{"id":395736,"date":"2026-07-12T16:34:08","date_gmt":"2026-07-12T16:34:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/395736\/"},"modified":"2026-07-12T16:34:08","modified_gmt":"2026-07-12T16:34:08","slug":"selling-la-reit-shares","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/395736\/","title":{"rendered":"Selling LA REIT shares"},"content":{"rendered":"

Michael Frankel keeps selling<\/a> shares of his old REIT.<\/p>\n

In early July, he proposed the sale of about 59,000 shares of Rexford, a chunk that had a market value of $2 million, per a Securities and Exchange Commission filing.\u00a0<\/p>\n

A month earlier, he proposed the sale of about 21,500 shares, valued at more than $750,000. In mid-March \u2014 before Laura Clark officially took the corner office post-Elliott stake \u2014 he sold more than 23,000 shares, which came to $800,000-plus.\u00a0<\/p>\n

That\u2019s more than $3.5 million in the former co-CEO\u2019s pocket in a matter of months, and he\u2019s got plenty more shares. Frankel could not be immediately reached. Rexford said Frankel is no longer on the board or executive team, and it doesn\u2019t comment on shareholders\u2019 buying or selling.\u00a0<\/p>\n

In other REXR C-suite trades, Clark, in February, purchased more than 5,000 shares, or $200,000 of Rexford stock.\u00a0<\/p>\n

A die-hard Century City fan<\/p>\n

The Real Deal reported<\/a>, PricewaterhouseCoopers is ditching downtown and choosing Century City.<\/p>\n

The accounting giant occupies around 100,000-square feet at 601 South Figueroa, a million-square foot office tower owned by Uncommon Developers located in the Financial District. But it inked a deal for about 150,000 square feet at Irvine Company\u2019s 2121 Avenue of the Stars. PwC and Irvine Company confirmed the 2028 move to the famous piece of real estate \u2014 \u201cDie Hard\u201d fans you know the tower.\u00a0<\/p>\n

The Los Angeles Times reported it was a 15-year lease valued at about $200 million. That makes sense. The average asking rent for a Century City, Class A office tower is close to $8 per square foot per month, according to a 2026 Colliers report. If you do the math, it comes out to about $208 million.<\/p>\n

It\u2019s especially notable these days that Class A space in office towers in downtown Los Angeles\u2019 Financial District goes for around $4 per square foot per month. So the same deal would be valued at less than $115 million.<\/p>\n

Hackman holdings<\/p>\n

Michael Hackman has notched another default on his belt. His Hackman Capital Partners defaulted on loans on Radford Studio Center, MBS Media Campus (or Manhattan Beach Studios), what was a Sony campus and now<\/a> Television City.\u00a0<\/p>\n

On Television City, a spokesperson for the company in a statement offered after TRD\u2019s coverage said: \u201cWe are engaged in active discussions with our lending partners and are carefully evaluating the most appropriate path forward.\u201d<\/p>\n

Hackman is by no means the only studio owner feeling the pain of Los Angeles\u2019 production exodus, but his string of defaults just happen to be making headlines. He is the world\u2019s largest independent owner and operator of studios, after all. The total debt owed on the real estate is around $1.9 billion.<\/p>\n

It\u2019s not all bad. When it comes to Los Angeles studios and creative offices, Hackman owns Culver Studios, Culver Steps and Raleigh Studios, per the company website. Amazon Studios occupies most of the space at his Culver Studios; Culver Steps, where Amazon is a tenant, too, is on the market with a $1,200 per square foot price tag; and Raleigh Studios last summer landed a $165 million refinancing.\u00a0<\/p>\n

The towers still covered in graffiti<\/p>\n

The KPC-Lendlease versus City of Los Angeles Oceanwide Plaza battle continues. Let\u2019s take it from the top. In March, the long-stalled bankrupt mega-development in the heart of downtown Los Angeles found a buyer. Dr. Kali Chaudhuri\u2019s KPC purchased a creditors\u2019 claim and combined forces with one-time general contractor Lendlease. That entity made a $470 million bid, mostly credit. In a press release parading the deal, the city appeared to be all in.\u00a0<\/p>\n

But a month later, the confirmation hearing was pushed because the city wanted more time. Then, in May the hearing was pushed again, but this time it was after the city made an objection. The city said it couldn\u2019t get on board with the KPC plan because it didn\u2019t have enough information on financing, development and more.\u00a0<\/p>\n

The latest came this week. KPC responded to the city\u2019s objection and listed reasons it could not provide more information and why it shouldn\u2019t have to \u2014 needing the certainty of a bankruptcy court\u2019s approval was a key point. You can read more about it here<\/a>, but one thing is clear, the Oceanwide saga is not over.\u00a0<\/p>\n

Downtown deal details<\/p>\n

In late May, Bisnow reported Brookfield sold its FIGat7th retail spot downtown to Newport Beach-based JH Real Estate Partners. The price wasn\u2019t clear then but was estimated to be around $65 million and $70 million, which would cover the debt.\u00a0<\/p>\n

The retail center traded for $67 million, records reveal. Here\u2019s the kicker. The total city tax bill, which includes the Measure ULA property transfer levy, was almost $4 million.<\/p>\n

Another deal detail: JH Real Estate Partners landed a $48 million loan from Wells Fargo, and a $4 million line of credit, according to records. Neither JH Real Estate Partners nor Wells Fargo immediately responded to a request to confirm.<\/p>\n

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PwC ditches DTLA for Century City, inks 150K sf lease at Irvine Company tower<\/p>\n

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Proposed Oceanwide buyer challenges city\u2019s concerns on financing, development plan<\/p>\n

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