Winston House Extends Lease on Electric Ave

One of our first clients and also one of our favorites.

About:

"Winston House started in mid 2015 as a series of weekly concerts at a house on Electric Ave in Venice. The shows had a friendly environment that attracted hundreds of young creatives. Today, we support a global community of young creators brought together by the common goals of building better friendships, doing what they love, and helping create a better world."

From the founder:

"When I first moved to LA, I didn't know many people and really wanted to start making friends.  I had the idea to rent a live/work loft with the friends I did have, my thinking being that if we had a big space we could host events and more people. I fell in love with a space in Venice, but I didn't think it was going to work out. Long story short, we ended up moving into that loft. I've been there for three years now and I've made so many incredible friendships in that time.  None of that would have been possible without Lance. He not only handled everything perfectly from a details standpoint, but he was emotionally invested from day one and truly went above and beyond to help us land our dream spot." - Corey McGuire

Winston house has hosted artists from Justin Bieber, The Shins, and Bahari to name a few..

To learn more: http://www.winstonhouse.com/

 

 

Leased - 2100 Abbot Kinney

High rents do not seem to be pushing creative agencies away from Abbot Kinney.  We just leased another freestanding building (3,448 sf) to a digital advertising agency.  The full-service group has capabilities in creative, media, engineering, and production.  We're excited to see them thrive in our client's gorgeous property.  We're also pleased to announce that we leased this property at our asking rate.  If you're curious what your building would lease or sell for, please do call us.  Our last two closings on Abbot Kinney have both been at our asking rate.

For more information:

Lance Lacy

(310) 562-4944

lance@thepalomagroup.com

 

Most Exclusive Abbot Kinney Office

The Paloma Group, Inc. is pleased to present the opportunity to lease the most exclusive office space in Venice Beach. This prime penthouse is centrally located on the most active block of Abbot Kinney. It was designed and improved with the utmost attention and care and is ready for it’s next groundbreaking tenant. 

Most recently occupied by a rapidly growing software company, this 3,300 SF space has undergone improvements totaling over one million dollars. A private elevator leads you to a beautiful private patio with a fireplace feature, overlooking the most prized intersection of California & Abbot Kinney. The space lends itself perfectly for special events with the ability to host over 100 people at a time. Complete with (optional) full stage for live performances and a 10’ viewing screen with theatre sound, the unit has been outfitted with state of the art audio visual equipment, data & power distribution and gorgeous hardwood throughout. Not one single detail has been neglected. 50+ on-site covered & secure parking spaces make this building a one-of-a-kind on this famous boulevard. The parking also allows for a potential retail use and includes an available valet. An overall crowd pleaser, this opportunity is not to be missed for the flourishing technology, entertainment, and retail communities of Silicon Beach. 

 

 

 

Expo Line proves to be Attractive to Creative Tenants

Our client, Philosophie, is all settled into their new 7,800sf office on 16th St. in Santa Monica. We wanted to show you some photos of the complete build out of the interior. The new expo line was one of the driving factors that landed them in this beautiful space. For the first time in 60 years, downtown Los Angeles and downtown Santa Monica are connected by passenger train. One of the expo stops, at 17th & Colorado, is just steps away from their building. Employees can ride into downtown Santa Monica in a few mins, Culver City in 15 mins, or DTLA in 40 mins. Popping into The Misfit for happy hour and straight to a Lakers game afterwards has never been easier. 

From what we've been reading, you can even eat your way along the expo line!  

Philosophie helps companies design and build better software by focusing on the users and humanizing the process. To learn more about this amazing company, visit philosophie.is

Design by basecampZERO

To read more about how the Expo Line Extension is affecting LA, click here.

Beautiful AK Creative Building - For Lease

We just listed this gorgeous freestanding live/work loft on Abbot Kinney.  The building was designed by Mark Mack and is flooded with natural light.  Large & private outdoor space with a fireplace and seating.  3 large private offices, 3 bathrooms (2 of which have showers).  Beautiful hardwoods and recessed lighting throughout, the space has a warm feel and modern vibe.  There is a chef's kitchen with an island, which is great for cooking meals for your team or entertaining clients.  You can walk to all of the restaurants, bars & retail stores on Abbot Kinney.  This property is undoubtedly the best unit in the Bay Cities Lofts.

$5.75 psf MG

3,500 sf approx

Parking: 5 spaces

Available: July 1, 2016

Tour requests & questions:

Lance Lacy (310) 562-4944

Lance@thepalomagroup.com

 

Crowdfunder Launches VC Fund

Our client, Crowdfunder, has announced the world's first VC "Index Fund", giving smaller investors a shot at investing in bigger deals while spreading out their risk.

If you can successfully choose the right companies at the seed round, you can make some serious money.  Picking these companies isn't easy, as most startups fail and not many go on to become Ubers and Spotifys.

If you aren't the best at picking stocks in the stock market, what do you do?  You invest in an index fund that tracks a vast number of corporations, like the Dow Jones Industrial or the S&P 500.  You spread out your risk by putting your funds into all of the corporations in the index.  If the stocks for those companies perform well overall, the value of your share of the index fund increases.

Crowdfunder's new Index Fund is looking to imitate some parts of this strategy by giving investors access to a broader spectrum of investment options while reducing their risk as well.  The fund plans to invest in 300 early-stage deals.  They claim their fund is 10x more diversified than a VC fund, leading to much lower portfolio risk.

"We have created the next generation of the early-stage venture firm," said Chance Barnett, CEO of Crowdfunder.  "We're allowing investors to access both direct online investments into single ventures, as well as broader diversification into a portfolio of hundreds of VC-backed startups."

To learn more about Crowdfunder, visit their website: crowdfunder.com

Freestanding Creative Office on Abbot Kinney

Our client, Scott Ross, just chose a new tenant to occupy his freestanding live/work loft on Abbot Kinney.  The beautiful 3,262 sf building, designed by Mark Mack, has been leased to a marketing company.  The start-up just recently landed a round of funding and will be moving right next to Snapchat's newest office complex.  Snapchat signed a 10-year master lease to occupy a spacious complex at the southeast corner of Abbot Kinney & Venice boulevards.

The property owner, digital media executive and co-founder of Digital Domain, was pleased with the transaction.  When Scott was asked why he chose The Paloma Group to lease his property:

"I generally abhor Real Estate agents… in fact, being in the film business, I’m not too fond of agents of any kind. But every once in awhile, I realize that there are no absolutes. That not only are there some agents that are decent, but some actually are wonderful.  Such was my experience with Lance Lacy at The Paloma Group. He got me a great tenant at market rates in a very short timeframe.  Not only do I like this agent… I actually now consider him a friend."

 

 

Lunch With Don

The Paloma Group had the honor of hosting Don Novack at our HQ last week.  Don is the owner of Hal’s Bar and Grill and Casa Linda Mexican Grill here in Venice. Hal’s, which for almost 30 years has served as a community hub for Venice Beach, left their original location on Abbot Kinney last year.  The last days were full of emotional farewells, but a new location has been announced down the street.  We can’t wait to welcome Hal’s back to our neighborhood soon. 

Don is also a veteran in the Real Estate industry and has been involved in more transactions than most people know. We provided Don with some questions as a framework for our meeting with him, but it quickly turned into a story on the history of Hal’s and how it came to be. Hal’s, a staple in the Venice community, evolved out of a real estate deal and a partnership gone bad.

Don had locked down a listing to sell a restaurant business called the Merchant of Venice on Abbot Kinney. He put the business in escrow with a pair of so called restaurateurs. In the final stages of the escrow one of the two buyers was getting cold feet and threatened to back out of the deal. In an attempt to save the deal, Don got creative.  “I looked to the other guy and asked him if he knew what he was doing. He explained to me that he did, so I said ok I am going to restructure this deal.  I will throw in my commission, just give me a cheeseburger every now and then and send me a K-1 for taxes every year. I’m an easy partner. I don’t know restaurants, so you run the show.”

Don was a realtor with 100 agents under him and five offices to oversee. His company was syndicating deals and in 1979 alone they purchased 50 apartment buildings. Venice was a rough place back then. Don described the gang activity in the area: “There were the Crips and the Bloods at war behind Abbot Kinney. You couldn’t drive up and down the block without getting stopped and offered drugs.”

Two years went by and the partner ran the restaurant into the ground. Don had to take on all the debt (over $250k) and told the “restaurateur” to never come back to Venice and to never step foot in the restaurant again. Don and his wife Linda brought the restaurant back to life with the help of Hal Frederick, a local Maître D at the West Beach Café (now James Beach). 25 years after opening Hal’s, Don and Linda opened Casa Linda Mexican Grill. The rest is history….

Don and Linda have already opened the new Casa Linda on Abbot Kinney and are working towards the grand opening of the new Hals (located next door to Casa Linda). They are also opening a Hal’s at the Runway Playa Vista this year. We are happy to have Don as a friend of The Paloma Group. 

Philosophie is Moving to Santa Monica

1615 16th Street, Santa Monica, CA 90404

1615 16th Street, Santa Monica, CA 90404

Our client, Philosophie, just signed a 10-year lease on a beautiful freestanding 7,760 sf creative office building in Santa Monica.  The property is on 16th Street, right at the Expo Line stop that is set to open in Spring 2016.  When the tenant improvements are finished, this space will undoubtedly be one of the best tech offices on the Westside.  The expo line gives their employees the ability to bounce around all over the city of LA with ease.  

When Founding Partner, Skot Carruth, was asked why he chose this building and The Paloma Group:

"Although we love Venice, we needed more space and more parking than anything we've come across in the area.  We expanded our search to Culver City, Playa Vista, and Marina Del Rey.  We kept our fingers crossed for Santa Monica since we see it as the primary tech hub on the Westside.  When we came across this building in particular, we immediately put it at the top of our list.  The size, layout, parking, and location were all near-perfect fits to our ideal.  The space could accommodate the right balance of private and open areas that fit our unique work style.  We're particularly excited about it being right on the new Expo line!

Working with Lance has been an absolute pleasure.  It is great to work with someone who really knows what's going on on the Westside, but what really makes him special is his great attitude and friendly demeanor.  There are a lot of assholes in this business, and Lance is a straight-shooter who cares about his clients."

To learn more about Philosophie, visit their website: philosophie.is

Lily Ashwell on Rose Avenue

566 Rose Avenue, Venice, CA 90291

566 Rose Avenue, Venice, CA 90291

Our client, Lily Ashwell, is finishing up the improvements on her beautiful new space on Rose Avenue in Venice.  Previously home to Me & Blue, Lily is bringing a desert vibe to the corner of Rose & 6th with plenty of cacti out front.  

The daughter of Rachel Ashwell, the brains behind Shabby Chic, Lily is taking the next step towards solidifying her personal stamp on the retail business.  The Paloma Group was able to find this space off-market & represented both sides of the transaction.  The store should be open for business on July 1st.

From her website:

"Lily's self-titled clothing line of timeless staples, uses vintage silhouettes & attention to detail.  Made in Los Angeles, the collections evolve as harmonious byproducts of her life."

To learn more, please visit www.lilyashwell.com

Crowdfunder's New Playa Vista Office

12540 Beatrice Street, Playa Vista, CA 90066

12540 Beatrice Street, Playa Vista, CA 90066

Our client, Crowdfunder, has finished the build out of their new office space in Playa Vista.  They are conveniently located across from the Runway at Playa Vista: www.therunwayplayavista.com

Crowdfunder has joined Activision in the Beatrice Building and they are surrounded by TBWA/Chiat/Day, Gehry Partners LLP, and TOMS.  We have seen a vast migration of creative tenants leaving Venice for Playa Vista to find more affordable rental rates and newer amenities. From the initial Letter of Intent to lease execution, we closed the transaction in only 3 weeks.

Crowdfunder is at the forefront of the crowdfunding revolution. Their mission is "connecting entrepreneurs with investors around the world to help fund their business and fuel economic growth."

www.crowdfunder.com

Lincoln & Rose - Creative Remodel

316-326 Lincoln Blvd is the latest in the revitalization taking place along Lincoln Blvd in Venice.  Located at the intersection of Rose Ave and Lincoln Blvd, this new project is bound to attract local foot traffic.  The building has 55 parking spaces in the rear for the tenants and customers.

Arris Investments and Boulevard partners recently acquired the out-dated building for $11.5 Million.  The property was only 30% leased at the close of escrow.  The plan is to reposition the building and offer 17,000 square feet of class A creative office space and 8,000+ square feet of retail.  The owners would like to create a retail tenant mix that will include trendy shops, likely in food and coffee.

Invesco Buys Playa Vista's Reserve for $316 Million

A real estate fund out of Atlanta, Invesco, has purchased a nearly 400,000 square foot creative office campus in Playa Vista on a 20 acre site.  This is one of the highest prices paid for a creative office property in the area, at $790 per square foot.  The project is ideal for tech firms, media companies, digital arts and a variety of other innovative businesses.

The seller, Worthe Real Estate Group and Shorenstein Properties, bought the property for about $46.5 million in 2011.  They spent approximately $30 million transforming the property, which used to be a U.S. Post Office distribution center built in 1971.  The money was wisely spent to create a unique campus, complete with sand volleyball courts, a fitness center, car wash, 600 newly planted trees, a dog park, and other amenities.

The developers have had no issue attracting top-tier tenants such as Verizon Communications, Sony Playstation, TMZ and Microsoft Corporation.  This sale is very significant in the evolving West Side commercial real estate market.  Playa Vista has now been established as one of the most in-demand office destinations for creative tenants in the United States.