Top News for Real Estate Pros

Los Angeles Towers Sell Just Before Mansion Tax Takes?Effect

Waterbridge Capital closed Thursday on the 40-story, roughly 701,000-square-foot Union Bank Plaza office tower for $111 million, or $158 per square foot, according to sources with direct knowledge of the deal. Meanwhile, another Los Angeles office building, roughly 215,000-square-foot, sold for $47 million, or about $218 per square foot, according to one person familiar with the deal.

Both sales are well below the $411-per-square-foot average for downtown Los Angeles office deals, according to CoStar data.

Read the full story here .

Grocery Chain Signs Lease in Kentucky Shopping?Center

Publix Super Markets signed a lease agreement to occupy the new 55,701-square-foot retail building in Lexington, Kentucky. The grocery chain will also have an adjacent, 3,200-square-foot Publix Liquors to go along with the grocery store. The main building will come equipped with a drive-thru for Publix Pharmacy.

The lease was recognized as the lease of the year for Lexington/Fayette in Kentucky as part of the 2023 CoStar Impact Awards .

Read the full story here .

When It Comes to Distressed Real Estate, Shlomo Chopp Takes His Own?Advice

The U.S. office market could have?330 million square feet of obsolete space by the end of the decade?that would need to be repositioned, according to an analysis from 戴德梁行 .

"Too many investors are waiting for the flood of capital-intensive distressed debt acquisition opportunities," Shlomo Chopp tweeted March 29. "Ya gotta go get it and be smart about it."

The New York broker and real estate social media influencer is doing just that. He officially launched?real estate investment firm Terra Strategies last month with seven employees.

Read the full story here .

CBRE Awards CEO Special Grant Pushing Pay to $25.9?Million

About 95% of 世邦魏理仕 CEO Bob Sulentic's package is tied to financial and strategic performance measures, as well as total stockholder return, the company said. His total package topped the $13.9 million he was awarded in 2021.

Part of the jump was attributed to what the company calls a one-time strategic award with a grant value of $7.5 million, according to CBRE's 2023 proxy statement it filed with the Securities and Exchange Commission Tuesday. In taking this award, Sulentic agreed to stay on through Dec. 31, 2026.

Read the full story here .

Major Downtown LA Office Owner Begins To Delist Shares, Faces Liens and Missed Interest?Payments

Brookfield DTLA Fund Office Trust Investor said it began the process for voluntary delisting and deregistration of its Series A preferred stock, according to a March 31?filing?to the Securities and Exchange Commission.

The delisting comes as the company sees its share price trading near a record low and after Brookfield DTLA said in February it had?defaulted on loans?related to two prominent office towers in downtown Los Angeles. Brookfield DTLA's stock fell below $1 on Monday after the news but later recovered to close at $1.66.

Read the full story here .

Stay connected to the latest commercial real estate headlines. Follow?CoStar News?on?LinkedIn ?and?Twitter ?to receive breaking headlines in the office, retail, industrial and multifamily sectors.