Matt Mahan isn’t the only gubernatorial hopeful with California real estate backers. Steve Hilton has some, too.
Hilton’s latest real estate cash came from Dave Dollinger of Dollinger Properties, which is located in Silicon Valley, but has properties throughout SoCal. Dollinger donated just over $39,000 earlier this month — the maximum one-time contribution. Dollinger Properties did not return a request for comment.
Dollinger joins a crew that counts Lyon Living chairman and chief executive Frank Suryan Jr., Steven Craig of Craig Realty Group and one of Los Angeles’ most prolific multifamily developers Geoff Palmer as members. Each one has donated $39,200 to the ex-Fox News host’s campaign. Stay tuned to see if they double it to the max of $78,400.
Not real estate related, but interesting nonetheless, Mahan and Hilton share a donor: Sergey Brin, the Google cofounder. Brin has dropped a lot more cash on Mahan than Hilton — and his latest donation, days ago, happened to be to Chad Bianco.
Either way, Mahan has more real estate money, but Hilton is polling higher.
Crash
Creative offices aren’t your typical Los Angeles office. They are kind of a studio-office-hybrid, which are two pieces of real estate that have seen better days. Redcar Properties is the latest to feel that pain. Redcar handed back the keys to creative offices located in Santa Monica to its lender, Bank OZK. Redcar owed $50 million and lost 1650, 1630 and 1620 Euclid Street.
Redcar’s Euclid properties are near 1221 Olympic Boulevard, which Teddy Schwarzman’s Black Bear purchased from J.J. Abrams’ Bad Robot. That creative office deal came out to about $1,200 per square foot, which is pricey, and reveals that there are always exceptions to every trend.
Another
Speaking of office, Jamison landed a $60 million loan, which appears to be for an office-to-residential conversion. The construction financing is on 3424 Wilshire Boulevard in Los Angeles’ Koreatown. Founder Dr. David Lee signed the documents. Jamison is doing a lot of conversions in Koreatown and downtown, which the mayor herself has praised — but let’s not forget the clock is ticking on some of its debt and the family company has a new chief.
Clark makes the rounds
Speaking of CEO shakeups, don’t miss our conversation with Rexford’s Laura Clark. The new CEO talked activist investor Elliott, the industrial REIT’s 180 and being one of the only women in a corner office. On Elliott, Clark gave details on the relationship with the activist investor, and where things stand today (sort of). What you need to know:
- She appeared to confirm Elliott’s role in her move. She said the succession plan had been in place but “those discussions impact timing.”
- She described the discussions between Rexford and Elliott last year as “friendly” — not something typically heard in association with Elliott.
- She said Elliott’s current ownership is unclear, and it may not be a shareholder at all any more. “We’re not engaged in a regular dialogue with them,” Clark said, but when asked if the REIT has talked to Elliott in 2026, the CEO said yes.
Next week
ICSC and Oceanwide Plaza are the things to watch. The days-long conference in Las Vegas is all about deals, relationships and fun — and Oceanwide Plaza has a confirmation hearing that could seal its fate.
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Rexford’s Laura Clark talks activist investor Elliott
Redcar hands back keys to Santa Monica creative offices to lender