Attendees of the NAIOP SoCal Awards Gala will be able vote live, in-person for Developer of the Year and Deal of Year. Watch the big screen illuminate as votes are cast for the People’s Choice!
DEAL OF THE YEAR
The Press | Newmark
Newmark is nominating Anduril Industries, Inc.’s 640,000-square-foot lease at The Press in Costa Mesa located at 1375 Sunflower Avenue as Deal of the Year. The lease marks one of the largest office lease deals signed in Orange County history. Once a thriving newsroom, printing press and distribution facility for the LA Times, dating back to the 1960’s, The Press in Costa Mesa, owned by Invesco Real Estate along with development partners, Steelwave and 5_Ronin, cast a vision to recreate a functionally obsolete industrial building into a state-of-the-art mixed-use creative work campus and social hall on over 24 acres.
Project Team: Steelwave
George Thomson & Jay Nugent, Newmark
728 West Rider St, Perris, CA 92571 | Duke Realty
It is increasingly difficult to purchase and build large buildings in Southern California. There is a lack of large available land sites that have the proper zoning for industrial development. Securing this site for development with the limited supply of buildings and increasing demand from Fortune 500 companies to lease the space, led to an extremely successful transaction from an economic standpoint. It benefited the community with new infrastructure such as roads, dry/wet utilities, landscaping, future property tax revenue, retail tax revenue and the creation of permanent jobs. We had a short time frame to get in a tenant who needed the building immediately. They had hundreds of containers sitting at the port or arriving on ships soon, but nowhere to put them. Duke Realty was able to meet their requirement and get them into 728 W Rider, out 1,203,449 SF spec building.
Project Team: Nancy Shultz, Jake Smith, Collin Phillips,
Christian Cochrun & DJ Arellano, Duke Realty,
CBS Studio Center | JLL
JLL was engaged to arrange the sale and acquisition financing of CBS Studio Center, a historical studio lot in the heart of Los Angeles that features 22 sound stages, full-service studio operations, extensive lighting & grip inventory, non-production office space, a mill, a commissary, and a broadcast center. The Property first opened in 1927 and has been home to iconic TV shows and movies, including Seinfeld, Gilligan’s Island, Big Brother and Seal Team. The Buyer purchased the Property for $1.85 billion, a record number in Los Angeles, and JLL arranged acquisition financing via a bank syndication. JLL used a best team on the field approach for studio market knowledge, ability to portray value of the operating business, and capital markets. The property is a significant economic driver for the region by providing jobs for both on-lot employees as well as ancillary entertainment related jobs.
Project Team: Kevin MacKenzie, Carl Muhlstein, Paul Brindley,
Peter Hijimihalis & Will Poulsen, JLL
The Paramount Platinum Triangle | Waterford Property Company
As California rents and home values continue to drastically rise, middle-income Californians are increasingly unable to find affordable rental options. Essential workers - teachers, nurses, first responders – aren’t earning enough to afford quality housing in the very communities they serve. Waterford, in partnership with the California Statewide Communities Development Authority (CSCDA), has been acquiring multifamily properties in Southern California as part of an innovative middle income housing program that lowers rents for this middle-income demographic and immediately creates much needed workforce housing in CA cities. In 2-21, Waterford and CSCDA acquired Jefferson (now Paramount), a 400-unit community in Anaheim with 1, 2 and 3-bedroom floorplans. The partnership immediately lowered rents for qualified existing and new residents making 60%-120% area median income (AMI) to create more workforce housing in the city of Anaheim. Waterford realized a way to acquire multifamily properties, lower rents, and remain financially feasible.
Project Team: John Drachman & Sean Rawson, Waterford Property Company
DEVELOPER OF THE YEAR
During the pandemic and its uncertainty, a few things were certain for Duke Realty — a focus on environmental stewardship, social responsibility, continually delivering best-in-class logistics facilities, and providing superior customer service to our tenants and stability for our associates. In 2021, the Duke Realty Southern California office led the way by starting 13 new facilities totaling nearly two million SF. They also delivered two LEED-certified buildings and one smart building. The market signed more than 2.3 million SF of leases bringing their portfolio to 100% occupancy. Duke has pledged 100% LEED® certification for all new developments and invested $2.3 billion in LEED since 2019. The company also celebrated the 20-year anniversary of their Diversity, Equity & Inclusion Council and maintain committed to gender, race and ethnic diversity of their Board of Directors, workforce, and the industry. Duke continues to be actively involved in the real estate community through industry organizations while giving back to local charitable causes.
Brookfield Properties operates over 10 million square feet of Class A office space in Downtown Los Angeles. Earlier this year, Brookfield Properties completed the revitalized California Market Center (CMC), Los Angeles’s newest mixed-use creative office destination spanning an entire city block in Downtown Los Angeles’s historic Fashion District. In conjunction with CMC’s completed renovation at a cost more than $250 million, Brookfield Properties welcomed Adidas as the complex’s anchor office tenant. Adidas will initially occupy 107,000 square feet of space across the top floors of two interconnected buildings as well as a private Skydeck. Brookfield Properties is immersed in the community by participating in various regional volunteer and non-profit organizations, such as the Annual Stair Climb for Life in partnership with the Ketchum YMCA, Downtown LA Art Walk, the Downtown Women’s Center, African American Real Estate Professionals, Downtown Breakfast Club, Project Destined, United Way, Hope for Fire Firefighters, and more.