Western Real Estate Business

AUG 2018

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

Issue link: https://westernrealestatebusiness.epubxp.com/i/1012778

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Page 1 of 42

H ollywood has always enjoyed a "storied" reputation. From the Golden Age of the '40s to the rock 'n' roll era of the '50s and a series of decline in the '80s, Hollywood's history is as entertaining and diverse as the movies it produces. The city is on the precipice of another era — one that is characterized by swanky ho- tels, posh mixed-use centers and a new inven- tory of luxury housing outfitted with swimming pools that attract said movie stars. And many of the nation's hottest multifamily developers are acting as directors of these latest masterpieces. Your Reputation Precedes You Hollywood addresses are sold on a few crite- ria: location, glam factor and storyline. The lat- ter should be no surprise, as today's consumers seek to forge bonds with most products, compa- nies and spaces they interact with. That all starts with a story. For Hollywood, that all starts with its past. Wilshire Skyline took this into consideration when it sought to build The Line Lofts, an 82- unit, six-story multifamily development at 1737 N. Las Palmas Ave. Nestled on a quiet street off iconic Hollywood Boulevard, the $21 million project is within walking distance to several of the city's famed attractions, including Vine Street, Musso & Frank Grill, Grauman's Chinese Theater, Runyon Canyon and more. The site is now home to studio, one- and two-bedroom residences ranging from 415 square feet to 1,477 square feet. The space previously occupied a 1960s walk-up apartment building with de- ferred maintenance issues that remained in the LAB LIFE IN COASTAL CALIFORNIA A new workplace subculture has emerged, making innovative lab and R&D space hot commodities. By Nellie Day see LAB, page 37 see MULTIFAMILY, page 34 MULTIFAMILY EARNS A STARRING ROLE IN HOLLYWOOD Construction activity abounds in the land of swimming pools and movie stars. By Nellie Day Mix Well For Best Results: Experts Discuss the Trend of Adding a Mix of Uses to a Project page 30 Phoenix Market Highlight page 22 page 26 Los Angeles Market Highlight Timeliness, Relevance Are Top Goals for Property Management Initiatives page 28 INSIDE THIS ISSUE www.REBusinessOnline.com August 2018 • Volume 15, Issue 12 Micropolitan is leasing nVe, which features 82 micro-units in a seven-story North Hollywood building. The property sits adjacent to the Red and Orange Metro Lines and across from North Hollywood Park. W orkplace wellness is a hot-button topic for em- ployers, as well as office developers, investors and operators the nation over. This concept is taken to another level, however, when employees are working in sensitive lab and R&D spaces that could pro- duce the next cancer treatment — or could result in an unfortunate accident. Though life sciences may not be as sexy as tech start-ups or media companies, this field is booming throughout the nation's coastal markets. CBRE's 2018 U.S. Life Sciences Report cites areas like San Diego, Seattle, the Bay Area and Los Angeles as some of the strongest life sciences markets around, in addition to Boston and Raleigh-Durham, N.C. courtesy of FPB Architects NuVasive recently engaged Pacific Building Group and Hollander Design Group to undertake a 24,000-square-foot tenant improvement project on its campus in Sorrento Valley.

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