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Reader Letter for Commercial Real Estate Magazine 2023

Reader Letter for Commercial Real Estate Magazine 2023

Los Angeles Times B2B Publishing is excited to announce our third annual Commercial Real Estate: Trends, Updates and Visionaries magazine. This magazine spotlights professionals within the commercial real estate sector and also features trends and overall business updates about the industry.
In 2023, the continued influence of COVID-19 has led CRE companies to remain vigilant and adaptable. Now, as the world continues to regain normalcy, many CRE executives are cautiously optimistic that trends in the sector will experience an upward trajectory, meeting and exceeding pre-pandemic levels.
The commercial real estate world has been forced to reinvent itself. With the continued prevalence of remote and hybrid work, new types of entertainment options and a huge focus on multifamily housing in Southern California, CRE is an often challenging trip through uncharted territory. The deserving visionaries profiled in the pages of this magazine – from CRE executives and contractors to bankers, lenders and professional service advisors – have met this adversity, helping to steer the industry trend towards smart, flexible and future-focused growth.

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London Breed's former chief of staff to lead urban think tank SPUR
London Breed's former chief of staff to lead urban think tank SPUR

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timean hour ago

  • San Francisco Chronicle​

London Breed's former chief of staff to lead urban think tank SPUR

Sean Elsbernd, a former member of the San Francisco Board of Supervisors who most recently served as chief of staff to former Mayor London Breed, has been tapped to become chief executive officer of the urban think tank SPUR. Elsbernd will replace Alicia John-Baptiste, who left the position in February to become chief of infrastructure, climate and mobility for Mayor Daniel Lurie. A city hall insider who has served as both an elected politician and low-key, behind-the-scenes power broker, Elsbernd led city and county operations for Breed and oversaw the city's regional partnerships and state legislative work. He previously served as state director for the late U.S. Senator Dianne Feinstein. 'Sean is a thoughtful and values-driven leader with deep knowledge of how Bay Area government works and how to build strong public partnerships that move policy forward,' said Lydia Tan, Chair of SPUR's Board of Directors. 'He understands SPUR's mission and brings the experience and vision we need to lead the organization into its next chapter.' SPUR, which has offices in San Jose, Oakland and San Francisco, bills itself as a 'good government' think tank that publishes policy reports laying out the case for how to improve public transit, preserve the environment, build more housing and make government more efficient and effective. Recent policy reports include: '10 ideas for equitable transportation in Oakland'; how the Bay Area could grow its population without increasing water demand; and how to reform the region's sales taxes. While SPUR doesn't endorse individual candidates its ideas are often in sync with the moderate faction of the city's political spectrum while its board of directors and membership is dominated by real estate developers, architects, nonprofit leaders and affordable housing leaders. Recently, Mayor Daniel Lurie implemented SPUR's recommendation to reorganize the Mayor's Office and create new roles to improve collaboration and accountability. SPUR also played a central role in advocating for $5.1 billion in state funding that included $400 million for Bay Area transit operations. Elsbernd has held several transit leadership roles, including serving as Chair of the Caltrain Board of Directors and as a Director of the Golden Gate Bridge, Highway and Transportation District. He led San Francisco's COVID response, providing oversight of the Department of Public Health and Department of Emergency Management. 'Having worked with Sean for years in various roles, I know he is the right person to help SPUR boost our local economies, advance new ideas and reforms and improve the lives of our residents,' said Caltrain Executive Director Michelle Bouchard. Elsbernd officially assumes the role later this month and has already begun working closely with staff, the board of directors and regional leaders to carry the organization's mission forward, according to SPUR. The organization, which holds regular talks and panels at its Urban Center at 654 Mission St., had $5.9 million in expenses in the last fiscal year. It generated $4.6 million in revenues – a combination of membership fees, grants and special events. The nonprofit took in another in another $1.3 million in donations, according to the group's annual report. 'I'm honored to be joining SPUR,' Elsbernd said. 'Throughout my public service career, I've admired SPUR's work from both inside local government and as a resident of this region. The chance to lead an organization that's driving practical, forward-looking solutions is a privilege.'

Council approves hime in pauper attorney funding
Council approves hime in pauper attorney funding

Yahoo

timean hour ago

  • Yahoo

Council approves hime in pauper attorney funding

The Daviess County Council approved a hefty increase in funding for pauper attorneys in the Daviess Circuit Court. Just six months into the year Daviess Circuit Court Judge Greg Smith went before the council looking for an increase of $150,000 to cover pauper attorney fees for defendants in his court. Council President Marilyn McCullough says there are several reasons for the increase. 'They have had more cases than expected this year,' she said. 'They have been through about 240 cases so far this year and they still have a large number to go through.' Among the issues in circuit court is the change of judge in Daviess Superior Court to former prosecutor Dan Murrie. That has resulted in a slate of cases being kicked to other judges and courts. 'Part of that is that we had a backlog of cases and we are getting caught up on those. Some of those had to be transferred over to Judge Smith because Judge Murrie had been the prosecutor when the cases were filed,' said McCullough. 'Some of those he cannot preside over. We might wind up saving money out of superior court pauper fees.' Courts around the country and in Daviess County fell behind on many of their cases during the COVID outbreak. While there has been a concerted effort to catch those up, that time is still impacting the courts. 'The judges and prosecutor have done a great job,' said McCullough. 'They are trying to streamline processes and try new things to try and clear the backlog created by COVID.' McCullough says she feels the county is approaching the end of the backed up cases. 'We expect this additional appropriation to cover the rest of this year,' she said. 'The courts are clearing out these cases and the end appears to be in sight.' In other business, the council approved a change in the language for the Daviess County Visitor's Bureau form to include questions on number of rooms available and the average daily rate on those rooms. The council tabled taking any action on the CF-1 reports from businesses that are currently holding tax abatements from the county. Council members were wanting more information to see if the companies are complying with the promises they made to receive those tax breaks. The council received an update on a plan to use a kiosk to help probationers during the regular check-ins. They also denied a request for $2,800 in additional funding for inmate needs at the county jail. Daviess County Sheriff Gary Allison said he was hesitant to spend money out of the commissary fund, but will do it that way. The council also accepted a $28,000 grant from the state of Indiana. Central Dispatch Director Julie Riker said the grant would cover 100% of the cost to upgrade the emergency services mapping system. 'It's not going to cost us any money, so that is great,' said McCullough. 'We do need the update.'

Observation deck operator in former John Hancock Center plans major expansion and a new ‘immersive experience'
Observation deck operator in former John Hancock Center plans major expansion and a new ‘immersive experience'

Yahoo

timean hour ago

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Observation deck operator in former John Hancock Center plans major expansion and a new ‘immersive experience'

The operator of the 360 Chicago observation deck near the top of the former John Hancock Center said the attraction is taking over two additional floors, creating the city's first multilevel observation deck, a new three-story atrium and a 14,000-square-foot private event space. It's an encouraging sign for the Magnificent Mile, a retail district that has a lot of empty storefronts. Magnicity, the French company that owns 360 Chicago, last year bought the 95th and 96th floors, directly above the 94th-floor observation deck, after the abrupt closure of the legendary Signature Room restaurant and the Signature Lounge, both top tourist spots for decades. 'We are now positioned to bring much-needed investment into these iconic spaces, delivering an experience that truly reflects the historic and architectural significance of this incredible building,' said Nichole Benolken, managing director at 360 Chicago. Although 360 Chicago didn't provide many details about what visitors will experience in the expanded observation deck, it did drop a few hints. WB-Immersive, a global firm that helped design the opening ceremonies for the 2024 Paris Olympics and the 2024 Paralympics, will create an immersive experience for visitors in the renovated spaces, which will also include new exhibits and attractions. 'I can't say too much because we are still in the conceptual design phase,' said Pierre-Antoine Batail, WB-Immersive's head of creative strategy. It's certain that the space will no longer host a restaurant, Benolken said. Immersive retail experiences, such as the new interactive exhibit dedicated to Harry Potter at 676 N. Michigan Ave., have become popular in downtown Chicago, and for many spaces now make more financial sense than restaurants. 'Our decision making was data- and research-driven,' she said. 'The dining scene in Chicago has evolved dramatically in the past 30 years.' The Signature Room closed in September 2023. Its shutdown was a blow to the Magnificent Mile, where the retail vacancy rate soared as a result of online shopping trends and the pandemic. A message posted to the restaurant's social media pages cited COVID-19 and subsequent 'severe economic hardship.' Magnicity invested about $17 million into the former John Hancock Center, the skyscraper now known as 875 North Michigan Avenue, after buying the 94th floor more than 10 years ago. It added attractions such as Tilt, a moving glass ledge that for two minutes dangles guests more than 1,000 feet above the street, and CloudBar, the highest bar in Chicago. Nearly 1 million people visit the observation deck each year, a roughly 60% boost from when Magnicity took over, Benolken said. The company operates similar attractions atop buildings in Berlin, Paris and Rotterdam, Netherlands. The three-floor reconstruction will take 18 to 24 months to complete, and is the most significant interior renovation in the building's 56-year history, said Scott Duncan, design partner at SOM, the architectural firm that designed the 100-story John Hancock Center and leads the current project. SOM plans to connect all three floors with a grand staircase, replace all the windows on the 94th, 95th and 96th floors, providing visitors with much clearer views, and transform the 96th floor into a private event space, he said. That will also raise the profile of 875 North Michigan Avenue, hopefully attracting the many office users seeking spaces in the city's top trophy buildings. 'People are now looking for something out of the ordinary when it comes to office space,' Duncan said. 'And the real pyrotechnics will come when the (observation deck's) new exhibits are revealed.'

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