We put together a list of transactions, lease highlights, and development projects around California’s commercial real estate market. The list also covers financial factors that are important for property owners and investors to know.
California Commercial Real Estate News Q3 2020
Los Angeles Ranks as Top Life-Sciences Industry Hub
Bioscience real estate, jobs and wages are going up and benefiting those in the industry in the recent months. Los Angeles is currently ranking in the Top 1o for the USA’s Largest Life-Sciences Markets. Read More
Real Estate Landlords in California Are Warming Up to Weed Retail Tenants
BisNow covers the latest trend of cannabis brick and mortar tenants gaining presence in the market and retail store locations. Read More
Taiwan-Based PMP Tech Acquired Apple-Leased Portfolio for Close to $100M
PMP Tech acquired a six-building office real estate portfolio in Cupertino, CA for $98 million. The six buildings total over 135K square feet and are currently leased by Apple. Read More
Aecom Relocates HQ to Downtown Los Angeles
Aecom is in the process of relocating its headquarters from Century City to Downtown Los Angeles. The move is currently underway, and will be full executed by early 2021. Read More
California Markets Rank as the Most Expensive in the USA
GlobeSt covers the recent survey conducted by Finder.com that analyzes cities with the highest cost of living in the US. Four of the Top Five cities are in California, including: San Francisco, San Jose, Los Angeles, and San Diego. Read More
Columbia Bolsters JV with Allianz on $400M San Francisco Acquisition
Colombia Property Trust, Inc and Allianz Real Estate formalized the formation of their joint venture when Allianz contributed cash for $180 million for 45% ownership in the recapitalization of 221 Main St in San Francisco. This values the South Financial District tower at $400 million. Read More
San Diego Office Real Estate Development Activity is Strong
Office real estate developers continue to be bullish about San Diego’s market. There’s been a recent boost in development, although the deliveries are still below the last cycle. Read More
Ventas Acquires Genesis Tower in San Francisco for $1B
Chicago-based Ventas Inc acquired Genesis Towers, a 721,000-square-foot life sciences complex in South San Francisco for $1 billion. The previous owner was a joint venture between Bain Capital and Phase 3 Real Estate Partners, Inc. Read More
Most Expensive Stadium Ever Debuts in Los Angeles Without Fans
The NFL’s largest ever stadium was unveiled in September without any fans present due to the ongoing pandemic. The project was completed after many years of planning and development and is estimated to be nearly $5B total (or more). Read More
California Investor Spends $590M to Expand Presence in Research Triangle Park
A large portion of the Research Triangle Park campus was sold for over $590 million. Alexandria Real Estate Equities acquired the property in Pasadena in August 2020. Read More
GlobeSt Covers How Commercial Real Estate Owners Are Adapting and Using Outdoor Space
CRE property owners are putting outdoor space to more creative use for their real estate projects due to the pandemic. Since it is recommended to limit large, indoor gatherings of people, real estate owners are looking at and implementing ways to better use their outdoor space. Read More
California Commercial Real Estate News Q2 2020
How Local Retail Can Benefit Cities During the Pandemic
GlobeSt covers the impact that retail real estate and local retailers can have on the overall economic effects of the pandemic. Localized retailers and smaller boutiques can provide more safety to people’s health and the economy overall during this time. Read More
$2 Billion Hollywood Megaproject Gains Momentum
Alagam Capital Group and Cain International team up to redevelop former Robinsons-May department store in Hollywood. The One Beverly Hills mixed-use development combines the joint venture’s two existing hotels, the Waldorf Astoria and Beverly Hilton, to make one massive luxurious project. Read More
Office Buildings Become “Greener” As a Result of the Pandemic
Office building owners are prioritizing “going green” as a direct result of Covid-19 and its impact on the economy. The trend was not a high priority prior to the pandemic, but now there are more conscious efforts of manifesting this trend across the board. Read More
Financial Relief for California Commercial Property Owners Unclear at the Moment
Commercial property owners in California are dealing with financial set backs, such as a loss of property value, due to the pandemic. Currently, across the state, many owners are trying to get whatever relief possible from local government agencies. Read More
New Features for CRE Office Buildings Trending Due to Pandemic
Building features, such as: high-speed WiFi, touchless (contactless) access, and virtual tours are evolving from a trending fad to a necessity as a result of the pandemic. Building owners are adapting to the demand of these technologies. Read More
Industrial Real Estate Markets See Strong Growth Amidst Pandemic
While the economy and CRE sectors are facing an uphill battle due to the Covid-19 pandemic, industrial real estate is showing strong signs of growth and demand. Read More
The Golden State Warriors, Uber, and Alexandria Are Withdrawing Millions from the Chase Center
The Chase Center in San Francisco is going through major development changes, and the project’s stakeholders, as well as those of the adjacent buildings are shifting money around to mitigate financial losses during the current pandemic. Read More
San Francisco’s Distinguished Skyline Gets a New Addition
BizJournals.com covers the latest mixed-use skyscraper that is in the works for downtown San Francisco. The new real estate project is loaded with amenities and modern features. Read More
California Commercial Real Estate News Q1 2020
California’s Governor Outlines Plan to Open Up the State’s Economy
Gavin Newsome laid out the game plan for reopening California’s economy, and stated that “we must be guided by science and data.” After the citizens of California succeeded in flattening the curve, now’s the time to open up prudently and responsibly. Read More
Business Insider Covers the Impact of Covid-19 on the CRE Market
It was predictable to see that deals would fall through and tenants would have issues paying rent during the initial windfall of the pandemic. Business Insider covers some of the latest news nationwide with CRE during this challenging time. Read More
UCLA Study: Expect Contraction of California CRE Market Until 2022
A UCLA study investigating California’s commercial real estate market found that the trend of growth would contract a bit in the state for the next couple years.
Read More / Times of San Diego Article
California, One of the Least Vulnerable States to Coronavirus’ Economic Fallout
California’s dynamic, diversified economy makes it one of the more resilient economic markets in the world, and it is beneficial during the difficult times we face, as potential losses can be mitigated. Read More
Rexford Industrial Unleashes $200M+ in CRE Property Acquisitions
The commercial real estate company specializing in industrial real estate acquired a 10-building portfolio of warehouses and other industrial real estate properties around Southern California. Read More
Positive Sign for Malls in $3.6B Los Angeles Shopping Center Purchase
Simon Property Group’s pending acquisition of an 80% interest in Taubman Centers will give the former majority ownership of many high-quality malls around the USA. The deal illustrates that premier shopping centers are undervalued. Read More
California “Stay at Home Order” Will Test Many CRE Leases / Contracts
Tenants and landlords will adapt and react differently to the pandemic’s economic fallout, and more importantly will call to question the interpretation of contracts / responsibilities within the previously inked agreements. Read More
Predictions for the US’ Economy & CRE Market in the Wake of the Pandemic
Various CRE and economy experts weigh in on the impending economic wake that follows the pandemic. Read More
Los Angeles’ Industrial Real Estate Construction Up Nearly 90%
In 2020, 5.3 million square feet of industrial property will be delivered in Los Angeles, and another 26 million in the Inland Empire. This marks an increase of nearly 90% year-over-year. Read More
Los Angeles’ Art District is Expanding with 30+ Projects in the Works
Los Angeles’ commercial real estate expansion is not limited to industrial real estate, as the Art District has over 30 CRE projects in the pipeline. Read More
Acacia Capital Acquires Pleasanton Multifamily for $128
San Mateo-based Acacia Capital acquired Park Hacienda, a 540-unit apartment community in Pleasanton, CA for $248 million, which equals around $459,000 per unit. Read More
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