Booming Real Estate in Downtown Los Angeles

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Today at the New York Marriott East Side, Eli Broad,
philanthropist and founder of KB Home and SunAmerica Inc., along with
leaders of major U.S. real estate and brokerage companies and prominent
Los Angeles business community members, expressed their descriptions on
the overwhelming growth in housing and office space market in Downtown
Los Angeles.

The Los Angeles Downtown Center
Business Improvement District (DCBID) hosted the program for the New
York-based real estate, investment banking and development industries.
It aimed to build awareness of investment opportunities in Downtown Los
Angeles.

Moreover, the speakers included Mr.
Broad, Timothy J. Leiweke, President and CEO, AEG, Stephen M. Ross,
Chairman and CEO, The Related Companies, Christopher Ludeman,
President, U.S. Brokerage, CB Richard Ellis, Gregory M. Vilkin,
President, Forest City Residential West, and Los Angeles City
Councilwoman Jan Perry.

According to Carol
Schatz, President and CEO of the DCBID, Downtown Los Angeles is the
last great urban frontier, and as such, represents a unique opportunity
for national investors. According to her, the program laid out for
investors what has already happened and what will be happening in the
future. All the speakers told exciting stories of growth in residential
and commercial buildings and of an unprecedented level of construction
taking place in Downtown.

According to a recently
published DCBID study, over 6,500 residential units and 32 commercial
structures and public facilities have been rehabilitated or built new
since 1999. Moreover, 100 projects are currently under construction or
at the permitting or planning stages. The study found that more than
$12 billion has been invested in construction, creating nearly $26
billion in business activity. California Real Estate

By M. Sese

Real Estate Press