Return to Office, Redeavor Start
Memo: Back to the office for San Francisco city workers
In San Francisco, in-person work is a different story from L.A. for city employees. San Francisco Mayor Daniel Lurie made things crystal clear: city workers need to be in the office at least four days a week. The internal announcement clears up any haze from a memo sent in January that simply raised the subject of ramping in-office work with nothing concrete beyond that. For the 30% of workers still on a hybrid schedule, they have until April 28 to make the transition.
Redeavor launched with ambitions of shaking up the new dev industry
A group of high-profile executives from big brokerages have struck out to form Redeavor. The faux word is meant to capture the nuances of operating in the new development space and selling out buildings, which co-founder and managing principal Mike Leipart likened to a “very long slog.” Leipart, who founded The Agency Development Group, and Andrew Wachtfogel, co-founder of Redeavor and former president of new development at Official, chatted about their start-up, which handles sales, marketing, advisory, and capital under one roof.
Discovery Land CEO enlists Josh Flagg to sell Lake Sherwood estate
Brett White, a former CBRE and Cushman & Wakefield CEO, heads up a development firm that’s amassed a portfolio of upscale resort and entertainment properties. White’s hoping prospective buyers see in his Lake Sherwood estate a similar kind of exclusivity and resort-like environment akin to Discovery Land Company’s portfolio. The executive tapped Compass’ Josh Flagg to list the home, named Casa Blanco, for nearly $16M.
Following the money in LA’s wildfire rebuilding efforts
A new picture’s coming into focus for those rebuilding their homes after January’s devastating wildfires. In short, financing is the next big question in rebuilding Altadena, Pacific Palisades, and parts of Malibu. One developer’s getting creative on the financing possibilities, while some agents pose questions of how the numbers ultimately pencil out for their clients. Get the full story here.
Sea Cliff delivers 10X return for Shorenstein family
Former Shorenstein Properties CEO and Chairman Douglas Shorenstein made a good investment in 1988. That’s the year the late real estate executive bought an 8,300-square-foot home on Sea Cliff Avenue in San Francisco. In January, the property was traded in an off-market deal for 10 times what Shorenstein had paid for it. The $30 million sale marks one of San Francisco’s priciest deals so far this year.
Read more
Remote work still the norm for LA city workers
New dev group launches with heavyweights from The Agency, Official, Elliman
Lurie to SF city workers: 4 days a week in office
Conclusion
As the debate continues to rage on, cities like San Francisco and Los Angeles are taking different approaches to the return to office. While San Francisco is mandating in-person work, Los Angeles is taking a more relaxed approach. Meanwhile, new developments and deals are emerging, including the launch of Redeavor and the sale of a luxury estate. As the market continues to evolve, it will be interesting to see how these trends play out.
FAQs
* What is the current approach to in-person work in Los Angeles?
Los Angeles is taking a relaxed approach, with city departments “doing their own thing.”
* What is the new development firm Redeavor?
Redeavor is a new development firm launched by a group of high-profile executives from big brokerages, handling sales, marketing, advisory, and capital under one roof.
* How far along is the rebuilding process in areas affected by the January wildfires?
The rebuilding process is ongoing, with financing being a major challenge for many homeowners and developers.
