Brookfield Properties’ deal to sell 777 South Figueroa Street, a 1 million-square-foot office tower in Downtown Los Angeles, has fallen apart, according to sources familiar with the matter.  Consus Asset Management, an investment firm based in South Korea, pulled out of a deal to buy 777 Tower for $145 million. Commercial Observer first reported that the transaction fell apart. It’s unclear why Consus pulled out and the firm could not be reached for comment. Brookfield did not respond to a request for comment. Brookfield defaulted on $319 million in loans tied to the 52-story tower last y ..read more

The Realtor-backed Californians for Homeownership has challenged a state-approved housing plan from the City of Orange that includes thousands of homes in areas off-limits to residential development. The Los Angeles-based nonprofit filed a lawsuit seeking a court order that Orange revise its “housing element” plan, alleging the city included mall parking lots and other parcels with deed restrictions that forbid housing, the Orange County Register reported. Californians for Homeownership, backed by the California Association of Realtors, has filed 21 lawsuits challenging local housing plans thr ..read more

Gov. Gavin Newsom has named four jurisdictions in Southern California as “prohousing,” including Los Angeles County, West Hollywood, Brea and Rancho Cucamonga. The state credited the four SoCal governments, plus six cities in Northern California, with fulfilling a mission to encourage housing development across all income levels, L.A. Business First reported. Two months ago, the state added Santa Monica to the list, which includes Los Angeles, Long Beach, Riverside, Moreno Valley, Fontana and Needles. Prohousing communities, which now include 47 cities and counties, aim to support a state goal ..read more

The Swig Company has created a new benchmark for Downtown L.A. office sales — $94 a square foot, The Real Deal has learned.  The firm sold 617 West 7th Street, formerly the headquarters for Union Oil, for $20.5 million, or roughly 47 percent less than what it bought it for more than a decade ago, according to property records filed with L.A. County.  Izek Shomof, known for redeveloping part of Downtown L.A.’s historic core neighborhood, bought the property. Shomof could not be reached for comment. Swig did not respond to a request for comment.  The deal marks the lowest pri ..read more

CIM Group, the Los Angeles-based developer and landlord, is once again seeking to sell its eight-story condominium and office project in Hancock Park. Located at 4680 Wilshire Boulevard, the project is fully entitled to convert some floors to residential. It’s currently a 184,800-square-foot office building.  Sean Fulp, Ryan Plummer and Mark Tarczynski at Colliers hold the listing for the project, which does not include an asking price. “The mixed-use residential and office building will be delivered with fully approved redevelopment plans, allowing an investor to bypass the arduous entit ..read more

A spec home in Beverly Hills Post Office has hit the market for $29.5 million, more than eight years after the developer, Yosef Dangor, bought the property.  Josh Flagg at Compass is listing the home at 9705 Oak Pass Road for sale, according to an announcement from the brokerage.  9705 Oak Pass Road (Marc Angeles, Getty) The seven-bedroom, 8,800-square-foot home was designed by Noah Walker, an L.A.-area architect famous for designing some of the county’s costliest homes. The contemporary-style “architectural masterpiece” is located in a gated community, according to listing notes. An ..read more

Neutrogena, maker of Beach Defense sunscreen and cosmetics, will move its headquarters from Los Angeles to New Jersey. New Jersey? The Westchester-based unit of New Jersey-based Kenvue is closing its corporate headquarters at 6080 West Center Drive to consolidate operations in Skillman, in the Garden State, the Los Angeles Business Journal reported. The move comes as Kenvue executives try to boost Neutrogena’s lackluster performance. It also represents the latest major business exit out of L.A. Neutrogena, which had called Westchester home for decades, is laying off 84 local employees in three ..read more

Investment firm Abacus Capital Group has completed a large multifamily acquisition in Sherman Oaks, The Real Deal has learned.  Abacus, which is based in New York City, acquired 4735 Sepulveda Boulevard, a 236-unit residential complex near the 405 Freeway near the corner of Camarillo Street and Sepulveda Boulevard. The 271,800-square-foot asset changed hands in a $72.5 million transaction, according to a deed filed in Los Angeles County’s Registrar’s Office.  The property, also known as Veda, has apartments ranging in size from 755 square feet to 974 square feet, according to a listi ..read more

Lori Loughlin and Mossimo Giannulli have put their 11,800-square-foot mansion in Hidden Hills up for sale for $17.5 million, nearly twice what they paid for it four years ago. The “Full House” actress and the fashion designer have listed the five-year-old house at 25210 Jim Bridger Road, according to Realtor.com and the Robb Report. The couple, who both served prison time for their involvement in the Varsity Blues college admissions scandal, paid $9.5 million in 2020 for the 1.5-acre estate in the gated celebrity haven in the west San Fernando Valley. The six-bedroom, eight-bathroom house is a ..read more

Fogel Real Estate, run by Steven Fogel, is planning to build a 36-unit apartment building, spanning 36,700 square feet, in Venice, according to a filing with the Los Angeles Planning Commission on April 16.  The plans for 825 South Hampton Drive include a 3,400-square-foot, ground-floor retail section with a cafe and three levels of below-ground parking with 60 spaces. The limited liability company, SJF Venice, which filed the plans, lists Steven and Kelly Fogel as managers, according to state business records.  Steven Fogel is the co-founder and chairman of Westwood Financial, a Los ..read more