Real Estate Romance
Laurie Lustig-Bower and Tim Bower have enjoyed a long journey through L.A. commercial real estate, but the trip is coming to an end. The married couple will retire together this month from CBRE’s Century City office where they met 33 years ago, according to the brokerage.
Land Deals
Lustig-Bower leads a seven-person multifamily investment sales team that has handled $12 billion in deals over the past two decades. On a few deals over the years, she joined forces with her husband, a senior vice president specializing in West Los Angeles retail development and leasing.
A Rare Match
The couple met in front of the elevators outside CBRE’s office in 1991. That year marked the beginning of a tumultuous decade for the L.A. market. The Rodney King riots in 1992, followed by the savings and loan crisis, hit Southern California commercial real estate hard.
A Career Path
Lustig-Bower was a rising star at the firm, and would soon be at the helm of the top-producing team in the brokerage’s private capital group. Bower, for his part, had to go through 16 interviews before CBRE hired him in 1984. It started him down a similar path as his father, a veteran property manager for Coldwell Banker’s Beverly Hills office.
A Team Effort
The couple has teamed up on a few deals over the decades. They include the sale and redevelopment of the 75,500-square-foot former House of Blues site in West Hollywood, where Pendry Hotel & Residences opened in 2021.
Challenges Ahead
It’s harder to sell development sites in Los Angeles in the current market, according to Lustig-Bower. "It’s so expensive to build right now that we can’t always make the numbers work," she said. "Even if the land is empty and there’s nothing on it, it’s really a challenge to sell land right now. The costs are so high."
Retirement Plans
Lustig-Bower will officially pass her mantle to Kadie Presley Wilson and Kamran Paydar, first vice presidents on her seven-person sales squad, but she will continue in an advisory capacity as needed. As for the immediate future, the couple is headed to New Zealand for some fun.
Conclusion
The couple’s retirement marks the end of an era in L.A. commercial real estate. With their extensive experience and successful deals, they will be missed by the industry. Their legacy will live on, and their contributions to the field will be remembered for years to come.
FAQs
Q: What is the couple’s next plan after retirement?
A: The couple will take a sabbatical, traveling the world and enjoying their newfound freedom.
Q: How did the couple meet?
A: They met in front of the elevators outside CBRE’s office in 1991.
Q: What is the couple’s current challenge in the real estate market?
A: It’s harder to sell development sites in Los Angeles in the current market due to high construction costs and interest rates.
Q: What is the couple’s plan for their retirement?
A: They will continue to work in an advisory capacity, but will have more time to enjoy their personal pursuits and travel.
