Real estate newsletter: Apple plans expansion in Culver City

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Welcome back to the real estate newsletter. As the market cools off after its hot summer, a few laggards are still finding new homes before winter. One of them is the most valuable company in the world.

The company, of course, is Apple, which announced it would double its already large presence in Culver City. As streaming service companies gobble up offices in the Westside, Apple is adding more than 550,000 square feet to two adjacent buildings to house Apple TV + and Apple Music employees.

For reference, 550,000 square feet could contain about 11.5 football fields, 76 tennis courts or five of “The One”, as the 105,000 square foot mega-mansion that Nile Niami is building is both the largest. California home and the center of a growing country juicy fight between a handful of rich and dirty people.

Two other notables have moved into new homes this week: actor David Spade and “F9” producer Joe Roth. Spade bought a modern mansion near the Comedy Store for $ 13.85 million, and Roth lost $ 23 million on a 1960s Midcentury in Beverly Hills.

Meanwhile, Justin Timberlake and Jessica Biel continue the story in the Hollywood Hills. They’re asking for $ 35 million for the biggest house on the biggest lot currently on the market in the neighborhood, and if they get their price, it’ll be one of the most expensive deals in Hollywood Hills history. .

But enough about the rich who do rich things. For all renters, myself included, The Times published a guide to one of LA’s most universal and daunting challenges: finding your first apartment. It includes a range of topics: where to look, how to visit, what questions to ask, what to do before signing the lease, and even an overview of your rights as a tenant. A must read if you are moving.

While keeping up to date with the latest news, visit and like our Facebook page, where you can find real estate stories and updates throughout the week.

Apple announced last week that it would expand its Los Angeles area offices by 550,000 square feet.

(Apple)

A sign that competition among streaming entertainment providers will remain fierce for years to come, Apple has said it will roughly double its presence in the Culver City area offices where Apple TV + is based, writes Roger Vincent. .

The more than 550,000 square foot expansion in two adjoining buildings is larger than expected by real estate industry watchers. Apple, Netflix, Amazon, HBO, and other streaming services have engulfed office and production space in recent years to help produce movies and TV series for their subscribers.

Apple has announced that it will erect two new mid-rise buildings connected by a shared wall on multiple plots in Culver City and Los Angeles surrounded by Venice, National and Washington boulevards. The plots are now mainly occupied by small commercial and light industrial buildings.

Funnyman buys through the Comedy Store

An above ground swimming pool with a house behind it

Built in 2020, the 11,300 square foot exhibit venue is within a mile of the Comedy Store and Laugh Factory.

(Cries Nolasco)

David Spade has just taken over a brand new venue, spending $ 13.85 million for a mansion with amenities high above the Sunset Strip. This is the eighth most expensive sale in the Hollywood Hills this year, according to the Multiple Listing Service.

The stand-up actor and comedian doesn’t have to go far to have time on stage. His new digs are a short walk from the Comedy Store and about a mile from Laugh Factory.

Spade, the “SNL” alum who starred in “Tommy Boy,” “Joe Dirt” and “The Benchwarmers”, also has homes in West Hollywood and Beverly Hills. His new home is the largest of the three, covering 11,300 square feet over three floors.

Producer concludes successful contract

A large swimming pool, an outdoor dining area, and a low-rise house with glass walls are illuminated at night.

Built in 1961 by Daniel Dworsky, Joe Roth’s one-story Midcentury was recently reimagined by interior designer Waldo Fernandez.

(Antoine Barcelo)

Powerhouse producer Joe Roth leaves Holmby Hills for Beverly Hills. Months after putting his 13,600 square foot mansion up for sale for $ 48 million, records show he quietly paid $ 23 million for a mid-century 1960s in an off-market deal .

That’s a big cut for Roth, the longtime entertainment director who founded Revolution Studios and produces blockbusters such as “F9”, “Dolittle”, “Maleficent” and “Alice in Wonderland”. The sleek home is smaller than many of its Beverly Hills Flats neighbors, covering just 5,514 square feet over about half an acre.

Due to the relatively small square footage and high selling price, the price per square foot is around $ 4,171, one of the highest on record in Beverly Hills.

Power couple offer a prized property

Two-level swimming pools can be found behind a two-story mansion on a tree-covered hill.

The 10-acre expanse includes a Spanish-style villa, guesthouse, guard house, tennis court, and two swimming pools.

(Simon Berlyn)

Justin Timberlake and Jessica Biel have prized property in their hands and they want an almost record amount for it. The couple just put their colossal complex in the Hollywood Hills up for sale for $ 35 million, and if they get their prize, it will be one of the biggest deals in the history of the neighborhood.

Unlike tony communities in the west such as Beverly Hills, Bel-Air, and Brentwood, the Hollywood Hills rarely see sales above $ 30 million. But this area offers a lot more space than anything else on the market in the generally crowded community.

The stunning Spanish style covers 13,530 square feet and spans over 10 acres, making it the largest home on the largest lot currently up for grabs in an area where land is very expensive.

Timberlake has owned the house for almost 20 years, buying it from actress Helen Hunt for $ 8.3 million in 2002, two years after it was built. Prior to that, the property was once part of the estate of actor Errol Flynn, according to the listing.

Apartment Finder Guide

Close-up of a sign

A “For Rent” sign is posted in Sacramento.

(Associated press)

Welcome to adulthood. Your back hurts all the time, your eyeglass prescription just keeps getting stronger, and you’re now part of the monthly ritual you’ve heard your whole life about: paying rent, writes Madalyn Amato in her eye-catching and essential guide to renting your first apartment. .

As glamorous as it sounds, having your own home comes with a lot of responsibility, warns Amato.

Here is the guide, which is also useful for long-time apartment dwellers.

What we read

Some statistics suggest a cooling market after a record summer, but an investment bank predicts prices will continue to soar. CNN reports that Goldman Sachs says home prices will rise an additional 16% by the end of 2022 thanks to – you guessed it – low supply and high demand.

Looking for a project? Wirecutter has identified five home improvement product offerings, and the list includes an HVAC filter, an easy-to-install air conditioner, and a leak detector designed for smart homes.


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