On February 25, one of the biggest commercial real estate events in Los Angeles took place: the LABJ 24th annual CRE Awards. The awards ceremony, which took place at the Westin Bonaventure, celebrates and recognizes the biggest, best, and most notable commercial real estate projects of 2018. Cushman & Wakefield took home top prizes for Best Multi-Family and Best Retail sales.
Best Multi-Family Sale – Gold
Property Address: 5550 Hollywood Blvd., Los Angeles CA 90028
Size: 280 units
Deal Value: $148 million
The Fifty Five Fifty is a recently built, luxury, transit-oriented, 280-apartment home, 7-story asset. The property’s first phase opened in December 2017 and its second phase in February 2018, setting the standard for modern apartment living and offering the most expansive amenities in the market. Hollywood is going through a gentrification where it is one of the hottest office and residential markets in Los Angeles and this exciting shift and progression is reflected in the market price achieved for this property. Marc D. Renard, Manfred Schaub, and Morgan Jackson’s expertise and in-depth knowledge of the Los Angeles market contributed significantly to attracting the right buyer interest and shaped how the team were able to effectively market the stunning property.
Best Retail Sale – Silver
Property Address: 457-459 N. Rodeo Drive, Beverly Hills CA 90210
Square Footage: 11,625
Deal Value: $96 million
Carine Mamann, Kazuko Morgan, and Stephen Algermissen brokered one of the largest retail investment sales of 2018: They represented the buyer in the acquisition of 457-459 N. Rodeo Drive in Beverly Hills for $96 million. At $8,240 per square foot, it was one of the highest price-per-square-foot retail sales of the year nationally. 457-459 N. Rodeo Drive, an 11,625-square-foot retail building which now comprises 7,150 square feet of ground floor space, 600 square feet on the mezzanine level, and 3,875 square feet on the basement level.
Congratulations to Marc, Manfred, Morgan, Carine, Kazuko, and Stephen on your well-deserved wins!