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2024 Commercial Real Estate Awards: Redevelopment Award

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WESTLAKE LABS
Developer: Gray Matter
GC: HITT
Architect: BAM Creative

With the growing life science community in the Conejo Valley and surrounding Los Angeles submarkets, Westlake Labs is the only property in the Los Angeles region constructing move-in ready 35,320 rentable square feet of lab and office space without a signed lease providing modern infrastructure and equipment.

Westlake Labs is a purpose built, Class A life science building in Westlake Village that
is redefining the standard for laboratory space in the Los Angeles region. Westlake Labs will present opportunities for the entire life science companies to startup ventures to academia. Designed by Gray Matter with veteran life science architects and engineers, the modular lab space is state of the art and allows for maximum adaptability for tenant’s use.

This location provides stunning views of the valley and significant indoor and outdoor amenities in a campus environment – an elite offering for life science companies in the Conejo Valley.

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2024 Commercial Real Estate Awards: Tenant Improvement Award

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SOUTHERN CALIFORNIA ORTHOPEDIC GROUP
Developer: Simi Valley Corporate Point LLC
GC: Parker Brown Inc.
Architect: Heney Dong & Associates

Southern California Orthopedic Group is a leading orthopedic medical group. It had outgrown several of its locations and decided to expand and consolidate in two office in this office building. This project involved numerous examination rooms, X-Ray facilities, waiting areas, restrooms and doctors’ offices.

Patient privacy is always a consideration in medical facilities and building in an existing shell created a challenge. In addition, Southern California Orthopedic Group spread the expansion over two separate suites in the facility so much coordination was required.

The resulting project conforms with all California energy efficient restrictions, including LED lighting where possible. The team was able to meet all the needs of the company in this remodel.

Simi Valley Corporate Point is turning into quite a medical hub. UCLA Health also recently expanded in the area. Other medical offices have come into the building as well, creating a cluster of medical services for doctors, dentists and physical therapy as well.

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2024 Commercial Real Estate Awards RECAP


2024 HONOREES & FINALISTS


On April 25, Inside The Valley hosted its annual Commercial Real Estate Awards where we once again shone the spotlight on the champions of their industry in the Valley.

The Inside The Valley team was proud to present the 2024 awards at the Orchard Conference Center at CSUN, where we recognized the biggest, best, and most notable projects and deals of last year.


CONGRATULATIONS TO OUR
2024 COMMERCIAL REAL ESTATE HONOREES


THANK YOU TO OUR SPONSORS

 

DIAMOND

 

PLATINUM

 

 

 

 

GOLD

 


To view our past event, click here.


 

If you’re interested in sponsoring, speaking or partnership opportunities please call (323) 549-5225 or email
 


Return to main 2024 event page click here

2024 Commercial Real Estate Awards: Best New Headquarters

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POMS & ASSOCIATES
GC: GCX
Architect: Studio Blitz

The Poms & Associates headquarters in Calabasas represents an exceptional transformation of a 20,000-square-foot space into a modern and dynamic work environment. This office is lined with extensive millwork to create an elegant mature atmosphere.

The project team skillfully converted the existing “white boxed” area into a well-organized office featuring open workspaces, private offices, meeting rooms, and various employee and client lounges. One unique aspect to the office is that all of the conference rooms are named after some most iconic waves in California.

The installation of new bi-folding exterior doors not only enhances the aesthetic appeal but also invites natural light, promoting a brighter, more welcoming atmosphere. The standout feature of the office is the 900-gallon salt-water fish tank in the lobby. This tank is home to a variety of exclusive fish and corals that were flown in from all parts of the word, but our personal favorite would have to be the mushroom corals.

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2024 Commercial Real Estate Awards: Office/Mixed-Use

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SUNSET GLENOAKS STUDIO
Developer: Hudson Pacific Properties
GC: Snyder Langston
Architect: Bastien and Associates

Sunset Glenoaks Studios is a state-of-the-art, purpose-built studio facility in Sun Valley. It will comprise approximately 241,000 square feet on over 10 acres, making it the first large-scale, purpose-built studio development in Los Angeles in more than 20 years. It features seven sound stages totaling over 122,000 square feet with up to 40-foot clear heights.

The studio facility includes 119,100 square feet of production office and support space, along with 446 parking stalls and convenient truck loading in a private and secure lot overlooking dramatic hillside views.

The sculptural entry gateway provides a formal welcoming transition from the public domain to Sunset Glenoaks Studios while iconic barrel roof structures with arched bowstring wood trusses express the functional purpose of the sound stages. The wood trusses provide an efficient long-span structure with non-reflective acoustic performance. The studios is designed for maximum efficiency.

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Disney Beats Expectations in Q2

Earnings: Disney beat Wall Street estimates.

The Walt Disney Co. beat Wall Street estimates on earnings and revenue in the fiscal second quarter.

The Burbank entertainment and media giant on Tuesday reported an adjusted net income of $2.5 billion ($1.21 per share) for the quarter ending March 30, compared with adjusted net income of $1.9 billion (93 cents) in the same period a year earlier. Revenue increased by 1% from the second quarter of the prior year to $22.1 billion.

Analysts on average expected earnings of $1.02 per share on revenue of $20.6 billion, according to LSEG.

Chief Executive Bob Iger said the quarterly results reflect the progress the company has made over the past year and that turnaround and growth initiatives set in motion last year have continued to yield positive results.

“Our results were driven in large part by our experiences segment as well as our streaming business,” Iger said in a statement. “Importantly, entertainment streaming was profitable for the quarter, and we remain on track to achieve profitability in our combined streaming businesses in Q4.”

In the streaming, or direct-to-consumer, business there was an increase of 6.3 million Disney+ Core subscribers in the second quarter versus the first quarter.

The direct-to-consumer revenue increased in the second quarter by 13% to $5.6 billion from the $5 billion in the same period of the previous year, while the operating loss was trimmed by more than 100% to $47 million versus the loss of $587 million of the prior year’s second quarter.

The company attributed the improvement in operating costs to higher revenue, increases in retail pricing, subscriber growth at Disney+ Core and Hulu, increases in marketing and lower distribution costs.

In the domestic parks and experiences business, revenue was about $6 billion for the second quarter compared to $5.6 billion in the previous year. There was $1.6 billion of domestic operating income in the second quarter.

“The increase in operating income at our domestic parks and experiences was due to higher results at Walt Disney World Resort and Disney Cruise Line, partially offset by lower results at Disneyland Resort,” the company reported.

Disney released its quarterly financials on Tuesday. Shares in Disney closed down $11.08, or about 9.5%, to $105.39 on the New York Stock Exchange, on a day when the Dow Jones closed up a fraction of a percent.

Opinion: Trade Education Opens Doors

Today’s headlines about surging construction spending and projections of a double-digit rise in skilled trades jobs over the next decade are promising indicators of Southern California’s long-term economic prospects. That is, if we can find the workers.

A projected shortage of skilled trades labor could delay or derail many of these projects, and that should be an urgent concern for an array of economic development stakeholders – for companies contracted to deliver much-needed roads, power systems and housing; for policy makers responsible for public infrastructure work; and for education leaders who have a tremendous opportunity to prepare young people for the jobs of the future.

One area to focus on is skilled trades education at the middle and high school levels. Over the last two decades, these courses have all but vanished.

One area to focus on is skilled trades education at the middle and high school levels. Over the last two decades, these courses have all but vanished.

A new survey commissioned by Harbor Freight Tools for Schools, a program of the Smidt Foundation, found a supermajority of Los Angeles County voters, parents, and students want local high schools to reestablish and invest in skilled trades programs. 

The findings show that students, parents and voters believe skilled trades education offers a viable pathway to high-paying jobs and resilient careers in industries that are seeing a booming demand – not to mention rapidly aging and retiring workforces. They support exposing students to future work opportunities and giving them a head start on training before they graduate.

I couldn’t agree more. My father, the late Paul Matt, learned the skill of welding as a young man, which led him to become a member of the construction team that built The Dalles Hydroelectric Dam in Oregon. This experience sparked his lifelong fascination with construction. 

He later earned a structural engineering degree from Oregon Institute of Technology, which led to a position as a surveyor – a skilled trade in our industry – and later as a project superintendent, playing a lead role in building the Salk Institute in San Diego. Decades later Paul, his brother Al, and I co-founded Matt Construction which has become known for undertaking signature projects, including the Skirball Cultural Center, The Broad, the Waldorf-Astoria Hotel in Beverly Hills and the restorations of both Wilshire Boulevard Temple and the Hollywood Bowl.

Becoming a welder in the early 1950s was a crucial first step in a meaningful and rewarding career. While the world has changed so much since then, the role of skilled trades in creating valuable career paths is as relevant as ever. Yet, we hear from subcontractors on a regular basis about the challenges they face recruiting skilled trades workers. At the same time, the high dropout rate of our high schools suggests we need to provide a compelling reason to stay in school – a viable career path with entry-level opportunities – for young people who choose not to go to college.  We need to bridge these gaps. 

Bringing back skilled trades education to middle and high schools is essential. They are the right places to begin offering skilled trades courses. The survey respondents agreed. Large majorities – 84% of voters, 89% of parents, and 83% of students – expressed support for increasing state and local funding to expand skilled trades offerings in local public high schools. Three-quarters of parents said they would encourage their child to take a skilled trades class if it was offered, regardless of whether their child was college-bound.

In my case, the skilled trades classes I took in middle school and high school played a formative – even inspirational – role in my career: through learning and practicing these skills, I learned how to analyze problems and gained confidence in my problem-solving capabilities. Those classes – drafting, carpentry, and metalworking – and the more general understanding they instilled have stuck with me ever since. 

Moving forward, it is important to create a modern blueprint for delivering quality skilled trades education to Southern California teens. There is no magic lever to pull or turn. What is required is a broad, comprehensive approach that engages school systems, employers, labor unions, parents, and students to revive and scale high school skilled trades education. 

To underscore the importance of meeting the challenge, a new report by the National Skills Coalition estimated that recently passed federal programs should infuse $2 trillion in U.S. infrastructure projects, creating an average of 2.9 million jobs a year for the duration of the programs. The report’s authors warn that the number of currently trained workers is insufficient to handle the demand.

The urgent conversation needs to get started. Let’s start with some simple questions: Who is going to build future airport or Metro projects, housing units, solar arrays, museums, power grids, and other infrastructure of the future in Los Angeles?  Equally important, how do we ensure that young people grow up with a real chance of achieving the American Dream?

The answer is clear. Young people in Los Angeles must have the opportunity to learn the trades and graduate from high school armed with the necessary skills to be hired in entry-level jobs leading to genuine careers. In my late father’s experience, the ability to work with his hands as a skilled welder opened the door to a career of wonder and opportunity. Let’s make sure that today’s young people have that same chance.

Steve Matt is chair and chief executive of Matt Construction, a company he founded with his father, Paul, and and uncle, Al. Its projects include the Waldorf Astoria Beverly Hills, the Academy Museum of Motion Pictures, The Broad and The Wrapper.

All Aboard Ebird Express!

Ebird Express takes customers on a riding tour of Glendale, making stops along the way at various destinations, including bars and breweries. (Photos by David Sprague)

Pedal car operator Ebird Express is hoping its unique offering will lure people for everything from bachelorette parties to team-building events.

Formed almost exactly a year ago, Ebird takes groups of people via pedal car on a riding tour to any of about 90 venues in the Jewel City, Glendale. Given that the business caters to celebrations and parties, these venues tend to be bars and breweries, and the vehicle allows the guests to enjoy the party without having to get behind the wheel.

Founder and Chief Executive Chris Earley, a retired firefighter, said he ended up on a similar pedal car while attending a trade show in Nashville and enjoyed the experience.

“I wanted to bring something like that to Glendale,” he said. “We have nothing like that in our vicinity.”

Earley started the business with two of the carts, which are maneuvered by employees and pedaled by anyone on the cart who cares to; there is a small motor to assist on brief inclines. You’ll be hard-pressed to miss them, whether it’s on account of the well-lit and colorful frames or a well-hydrated partier belting out their chosen tunes on the karaoke machine. The seats all have retractable seatbelts, and the cars have handrails and ample reflectors. An employee serving as a safety liaison is also on all rides. Up to 15 people can be seated on a car.

Bookings come with an onboard cooler stocked with water bottles, and on three-hour tours, guests can stash a limited number of their own beverages in there. That might not be necessary, though – each stop offers deals such as buy one-get one, discounted second drinks or a free shot with a first drink. Ebird also provides optional helmets should a passenger want one.

“It’s been pretty smooth, and we’ve had no issues,” Earley said. “We have more than the standard for safety regulations.”

Paperback Brewing Company is a stop on the Ebird Express tour.

Bike tour options

Ebird books tours for one, two or three hours at a time. It offers, among others, pizza parties for kids, bachelor and bachelorette parties, company parties and team-building outings. Religious groups also sometimes rent the pedal cars to do church songs along their chosen routes. Prices range from $300 for a one-hour tour and $525 for the VIP three-hour tours; there are also custom route-making options that run up to $595 for three hours.

Earley said he’s also aiming to have other themed offerings, such as a Taco Tuesday route and holiday pub crawls.

“You name it, we’ll create it,” he said.

Frequent bar stops include Glendale Tap, the neighbor Paperback Brewing Co., Gold Rail Bar and Golden Road Brewing. Earley said Glendale is a good city for Ebird because of how flat the southern half of the city is and the variety of eateries and bars he can partner with to create routes.

“The partnerships have been great,” he said. “It’s free advertising for them, and people not familiar with Glendale tend to come back and check it out. It’s a win-win for everyone.”

Chris Cesnek and Brandon Monroe, the co-owners of Paperback Brewing, said having Ebird frequent their taproom has been a fun experience for them. The brewery neighbors Glendale Tap, a popular bottle shop and craft bar known for its wide variety of brews.

“Ebird Express has been a great partner for Paperback Brewing, offering beer enthusiasts and partygoers a fun-filled way to explore Glendale’s exciting craft beer scene,” Cesnek said.

Customers engage in karaoke on an Ebird Express tour.

Ebird has two pedal cars now and is having two more built; each one costs between $70,000 and $100,000 to build. Earley said he plans to expand to Pasadena and also to Orlando, Florida. He’s exploring a potential North Hollywood expansion as well, and added Burbank is probably too hilly to work.

“People see it and think, ‘How cool, I can’t believe they’re going to allow this in the city of Glendale.’ We’ve really had no issues,” he added. “That’s the thing about Glendale. There are tons of hidden gems. They’ve got so many things to do here. And we have a great police department that keeps the city safe.”

Worthe Starts 30-Acre Burbank Project

Building: Construction has commenced at the Ranch Lot in Burbank.

Worthe Real Estate Group, a Santa Monica-based development and property management company, has begun construction on the 30-acre Warner Bros. Ranch Lot in Burbank. Its commencement reportedly marks the largest sound stage development in the nation.

Already fully leased to Warner Bros., the $500 million project will consist of a 926,000-square-foot total campus, including 16 soundstages, a parking structure, a commissary, mill space and a 326,000-square-foot office complex.

Stockbridge Capital Group is the project’s equity partner.

“This is a big milestone for us, and we couldn’t be more excited for what this project means for the city of Burbank, our long-standing relationship with Warner Bros. and the entire business community in the greater Los Angeles area,” Jeff Worthe, president of Worthe Real Estate Group, said in a statement. “This project will transform the area and usher in a new stage of growth for this vibrant community.”

The project’s current estimated completion date is the first quarter of 2026.

Last year, Worthe Real Estate completed Second Century, an 800,000-square-foot expansion of the Warner Bros. headquarters in the Burbank Media District.

Designed by prolific architect Frank Gehry from Gehry Partners LLP, Second Century consists of two LEED-certified office buildings located on the southernmost portion of The Burbank Studios Lot, adjacent to the Warner Bros. main lot. The buildings stand seven and nine stories in height, and just last month, received $475 million in financing.

Worthe Real Estate currently has 13 buildings in Burbank and the firm continues to be a leader in providing creative office and studio spaces for the entertainment industry.

OpEd: Policy Creates Solar Blind Spot

In a shocking action this past April, the California Public Utilities Commission gutted a policy that was fundamental to the incredible growth and success of our state’s solar power network. The results of this action were both predictable and devastating. In the year since this policy was revoked, new solar installations in California are down approximately 80%. Further, 17,000 direct solar industry jobs are estimated to have been lost, while solar business bankruptcies are rising at rates unseen in the evolution of the industry in California.

It is painful to consider how many projects, large and small, have been lost since April, and how many more will be if we don’t course correct.

For over two decades, the evolution of solar power has been an honorable agreement between our government and its citizens. Households and businesses agree to invest time, energy and resources to add solar panels. In return, our government provides incentives to those investors. Most critically, it offers the ability to earn fair return for the energy – beyond our own use – that is shared back with the power grid to support its reliability and benefit our fellow Californians.

At the beginning of 2023, California has over 43,000 megawatts of total solar installed across 1.9 million installations – more than any other state by a wide margin.

This program benefited everybody, despite some critiques that only the middle- and upper-class landowning Californians reaped the benefits. As with all supply and demand dynamics, greater energy supply means lower costs for everyone across the grid – regardless of socioeconomic status. Beyond that, California has specific programs that benefit disadvantaged communities and individuals, like one that offers a 20% reduction on their electricity bill to lower-income residents.

Economically, the pact between the government and its citizens resulted in the creation of approximately 78,000 new direct jobs and over 2,000 new direct businesses throughout California, not to mention the employers and employees who have benefited from the positive impact on the broader energy supply chain and varied support businesses. This dynamic produces economic ripples that exponentially lift up many throughout the state and beyond.

Defying all reason, this very policy is the one the commission chose to eviscerate.

Expanding the solar network has benefits

We have seen firsthand the incredible benefits of expanding California’s solar network. As we continue to build out our ocean research and technology campus, AltaSea installed more than 4 acres of solar on our rooftops. These 4,753 panels generate enough electricity to power the entire 35-acre campus – from concrete 3D printing and carbon sequestration to regenerative aquaculture and educational programs – and still send additional energy back to the grid. This would not have been possible without the state’s support.

This is truly the best of both worlds – allowing us to accelerate collaboration to advance sustainable and climate-positive technologies while still being a net zero emissions operation.

The facts are clear: this should be an obvious investment for our state policymakers to continue and grow.

The decision seems incredibly shortsighted, and the consequences are not insignificant. All the benefits of the once-thriving program are now in extreme peril. The damage is not just financial, but a severe blow to our decades-long fight for cleaner air and a lost opportunity in our state’s efforts to slow the progress of climate change, which has become a real and present danger to Californians. We now face raging wildfires and ferocious storms that bring loss of life and quality of life all too often and at a more intense pace.

It’s a simple equation – we must reduce emissions to fight air pollution and climate change in our state through a varied and reliable portfolio of alternative energy sources. Solar power is a pillar of this comprehensive energy strategy. If it is not strong, efficient and reliable, we will lose potential emission reductions and risk longer-term reliance on fossil fuels. In a battle between economic and environmental benefit, solar power proves this a false choice, offering significant positive impact to both important goals.

If the saying “As California goes, so goes the nation” is still true, this decision by the California Public Utilities Commission spells trouble for our country’s future. It’s the policy equivalent of paving over paradise to put up a parking lot. By disincentivizing the introduction of clean energy to our grid, California is losing momentum in our efforts to move away from fossil fuels.

California has always led by example. Now is the time to set another good example by admitting that this policy was a mistake and reversing it as soon as possible.

Matt Horton is a senior adviser at Milken Institute Finance. He is also a member of the AltaSea board. Terry Tamminen is a former CalEPA Secretary under Gov. Arnold Schwarzenegger and current president and chief executive of AltaSea at the Port of Los Angeles.