T
his week was marked by significant moves among Los Angeles' top boutique brokerages. Beverly Hills Estates made a notable addition with the hiring of Jacqueline Chernov, who joins from Compass. The brokerage plans to leverage Chernov's expertise and team to establish a presence in Pacific Palisades as it rebuilds, with an eye on high-end sales rebounding in the long term.
Chernov was instrumental in last year's priciest sale in the Palisades, exceeding $100 million. Her arrival is expected to bolster Beverly Hills Estates' efforts in the area. Separately, Carolwood Estates acquired Mick Partridge's team from Beverly Hills Estates, bringing with them a significant residential and commercial business portfolio.
Partridge's group estimates that upcoming residential development deals will generate over $100 million in listings this year, which could be a welcome boost for Carolwood as it continues to grow. The brokerage saw its 2024 sales volume double to $3.2 billion last year.
A notable high-end sale was also reported, with Westside Estate Agency's Kurt Rappaport and Carolwood Estates' Drew Fenton representing Australian billionaire James Packer in his purchase of a Bel-Air estate for $110 million. The deal marks the first trade over $100 million this year and suggests that the ultra-luxury segment is showing signs of recovery.
In retail news, Bloomingdale's Outlet has leased 20,000 square feet at Ashkenazy Acquisition Corporation's Beverly Connection shopping center, which will open later this year. The outdoor mall has seen a surge in demand for off-price retailers, with luxury brands and boutique shops also thriving in the area.
Frank Gehry's Binoculars Building in Venice is on the market, with CBRE marketing the 78,578-square-foot office space that currently houses Google as its tenant. The asking price remains undisclosed.
A landlord, Atlas Capital Group affiliate Alameda, has filed a lawsuit against Los Angeles Times owner Patrick Soon-Shiong, alleging that he failed to pay rent and left the printing plant in "gross disrepair," resulting in damages estimated at $24 million.
