Chaney Architects
PUMA West Coast Sunset La Cienega Residences Distribution Center | CIM Group | PUMA | Suffolk Construction | Coastal Pacific Construction, Inc. | Lorcan O’Herlihy Architects / | AEPC Group, LLC Skidmore, Owings & Merrill LLP
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2018 PROJECT NOMINEES
Sycamore Hills Plaza United Pacific Corporate | GPI Companies Headquarters | W.L. Butler Construction, Inc. | United Pacific | Architects Orange | Oltmans Construction Co. | DRA Architects
Terasaki Research Institute USC Village | Taslimi Construction Company, Inc. | University of Southern | Atelier Hitoshi Abe / House & California Roberston Architects, Inc. | Hathaway Dinwiddie Construction Company | Harley Ellis Devereaux
UCLA Health Training Center, Waldorf Astoria Beverly Hills Home of the Los Angeles Lakers | Alagem Capital Group LLC / | Owner: LAL Property, LLC Oasis West Realty LLC | Morley Builders, Inc. | MATT Construction | ROSSETTI Architects / | Gensler / Perkins + Will / Perkins+Will / Project Manager Pierre-Yves Rochon Inc. Pica & Sullivan Architects Ltd
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2018 PROJECT NOMINEES |DEVELOPER |GENERAL CONTRACTOR | ARCHITECT
Wasser, Cooperman & William Rolland Art Center Mandles (WRAC) | CBRE Group, Inc. | California Lutheran University | Clune Construction Company | Staples Construction Company | IA Interior Architects | Amador Whittle Architects, Inc.
Water Garden- Water Garden Wilshire Grand Center Transformation | Martin Project Management | Water Garden Realty Holding LLC | Turner Construction & Water Garden Company LLC | AC Martin | Morley Builders, Inc. | HLW International
Westside Neighborhood Wilshire Grand Tower School | Martin Project Management | Westside Neighborhood School | Turner Construction | Taslimi Construction Co., Inc. | AC Martin | Rios Clementi Hale Studios
Building & Growing To Meet the Needs of Our Clients
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2018 PROJECT NOMINEES
WREN | Mack Real Estate Development + AECOM Capital | Benchmark+Tishman Construction, A Joint Venture | Togawa Smith Martin, Inc.
Young Israel of Century City | Young Israel of Century City | Millie and Severson | Gruen Associates + Narduli Studio
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LABUSINESSJOURNAL.COM LOS ANGELES BUSINESS JOURNAL Vol. 39, No. 5 THE COMMUNITY OF BUSINESS™ January 30 – February 5, 2017 • $5.00 Ringer Makes D Series Noise Green TECHNOLOGY: Bot Home’s $109 million feeds IPO buzz.
By GARRETT REIM Staff Reporter
Bot Home Automation In Bag Inc., maker of a video cam- era-rigged doorbell called Ring, last week raised a $109 million Series D round and said it is aiming for an initial public of- fering before the end of the year. The Santa Monica firm has Siminoff come a long way since Chief Executive Jamie Siminoff pitched the product on ABC reality TV contest “Shark Tank” and subsequently rejected a tight-fisted investment deal from one of the show’s
Please see TECHNOLOGY page 12 New Roots: Dante Cardenas at E.D. Produce in Vernon. RINGO H.W. CHIU/LABJ Arts District industrial property owners sold on big paydays
By DAINA BETH SOLOMON that I can leave for the future, perhaps to “The location became challenging,” said Staff Reporter my children,” Cardenas said in Spanish. Jae Yoo, a senior vice president at CBRE “Now, I have no thoughts of moving. We’re who marketed Cardenas’ warehouse. “It’s ante Cardenas packages his doing very well here.” not only because the trucks have to compete oregano, sage, beets, and radishes The property value is not likely to mul- against people walking on the streets, which Din Vernon, but just a few years ago tiply as it did in the Arts District, but there becomes a danger and a liability. What he ran his business, E.D. Produce Inc., are other benefits to fleeing the hubbub they’re doing is thinking about the future.” out of a low-slung warehouse in the Arts of the fast-developing downtown neigh- As property owners look ahead, many LARRY BUSACCA/GETTY IMAGES District. He sold the 9,900-square-foot borhood, with its apartments, offices, and are landing fat paychecks from developers Targeted Tech: Snap Inc.’s Evan Spiegel. space in 2014, once he realized its value had eateries. His was among several companies keen on razing or redeveloping old ware- quadrupled over the $1 million dollars he that have taken flight to industrial centers houses, while lessees are finding themselves paid for it just a few years previously. in Vernon, Commerce, the City of Industry, Snap Decisions “It’s better for me to have something and South Los Angeles. Please see REAL ESTATE page 51 INVESTMENT: Will tech giant fight suits to clear IPO path? Firm’s Data Storage Plan Out of This World By HENRY MEIER Staff Reporter INTERNET: Startups look to tion out of reach by Cloud Constellation is projecting it will be able As Snap Inc. moves closer to an expected initial storing it on servers to launch its constellation of 14 low Earth-or- public offering this spring, the Venice photo-shar- satellites for higher security. within satellites or- $5,000 biting satellites by the first quarter of 2019. ing company is going through a rite of passage: de- biting the Earth. Monthly cost “The advantage (of our system) is that the fending itself against a slew of legal actions. By GARRETT REIM Staff Reporter While its system to store 3 terabytes data that you are transmitting has no relationship Lawsuits filed in the last sixth months include has yet to leave the of data in space. or no exposure to the public networks,” said Cliff an array of complaints targeting the company be- Cloud Constellation Corp. has a far- ground, the compa- Beek, the company’s president. “There are leaks hind the popular Snapchat app, including claims flung idea. ny received a boost last month from Palo Alto inside the network that we call the internet.” that parts of the tech unicorn’s underlying product As businesses and governments consid- commercial satellite manufacturer SSL, which Cloud Constellation is not alone in its infringe on patent holders’ intellectual property as er ways to protect data in light of increased has agreed to build Cloud Constellation’s sat- pursuit of a space-based data storage and well as allegations from a former executive that cyberattacks and surveillance, the startup is ellites and invested, along with other backers, offering them a chance to put their informa- an undisclosed sum in the Westwood company. Please see INTERNET page 51 Please see INVESTMENT page 52
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