LA ranks 4th most expensive city in the world, a deluge of evictions looms, and more

The game of musical chairs in Downtown LA office buildings continues.

This week, Brookfield Properties announced that law firm Mayer Brown has signed a new 11-year lease for 55,000 square feet of two-story office space at the Wells Fargo Center in Bunker Hill. Designed by Aref & Associaites, the new space features a two-story atrium and indoor-outdoor terrace.

The news comes just a week after Silverstein Properties announced five leases totaling 72,000 square feet of space at the US Bank Tower just blocks away. New tenants include:

• civil engineering firm Walter P. Moore, which will move from 707 Wilshire Boulevard in the summer of 2023 to a 9,364-square-foot space on the 72nd floor;
• investment bank Lincoln International, which expanded its presence in the US Bank Tower with a 27,117-square-foot, 10-year lease on the 66th and 67th floors;
• investment bank Rothschild & Co, which moved from the 67th floor to a new 8,544 square foot space on the 50th floor;
• personal injury law firm Morgan & Morgan, which will open its first Los Angeles office in a 7,612 square foot space on the 22nd floor; and
• an unspecified management company, which will relocate from Century City to a 19,208 square foot space on the 69th and 70th floors on a 12-year lease.

Here’s what we’re reading this week:

Sweetgreen has moved, you have moved. This Los Angeles owner isn’t extending the deal. “When the Sweetgreen salad chain vacated part of its trendy Los Angeles headquarters earlier this year, one landlord suddenly found himself having to occupy a significant chunk of space in an office market facing demand. down… Los Angeles owner The Luzzatto Co. found a loan taker from rapper Ye, formerly known as Kanye West, who wanted to use the space for his Yeezy fashion operation… But the owner will not extend the deal once it expires at the end of the year, Luzzatto Chairman Asher Luzzatto told CoStar News. Luzzatto said he asked Ye to leave the space in the Los Angeles neighborhood of West Adams once the rapper’s deal to fill the office is complete, a move that comes after weeks of mounting public condemnation of the celebrity for making anti-Semitic remarks.(Costar)

New data from Los Angeles County shows homeless ‘sweeps’ rarely lead to permanent housing “Since 2019, more than 30,000 homeless residents, like La Donna, have been ‘enrolled’ in the CARE outreach program according to LAHSA data. That’s about ten thousand people less than the total number of homeless residents currently living in the city of Los Angeles.…Less than 10% of these 30,000 “registered” have moved into temporary accommodation.… And less than one percent (or 63 people) have moved into a place classified as “permanent supportive housing,” according to LAHSA data. (LA Taco)

‘Deluge of evictions’ looms in Los Angeles as pandemic tenant protections expire “The expiration of tenant and emergency housing protections in the age of the pandemic will likely be devastating for low-income families in the nation’s largest county, where at least 69,000 people are already homeless, according to the latest count from the Los Angeles Homeless Services Authority.” (NPR)

Singapore and New York are the most expensive cities to live in, according to EIU “Los Angeles has gone from ninth place in 2021 to fourth this year.” (CNBC)

New report says nearly half of Los Angeles Airbnb and Vrbo listings may be breaking the law “Three years ago, the City of Los Angeles began enforcing a new law aimed at regulating short-term rentals on platforms such as Airbnb. But new research suggests enforcement has been weak and Violations of the law are becoming more common.” (LAist)

Eyes on the Street: new bike paths on Avenue 19 and First Street “There are a few new bike lanes in downtown Los Angeles: on First Street in the Little Tokyo/Arts District and Boyle Heights area of ​​downtown Los Angeles, and on Avenue 19 in Lincoln Heights and Cypress Park. (Streetsblog LA)

Los Angeles street vendors sue city for right to sell in no-go areas “Alvarado is one of approximately 85 vendors she knows who sell within 500 feet of the Hollywood Walk of Fame, where a 1.3-mile stretch teeming with potential customers is off-limits… Other areas where selling Street traffic prohibited within 500 feet are Dodger Stadium, Hollywood Bowl, LA Live and the Convention Center, the Los Angeles Coliseum and Exposition Park, Olvera Street, Universal City/Universal Studios, and Venice Beach. that street vending could worsen congestion.(LA Times)

Metro and LADOT are working to implement bus priority lanes throughout Los Angeles New bus priority lanes in La Brea are joined by an extension of Alvarado Street bus lanes and new lanes on Venice Boulevard (The Source)