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Los Angeles Times
19 minutes ago
- Los Angeles Times
Concord Capital Partners Acquires $79-Million Los Angeles Apartment Portfolio
Beverly Hills-based Concord Capital Partners acquired a five-property portfolio of apartments in Los Angeles from two separate sellers for $79 million. The 537-unit portfolio was acquired with a $60.5-million senior loan provided by Arbor and supplemented with $30 million in equity. The properties are located in the Koreatown and Hollywood neighborhoods and were all built before 1930. They are recognized as iconic and architecturally significant buildings, featuring grand lobbies, ornate facades, landscaped courtyards and panoramic city views. The portfolio includes the 181-unit Langham located at 715 Normandie Ave., The Fontenoy (51 units), The Sir Francis Drake (61 units), The Piccadilly (74 units) and Park Wilshire (170 units). The new ownership will be rolling out targeted improvements, while maintaining the historical integrity of the buildings. 'We were attracted to these properties because of their favorable pricing relative to historical sales, replacement costs and what we view as the intrinsic value of the assets,' said Reuben Robin, chief executive of Concord, in a statement. Kitty Wallace of Colliers represented the seller in the sale of Park Wilshire, with Janet Neman of Kidder Mathews handling the sale of the remaining four properties. Zalmi Klein of Northmarq arranged the senior financing from Arbor. Information for this article was sourced from Concord Capital Partners.
Business of Fashion
25 minutes ago
- Business of Fashion
Swiss Watch Giant Navigates Trump's Tariff Uncertainty
Swiss watchmaker Swatch Group's chief executive Nick Hayek has a tariff problem. And the clock is ticking. US President Donald Trump unleashed a 39 percent tariff on most Swiss-made products last week, which will come into effect on Thursday. The country - known for its luxury timepieces, chocolate and secretive banks - is racing to gain a reprieve. Trump's tariffs - aimed, he says, at erasing global trade imbalances - have rattled companies around the world and sparked scrambles to shift supply chains and sales channels by many brands - few more recognizable than Swatch, which became famous for its plastic watches. The United States is the largest export market for Swiss watches. Shares in Swiss watch and luxury firms, including Swatch, slid nearly 5 percent on Monday on news of the tariffs before paring back losses. Swatch Group - the biggest Swiss watchmaker by sales volume - is trying to adapt, Hayek told Reuters. The company has front-loaded shipments to the United States, is tapping US shoppers as they travel abroad, and has also raised its prices. Part of the challenge for the industry is that Swiss watches need to be 60 percent made in the country, making it hard to shift production elsewhere. 'We produce everything in Switzerland, not in China. And we have a high cost. And when you add a 39 percent tariff, we cannot absorb that. So prices will go up for sure,' Hayek said on Monday, without giving specifics on the potential rise. Swatch Group, which also owns Swiss luxury watch brands such as Omega, Tissot and Longines, already raised prices by 5 percent following Trump's first tariff announcement in April. Hayek explained that the firm had started to ship extra inventory to the United States earlier in the year when Trump's initial salvo of global tariffs hit. Swiss watchmakers more broadly saw a spike in exports in April, trade data show. 'We shipped much more products to the United States, so this means there is not an immediate impact on us,' he said, adding that Swatch has at least three to six months of US stock in warehouses and stores, giving a short-term buffer from tariffs. The firm plans to ship 'a little bit more' inventory over the next few days before the tariffs take effect. Hayek said demand for its watches remained strong in the United States, for now. Jean-Philippe Bertschy, an analyst at Bank Vontobel, a Zurich-based private bank, said higher inventory levels built up by watchmakers would give them breathing space only for the short term. Super premium watches could more easily pass on extra costs than mid-market and entry level ones, he said. 'The industry will be hoping and praying that the tariffs can be negotiated down to something like the 15 percent that Europe has,' Bertschy said. 'If the 39 percent tariff remained, it would be devastating for the industry.' The watchmaking industry is Switzerland's third-largest export sector, behind chemicals and pharmaceuticals, and sales of machinery. It made up 9 percent of Swiss exports in 2024. Swatch Group is the third-biggest Swiss watchmaker by revenue, after Rolex and Richemont, which makes IWC, Jaeger-LeCoultre and Cartier watches. For watchmakers, a silver lining was the flexibility of sales channels for their portable products, which meant Swatch could target US shoppers while they are overseas in tourist hot spots. 'Customers are mobile,' Hayek said. When China imposed luxury taxes, that simply drove Chinese consumers to shop in Macau and Hong Kong, he said. 'There are many possibilities for Americans. They travel all over the world,' said Hayek, pointing to options like shops aboard cruise ships. 'They continue to buy even if you have to increase the prices in the United States.' 'What Counts Is What Trump Is Saying' Nonetheless, Swatch is keen for the Swiss government to quickly strike a deal to avert the threatened 39 percent tariff. Hayek called on Swiss President Karin Keller-Sutter to travel quickly to the United States to resolve the issue. The tariff rate - one of the highest tariffs globally - could hit other Swiss luxury brands such as Rolex and Patek Philippe. 'The 'Swiss-made' label is part of our DNA. The history and expertise of our industry are unique worldwide,' Yves Bugmann, president of the Federation of the Swiss Watch Industry, said. 'It is therefore inconceivable to abandon or dilute the label.' The United States is the biggest foreign market for Swiss watches overall, accounting for 16.8 percent of exports worth about 4.4 billion Swiss francs ($5.44 billion), federation data show. Bugmann said that the Swiss watchmaking sector had been investing in training in the United States as well as retail networks and services, adding the tariffs marked a 'serious blow' that would indirectly hurt the US economy. Underscoring the volatile outlook, Georges Mari, co-owner of Zurich-based investment firm Rossier, Mari & Associates, which holds shares in Swatch, said it is 'impossible' to forecast the impact on the industry. 'Tariffs can change at any moment due to the unpredictability of the Trump administration,' Mari said. The US market generated 18 percent of Swatch Group's sales in 2024, according to broker Jefferies. Switzerland's government said it was ready to make a 'more attractive offer' in trade talks with Washington, after it held an extraordinary cabinet meeting on Monday to discuss its response to the tariff. Swatch Group CEO Hayek said it wasn't yet 'doomsday' and hoped an agreement could be struck - though that was very much in the hands of the US president. 'What counts on the US side is what Mr. Trump is saying,' he said. 'Nobody else.' By John Revill, Helen Reid; Editors: Kirsten Donovan, Adam Jourdan and Joe Bavier Learn more: Swiss Luxury Watchmakers' Shares Drop After Trump Tariff Shock The sector is already under pressure from a stronger franc and falling global demand.
Business Wire
an hour ago
- Business Wire
Codasip looks to Silicon Creations' PLL to drive RSIC-V Automotive Safety-Critical Core
ATLANTA--(BUSINESS WIRE)-- Silicon Creations, a leading provider of high-performance analog and mixed-signal intellectual property (IP) today announced that its low-area integer PLL has been successfully integrated into Codasip's latest test chip, enabling the evaluation of Codasip's L31AS dual-core lock-step CPU and crypto accelerator IP. The collaboration marks a key milestone in the deployment of robust and efficient clocking solutions for automotive-grade RISC-V systems. Designed for automotive applications, Codasip's L31AS CPU is a safety-critical, high-performance RISC-V core. To meet the stringent clocking requirements of this environment, Codasip selected Silicon Creations' low-area integer PLL for its ultra-small footprint, proven silicon track record, ease of integration, and excellent low-jitter digital clock generation. The integration delivered the precise clocking performance needed while minimizing silicon area and system complexity. 'We are thrilled to support Codasip's innovative RISC-V processor development with our area-optimized digital clocking PLL,' said Randy Caplan, co-founder of Silicon Creations. 'This partnership highlights not only the flexibility of our PLL technology but also how optimized clocking solutions can help accelerate the delivery of automotive-grade, high-performance computing platforms.' Paul Elliott, Senior Security and Safety Architect at Codasip, commented, 'The successful integration of Silicon Creations' PLL into our L31AS dual-core test chip is a significant step for Codasip. As we advance our automotive and embedded system solutions, the reliability and performance of this PLL will play a critical role in supporting our next-generation designs.' With several upcoming projects requiring precise and efficient PLL technology, Codasip's successful test chip evaluation reinforces its commitment to driving innovation in RISC-V-based technologies for the automotive and embedded markets. The collaboration with Silicon Creations demonstrates the importance of strategic IP partnerships in accelerating time-to-market while meeting stringent industry requirements. About Codasip Codasip is a leading provider of customizable processor cores and associated toolchains, specializing in RISC-V-based architectures. The company offers high-performance, energy-efficient solutions for a wide range of applications, including automotive, embedded systems, and IoT. Codasip's flexible and scalable designs meet the growing demands of the semiconductor industry with future-proof solutions. About Silicon Creations Silicon Creations provides world-class silicon intellectual property (IP) for precision and general-purpose timing PLLs, SerDes and high-speed differential I/Os. Silicon Creations' IP is in production from 3 to 180 nanometer process technologies, with 2nm GDS available for deployment. With a complete commitment to customer success, its IP has an excellent record of first silicon to mass production in customer designs. Silicon Creations, founded in 2006, is self-funded and growing. The company has development centers in Atlanta, USA, and Krakow, Poland, and worldwide sales representation. For more information, visit All reference to Silicon Creations trademarks are the property of Silicon Creations, Inc. All other trademarks mentioned herein are the property of their respective owners.
