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It has been almost a year since the impact of the subprime crisis, which hit the news the first week in Au
2007. In the immediate months following that news release, market activities in California slowed and p
real estate sales were the lowest they had been in almost twenty years. The ‘unsold inventory index’ ju
over a 15 month supply in December 2007. Fortunately, market activities reversed course, and the amo
unsold inventory went back down to a 9 month supply. Since then, buyers began coming from the sideli
early 2008. The good news for buyers is that median home prices in California continue to adjust on a d
now stand at 30% less than what they were a year ago.
I would be happy to speak with you in greater detail, should you like more information on the topics disc
above, properties listed below, or more information about Playa Vista real estate.
www.PlayaVistaHomeSales.com
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Fox Interactive Media, the News Corp subsidiary that controls most of its online assets, has signed a 12 y
agreement for a new facility in Playa Vista . All FIM companies in Southern California will move to the
facility starting in June of 2009. For those wondering about FIM and MySpace’s future growth, this move
settle speculation. The site will house over 300,000 square feet of commercial space and is part of a dev
called Horizon at Playa Vista (a rendering of the development is above). The area is quickly becoming
media hub, with EA, Rubin Postaer and others now with offices in the area.
The internal memo from Peter Levinsohn , President of Fox Interactive Media, is below.
About a year ago, I communicated with you about our space and parking challenges, and our ultimate p
a facility that could accommodate all of our LA-area team in one location. After an extensive process, I’m
to inform you that we have found the ideal location for Fox Interactive Media’s new headquarters.
The new facility is located in Playa Del Rey (Horizon at Playa Vista http://www.horizonatplayavista.com/)
houses more than 300,000 square feet of commercial space. Playa Del Rey is the first newly-built comm
Los Angeles in over 50 years and has become a creative hub for technology companies, including EA, th
video game company in the world. The site itself should be amazing – including an exclusive gym, intern
external eating facilities, volleyball courts, and lots of green space for outdoor activities. Just beyond the
built facility will be a host of restaurants, shopping locations and living options.
FIM has experienced phenomenal success in its three-year history, and we have plans for even greater g
achievements in the coming fiscal year. Given our tremendous track record, it’s only fitting that we shou
into the single biggest real-estate transaction in Los Angeles in the last 25 years. When we move to our
facility between June of 2009 and January of 2010, not only will we enjoy the distinction of having one of
largest corporate headquarters in the LA area, but we will be housed in a state-of-the-art facility that ref
corporate identity and culture.
In the coming weeks and months, we’ll be providing you with more information about the site and the su
area. We’ll also provide a schedule for the phased move, as soon as those details have been decided.
I have appreciated your patience during the past year, as we’ve shifted groups to new locations to mana
growth and endured numerous space constraints and challenges. Soon, we will have an opportunity to c
more effectively, as well as to create a work environment that speaks to the creativity and innovation th
come to be synonymous with Fox Interactive Media.
I hope you are as enthusiastic as I am about this exciting milestone for our company.
Peter Levinsohn
Tech firm Belkin International will be a major tenant in the $1.2-billion development, which is being built
acre site where Howard Hughes once ran his aviation empire.
Work has begun on the first phase of a $1.2-billion office complex in the Playa Vista development south
del Rey as the popular Westside office market remains strong in the face of the nation's faltering econom
A major tenant for the complex, Belkin International Inc., was announced Thursday by the developers, T
Speyer and Walton Street Capital. When completed at the end of next year, the new buildings will be he
for technology company Belkin.
Belkin will occupy 150,000 square feet, almost half of the space in the four-building first phase of the off
campus, after it consolidates other Los Angeles-area offices.
The price of the lease was not disclosed, but a real estate expert who knows about the deal but asked no
identified because negotiations were confidential valued it at more than $100 million.
The new development is rising on a 64-acre site that includes two enormous hangars and offices where
Howard Hughes built his famous Spruce Goose airplane in the 1940s and ran his aviation empire, which
an airfield, for decades. Those buildings have been designated as landmarks and must be preserved.
Tishman Speyer plans to renovate the former Hughes buildings when it finds tenants for them, said John
senior managing director of the New York-based developer and landlord. In the meantime, the company
Spruce Goose hangars to movie and television productions. "Transformers" and its unreleased sequel we
filmed there, Miller said.
The developers hope to attract more high-tech and entertainment-industry tenants to the site where -- l
Hughes' company left the scene -- the owners of DreamWorks SKG once planned to build a studio before
collapsed in the 1990s.
The office complex designed by Gensler is expected to have more than 1.6 million square feet of new
environmentally friendly office space plus an additional 500,000 square feet of renovated space in the fo
Hughes buildings. To woo its target tenants, the developers plan landscaped gardens, athletic courts and
skateboarding park, a band shell and water features.
The legislation, SB1137, would require lenders to give homeowners more -- and earlier -- warnings that t
loans were heading toward default.
The first major bill designed to help prevent more home foreclosures in California won final passage from
Senate on Wednesday and was sent to the governor, who was expected to sign the measure into law.
The legislation, which passed on a 32-8 vote, would require lenders to give homeowners more -- and ear
warnings that their home loans were heading toward default. The bill, SB1137, would take effect immed
it had the signature of Gov. Arnold Schwarzenegger.
The bill also gives renters more time to find a new place to live when they are being evicted because the
is losing the property.
A third provision authorizes local governments to force lenders to maintain property that is sitting empty
foreclosure.
"SB1137 will make a difference right away," said the author of the bill, Senate President Pro Tem Don Pe
Oakland).
"This legislation is an important piece of the puzzle of how to best protect California homeowners and
communities from the fallout from the nation's mortgage crisis," Perata said.
Schwarzenegger, who this year persuaded state-licensed lenders to voluntarily help homeowners get ou
under costly adjustable-rate mortgages, welcomed the Perata bill.
"This bipartisan legislation provides one more tool by giving borrowers the critical time needed before a
foreclosure to work with their lenders," Schwarzenegger said.
Schwarzenegger's approval became all but certain after protracted negotiations between Perata and his
mainly labor unions, community activists and advocates for fair lending practices -- found common grou
lobbyists for the banking and real estate industries.
The finished product, said Susan DeMars, executive director of the California Mortgage Bankers Assn., pr
borrowers with relief "without arbitrarily limiting access to credit or discouraging investments that are ne
restore liquidity to California's housing market."
Passage of the bill came just after the state Department of Corporations released its latest monthly lend
survey, which contained mixed news on the real estate front.
On the positive side, the state reported that the number of loans being modified each month to require l
payments jumped 49% from January to May, when 8,686 so-called workouts of loan terms occurred.
But that progress did little to stem the number of monthly foreclosures, which rose by about 5% to 13,62
the same five-month period.
Perata and Assembly Speaker Karen Bass (D-Los Angeles) said they hoped that Wednesday's passage of
foreclosure-prevention bill would create momentum to resurrect a handful of related measures that had
killed or watered down in the Senate two weeks ago.
Bass said she was focusing on key portions of AB1830 by Assemblyman Ted Lieu (D-Torrance).
"We are developing an effective package of bills to submit to the governor in August," Bass said.
An earlier version of Lieu's bill addressed three problems linked to sub-prime loans, which were typically
borrowers with blemished credit who couldn't qualify for traditional fixed-interest-rate loans.
It sought to prohibit stated-income loans, which allow people to qualify for mortgages without proving th
the income to make the monthly payments.
Lieu's bill also would have banned less-than-interest-only loans, whose principal increases with each mo
payment, and pre-payment penalties that make it expensive to pay off loans before they reset to a high
rate.
Mortgage bankers contend that negotiations are moving toward an agreement with Lieu and Democratic
on AB1830.
California lawmakers, they cautioned, need to be careful that any new law is in harmony with new sub-p
mortgage regulations that are expected to be issued in Washington this summer by the Federal Reserve