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Monday, 05 June 2000

West Regional Digest (6/6/00): Old Oakland developers win $42 Mln in court

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June 6, 2000

Old Oakland developers win $42 Mln in court
The Oakland Tribune, June 6

OAKLAND, Calif. – Citicorp, which was accused of squashing a plan to revitalize downtown Oakland and driving the architects of the project into bankruptcy, must pay Richard and Glenn Storek $41.8 million in damages. The civil jury also decided Citicorp should pay punitive damages because of the fraud and breach of contract involved. A hearing to determine the amount of punitive damages is scheduled next month in Alameda County Superior Court.

Shopping for bargains downtown
The Los Angeles Times, June 6

LOS ANGELES – New York real estate investor Judah Hertz has put the Oviatt Building on the market with an asking price of $13 million. He paid $1.5 million for the Art Deco building in 1997. In less than five years, the value of his California Jewelry Mart and his International Jewelry Center has nearly doubled in value. He recently paid about $90 million for the California Mart, a 300,000-square-foot complex that serves as the hub of the region's apparel and fashion industries. With that purchase, his firm now controls more than 3 million sf of commercial space in the central city.

L.A. Times lists area deals
The Los Angeles Times, June 6

LOS ANGELES – Xerox Special Information Systems, a unit of Xerox Corp., has signed lease for a 137,500-sf build-to-suit headquarters in Huntington Crossing, a commercial and entertainment area in Monrovia. Though financial terms of the deal were not released, under prevailing market rates the 15-year deal would be worth about $30 million. Developer and owner Samuelson & Fetter plans to break ground this month for the two-story building on a six-acre parcel at 1218 S. Fifth Ave. Christopher K. Cooper of Jones Lang LaSalle represented the Xerox unit, while the developer represented itself in the deal.

Historic Pasadena Bank building changes hands
The Los Angeles Times, June 6

PASADENA – Blue Real Estate Management of Pacific Palisades has bought the historic Pacific Southwest Trust & Savings Bank building here at 234 E. Colorado Blvd. for $11.5 million from YTC (USA) Inc. Blue Real Estate Management acquired the eight-story, 116,000-sf building on behalf of investor clients. Ross Wallach and Douglas Cancienne of Diversified Commercial Investments represented the buyer, while William Puget of Cushman Realty Corp. represented the seller.

Hispanic Broadcasting finds new home
The Los Angeles Times, June 6

GLENDALE – Hispanic Broadcasting Corp. has signed a 15-year lease to occupy about 50,000 sf, or the top two floors of the new 24-story Glendale Plaza in downtown. Though financial terms of the lease were not disclosed, based on the building's most recent lease, the deal could be worth about $25 million. Hispanic Broadcasting, which owns Spanish-language radio stations, now occupies about 20,000 sf at the Hollywood & Vine Plaza office tower in Hollywood. The 532,000-sf Glendale building is now almost fully leased, since it was opened as a spec building last year.

Glendale's Fashion Center Mall gets new look
The Los Angeles Times, June 6

LOS ANGELES – Vestar Development Co. has reopened nearly all of the Glendale Fashion Center, which has just undergone a $70 million renovation into an open-air shopping center. Phoenix-based Vestar bought the 35-year-old regional mall in 1997

Western Digital Moving From Irvine Spectrum to Lake Forest
The Los Angeles Times, June 6

IRVINE, Calif. – Western Digital Corp. has signed a 10-year lease for 187,000 sf in a new campus-style office park in Lake Forest. The deal is said to be worth about $35 million to $40 million. The computer disk drive manufacturer hopes to drastically cut costs when it moves from its current 357,000-sf headquarters in November. The Irvine Co. owns the 15-story building, across from the Irvine Spectrum entertainment center at the El Toro Y, where Western Digital had its home for 10 years.

InsWeb to stay put, cut jobs
The Oakland Tribune, June 6

REDWOOD CITY, Calif. – InsWeb is nixing its plans to move its operations into the new Skyway Landing office complex adjacent to San Carlos Airport. Instead the online insurance company plans cut costs by laying off 40 percent of its work force and moving to Sacramento.

Commercial Real Estate Direct provides links to full stories where available.


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Additional Info

  • Syndicate to Realpoint: No
  • Subject: West Regional Digest (WDIG)
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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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