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91-475: Brookfield Properties is a North American subsidiary of commercial real estate company Brookfield Property Partners , which itself is a subsidiary of alternative asset management company Brookfield Asset Management . It is responsible for the asset management of the company's real estate portfolio, including office , multi-family residential , retail , hospitality , and logistics buildings. Brookfield Properties acquired General Growth Properties , one of

182-534: A 115,000 square foot Doral warehouse at 1500 Northwest 95th Avenue for $ 16 million. In January 2023, Brookfield Properties purchased subsidiaries from Deutsche Bank A.G., acquiring Deutsche Bank's London and New York offices. In February 2024, the company opened offices in India and the UAE. The company is the owner of Zuccotti Park , a publicly accessible park adjacent to one of its office buildings near Wall Street in

273-459: A 25% interest in O&;Y Properties Corporation and O&Y Real Estate Investment Trust, expanding the company's real estate portfolio in four Canadian cities. In 2006, the company acquired Trizec Properties, which was founded in 1960 by William Zeckendorf , builder of Place Ville Marie . In 2010, it entered into London and Australian markets by acquiring the 100 Bishopsgate development site in

364-730: A 46% interest in World Financial Properties, a corporation formed from the bankruptcy of Olympia & York, which included three of the four towers of the World Financial Center, One Liberty Plaza , 245 Park Avenue in Manhattan. That year, Carena changed its name to Brookfield Properties Corporation. In 1997, Brookfield Properties purchased 45% of Gentra, Inc., owner of several commercial properties in Toronto. In 2000, Brookfield Properties acquired

455-458: A 49% interest in each of three former GGP super-regional malls to CBRE Group , and a 49% interest in three other former GGP malls to TIAA subsidiary Nuveen , seeking additional joint ventures for its newly acquired malls. The acquisition added 162 shopping malls comprising approximately 146 million sq ft (13.6 million m) of gross leasable area to Brookfield's portfolio. In December 2018, Brookfield Properties took over

546-399: A Letter of Intent although it is common. A PSA is a legal agreement between the seller and a single interested buyer which establishes the terms, conditions and timeline of the sale between the buyer and seller. A PSA may be a highly negotiated document with customized terms or may be a standardized contract similar to those used in residential transactions. Once a PSA is executed, the buyer

637-465: A business exodus from Downtown Los Angeles since the COVID-19 pandemic , the city's urban core is evolving as a cultural center with the world's largest showcase of architecture designed by Frank Gehry . On September 4, 1781, a group of 44 settlers known as " Los Pobladores " founded the pueblo (town) they called El Pueblo de Nuestra Señora la Reina de los Ángeles , 'The Town of Our Lady

728-465: A commercial building may combine functions , such as offices on levels 2–10, with retail on floor 1. When space allocated to multiple functions is significant, these buildings can be called multi-use. Local authorities commonly maintain strict regulations on commercial zoning , and have the authority to designate any zoned area as such; a business must be located in a commercial area or area zoned at least partially for commerce. Commercial real estate

819-431: A deal closes, post-closing processes may begin, including notifying tenants of an ownership change, transferring vendor relationships, and handing over relevant information to the asset management team. Los Angeles Los Angeles , often referred to by its initials L.A. , is the most populous city in the U.S. state of California . With an estimated 3,820,914 residents within the city limits as of 2023 , it

910-805: A portfolio of Calgary office properties, including the Bankers Hall complex. In April 2001, the company lost out to Silverstein Properties, Inc. , on the lease of the World Trade Center in New York City before the complex was destroyed during the September 11 attacks . In 2003, Brookfield Properties completed the spin-off of Brookfield Homes, now part of Brookfield Residential , Brookfield Asset Management's U.S.-based home building business. In 2005, Brookfield Properties acquired

1001-485: A profit; the other, according to an analysis of contemporary newspaper reports, was the 1932 Summer Olympics , also held in Los Angeles. Racial tensions erupted on April 29, 1992, with the acquittal by a Simi Valley jury of four Los Angeles Police Department (LAPD) officers captured on videotape beating Rodney King , culminating in large-scale riots . In 1994, the magnitude 6.7 Northridge earthquake shook

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1092-426: A set of criteria set out by the buyer. Types of buyers may include an owner-user, private investor, acquisitions , capital investment, or private equity firms . The buyer or its agents will perform an initial assessment of the physical property, location and potential profitability (if for investment) or adequacy of property for its intended use (if for owner-user). If it is determined the prospective investment meets

1183-507: A single type, where industrial uses were prohibited. The proscriptions included barns, lumber yards, and any industrial land use employing machine-powered equipment. These laws were enforced against industrial properties after the fact. These prohibitions were in addition to existing activities that were already regulated as nuisances. These included explosives warehousing, gas works, oil drilling, slaughterhouses, and tanneries . Los Angeles City Council also designated seven industrial zones within

1274-438: Is Mount San Antonio , locally known as Mount Baldy, which reaches 10,064 feet (3,068 m). Further afield, the highest point in southern California is San Gorgonio Mountain , 81 miles (130 km) east of downtown Los Angeles, with a height of 11,503 feet (3,506 m). The Los Angeles River , which is largely seasonal, is the primary drainage channel . It was straightened and lined in 51 miles (82 km) of concrete by

1365-722: Is a common problem in this population. Although Serieys et al. 2014 find selection of immune genetics at several loci they do not demonstrate that this produces a real difference which helps the bobcats to survive future mange outbreaks . Los Angeles is subject to earthquakes because of its location on the Pacific Ring of Fire . The geologic instability has produced numerous faults , which cause approximately 10,000 earthquakes annually in Southern California, though most of them are too small to be felt. The strike-slip San Andreas Fault system, which sits at

1456-719: Is a sprawling metropolis of over 18.3 million residents. The majority of the city proper lies in a basin in Southern California adjacent to the Pacific Ocean in the west and extending partly through the Santa Monica Mountains and north into the San Fernando Valley , with the city bordering the San Gabriel Valley to its east. It covers about 469 square miles (1,210 km ), and is the county seat of Los Angeles County , which

1547-429: Is commonly divided into five categories: Of these, only the first five are classified as being commercial buildings . Residential income property may also signify multifamily apartments. The basic elements of an investment are cash inflows, outflows, timing of cash flows, and risk. The ability to analyze these elements is key in providing services to investors in commercial real estate. Cash inflows and outflows are

1638-431: Is commonly required to submit an escrow deposit, which may be refundable under certain conditions, to a title company office or held by a brokerage in escrow. The transaction moves to the due diligence phase, where the buyer makes a more detailed assessment of the property. Purchase and sale agreements will generally include clauses which require the seller to disclose certain information for buyer's review to determine if

1729-452: Is complicated by rugged terrain, which has necessitated having different grids for each of the valleys that Los Angeles covers. Major streets are designed to move large volumes of traffic through many parts of the city, many of which are extremely long; Sepulveda Boulevard is 43 miles (69 km) long, while Foothill Boulevard is over 60 miles (97 km) long, reaching as far east as San Bernardino. Drivers in Los Angeles suffer from one of

1820-464: Is dependent on market conditions, current tenants, and the likelihood that they will renew their leases year-over-year. It is important to be able to predict the probability that the cash inflows and outflows will be in the amounts predicted, what is the probability that the timing of them will be as predicted, and what the probability is that there may be unexpected cash flows, and in what amounts they might occur. The total value of commercial property in

1911-437: Is divided into many different districts and neighborhoods, some of which had been separately incorporated cities that eventually merged with Los Angeles. These neighborhoods were developed piecemeal, and are well-defined enough that the city has signage which marks nearly all of them. The city's street patterns generally follow a grid plan , with uniform block lengths and occasional roads that cut across blocks. However, this

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2002-502: Is expected to continue to drop in the coming years because of aggressive steps to reduce it, which include electric and hybrid cars, improvements in mass transit , and other measures. The number of Stage 1 smog alerts in Los Angeles has declined from over 100 per year in the 1970s to almost zero in the new millennium. Despite improvement, the 2006 and 2007 annual reports of the American Lung Association ranked

2093-488: Is rich in native plant species partly because of its diversity of habitats, including beaches, wetlands , and mountains. The most prevalent plant communities are coastal sage scrub , chaparral shrubland, and riparian woodland . Native plants include: the California poppy , matilija poppy , toyon , Ceanothus , Chamise , Coast Live Oak , sycamore , willow and Giant Wildrye . Many of these native species, such as

2184-511: Is the most populous county in the United States with an estimated 9.86 million residents as of 2022 . It is the third-most visited city in the U.S. with over 2.7 million visitors as of 2023. The area that became Los Angeles was originally inhabited by the indigenous Tongva people and later claimed by Juan Rodríguez Cabrillo for Spain in 1542. The city was founded on September 4, 1781, under Spanish governor Felipe de Neve , on

2275-426: Is the second-most populous city in the United States, behind only New York City ; it is also the commercial, financial and cultural center of Southern California . Los Angeles has an ethnically and culturally diverse population, and is the principal city of a metropolitan area of 12.8 million people (2023). Greater Los Angeles , which includes the Los Angeles and Riverside–San Bernardino metropolitan areas,

2366-413: The 1916 New York City Zoning Ordinance did. Second, the residential zones did not distinguish types of housing; they treated apartments, hotels, and detached-single-family housing equally. In 1910, Hollywood merged into Los Angeles, with 10 movie companies already operating in the city at the time. By 1921, more than 80 percent of the world's film industry was concentrated in L.A. The money generated by

2457-805: The Army Corps of Engineers to act as a flood control channel. The river begins in the Canoga Park district of the city, flows east from the San Fernando Valley along the north edge of the Santa Monica Mountains, and turns south through the city center, flowing to its mouth in the Port of Long Beach at the Pacific Ocean. The smaller Ballona Creek flows into the Santa Monica Bay at Playa del Rey . Los Angeles

2548-547: The Hillside Stranglers murder cases in 1977–1978. In early 1984, the city surpassed Chicago in population, thus becoming the second largest city in the United States. In 1984, the city hosted the Summer Olympic Games for the second time . Despite being boycotted by 14 Communist countries , the 1984 Olympics became more financially successful than any previous, and the second Olympics to turn

2639-546: The Los Angeles sunflower , have become so rare as to be considered endangered. Mexican Fan Palms , Canary Island Palms , Queen Palms , Date Palms , and California Fan Palms are common in the Los Angeles area, although only the last is native to California, though still not native to the City of Los Angeles. Los Angeles has a number of official flora: The city has an urban population of bobcats ( Lynx rufus ). Mange

2730-570: The Manhattan borough of New York City, that in September 2011 became a site of protests by Occupy Wall Street . On October 11, 2011, Richard Clark, the company's CEO, sent a letter to NYC Police Commissioner Raymond Kelly requesting to "clear the park" as its use by Occupy Wall Street "violates the law, violates the rules of the Park, deprives the community of its rights of quiet enjoyment to

2821-593: The Mission San Gabriel Arcángel , the first mission in the area. On September 4, 1781, a group of 44 settlers known as " Los Pobladores " founded the pueblo (town) they called El Pueblo de Nuestra Señora la Reina de los Ángeles , 'The Town of Our Lady the Queen of the Angels';. The present-day city has the largest Roman Catholic archdiocese in the United States. Two-thirds of

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2912-577: The Spanish Empire in 1542, while on an official military exploring expedition, as he was moving northward along the Pacific coast from earlier colonizing bases of New Spain in Central and South America. Gaspar de Portolà and Franciscan missionary Juan Crespí reached the present site of Los Angeles on August 2, 1769. In 1771, Franciscan friar Junípero Serra directed the building of

3003-577: The siege of Los Angeles where 150 Mexican militias fought the occupiers which eventually surrendered. Mexican rule ended during following the American Conquest of California , part of the larger Mexican-American War . Americans took control from the Californios after a series of battles, culminating with the signing of the Treaty of Cahuenga on January 13, 1847. The Mexican Cession

3094-487: The 1890s brought rapid growth to the city. The city was further expanded with the completion of the Los Angeles Aqueduct in 1913, which delivers water from Eastern California . Los Angeles has a diverse economy with a broad range of industries. Despite a steep exodus of film and television production since the COVID-19 pandemic , Los Angeles is still one of the largest hubs of American film production ,

3185-684: The 1910s, it opened an office and began business in Brazil, while in the 1920s, it built the Montreal Forum to house the Montreal Maroons and Montreal Canadiens National Hockey League franchises; from 1935 to 1957, the company also owned the Canadiens. The company was acquired by Edper Investments in 1970. During the 1970s, when the company was known as Carena Properties, it expanded its business into commercial real estate. After

3276-671: The 1930s, / l ɔː s ˈ æ n dʒ əl ə s / has been most common. In 1934, the United States Board on Geographic Names decreed that this pronunciation be used by the federal government. This was also endorsed in 1952 by a "jury" appointed by Mayor Fletcher Bowron to devise an official pronunciation. Common pronunciations in the United Kingdom include / l ɒ s ˈ æ n dʒ ɪ l iː z , - l ɪ z , - l ɪ s / loss AN -jil-eez, -⁠iz, -⁠iss . Phonetician Jack Windsor Lewis described

3367-507: The 20th century, Los Angeles substantially reduced the amount of housing that could be built by drastically downzoning the city. In 1960, the city had a total zoned capacity for approximately 10 million people. By 1990, that capacity had fallen to 4.5 million as a result of policy decisions to ban housing through zoning. Racial tensions led to the Watts riots in 1965, resulting in 34 deaths and over 1,000 injuries. In 1969, California became

3458-691: The City of London and 16 properties encompassing 8 million SF in three major Australian cities. On Earth Day on April 22, 2010, the company was listed as one of Canada's "The Green 30" Organizations Based On Eco-Friendly Programs and Practices based on an employee poll. In 2011, Brookfield Properties divested its residential group consisting of Carma Developers and Brookfield Homes (Ontario) Ltd. to merge with Brookfield Homes Corporation to form Brookfield Residential Properties Inc. That same year, Brookfield Properties changed its name to Brookfield Office Properties to reflect its focus on commercial office properties. In 2013, Brookfield Office Properties Inc. became

3549-507: The City of Los Angeles from selling or providing water from the aqueduct to any area outside its borders, many adjacent cities and communities felt compelled to join Los Angeles. Los Angeles created the first municipal zoning ordinance in the United States. On September 14, 1908, the Los Angeles City Council promulgated residential and industrial land use zones. The new ordinance established three residential zones of

3640-688: The Los Angeles area include the 1933 Long Beach , 1971 San Fernando , 1987 Whittier Narrows , and the 1994 Northridge events. All but a few are of low intensity and are not felt. The USGS has released the UCERF California earthquake forecast , which models earthquake occurrence in California. Parts of the city are also vulnerable to tsunamis ; harbor areas were damaged by waves from Aleutian Islands earthquake in 1946, Valdivia earthquake in 1960, Alaska earthquake in 1964, Chile earthquake in 2010 and Japan earthquake in 2011. The city

3731-502: The Los Angeles area was the headquarters of six of the country's major aircraft manufacturers ( Douglas Aircraft Company , Hughes Aircraft , Lockheed , North American Aviation , Northrop Corporation , and Vultee ). During the war, more aircraft were produced in one year than in all the pre-war years since the Wright brothers flew the first airplane in 1903, combined. Manufacturing in Los Angeles skyrocketed, and as William S. Knudsen , of

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3822-685: The Los Angeles/Long Beach port complex, Los Angeles suffers from air pollution in the form of smog. The Los Angeles Basin and the San Fernando Valley are susceptible to atmospheric inversion , which holds in the exhausts from road vehicles, airplanes, locomotives, shipping, manufacturing, and other sources. The smog season lasts from approximately May to October. While other large cities rely on rain to clear smog, Los Angeles gets only 15 inches (380 mm) of rain each year: pollution accumulates over many consecutive days. Issues of air quality in Los Angeles and other major cities led to

3913-489: The Mexican or ( New Spain ) settlers were mestizo or mulatto , a mixture of African, indigenous and European ancestry. The settlement remained a small ranch town for decades, but by 1820, the population had increased to about 650 residents. Today, the pueblo is commemorated in the historic district of Los Angeles Pueblo Plaza and Olvera Street , the oldest part of Los Angeles. New Spain achieved its independence from

4004-852: The Montreal Forum closed, the Forum was sold to competitor Canderel Properties. In 1989, Carena acquired a 33% interest in Olympia & York Developments Ltd. , developers of the World Financial Center in New York, and in 1990, Brookfield acquired a 50% interest in a portfolio of office properties in Toronto, Denver and Minneapolis from BCE Development Corporation . In 1994, this holding was increased to 100% and included BCE Place, now Brookfield Place, Brookfield Properties' flagship office complex in Toronto. In 1996, Carena acquired

4095-523: The National Defense Advisory Commission put it, "We won because we smothered the enemy in an avalanche of production, the like of which he had never seen, nor dreamed possible." After the end of World War II Los Angeles grew more rapidly than ever, sprawling into the San Fernando Valley . The expansion of the state owned Interstate Highway System during the 1950s and 1960s helped propel suburban growth and signaled

4186-404: The Park, and creates health and public safety issues." The request was later withdrawn. The park was reopened on November 11, 2011. Commercial property Commercial buildings are buildings that are used for commercial purposes, and include office buildings , warehouses , and retail buildings (e.g. convenience stores , ' big box ' stores, and shopping malls ). In urban locations,

4277-571: The Queen of the Angels'. The original name of the settlement is disputed; the Guinness Book of World Records rendered it as "El Pueblo de Nuestra Señora la Reina de los Ángeles del Río Porciúncula "; other sources have shortened or alternate versions of the longer name. The local English pronunciation of the name of the city has varied over time. A 1953 article in the journal of the American Name Society asserts that

4368-696: The San Fernando Valley. Other hilly parts of Los Angeles include the Mt. Washington area north of Downtown, eastern parts such as Boyle Heights , the Crenshaw district around the Baldwin Hills , and the San Pedro district. Surrounding the city are much higher mountains. Immediately to the north lie the San Gabriel Mountains , which is a popular recreation area for Angelenos. Its high point

4459-527: The Southern Californian coast, is subject to a late spring/early summer weather phenomenon called " June Gloom ". This involves overcast or foggy skies in the morning that yield to sun by early afternoon. More recently, statewide droughts in California have further strained the city's water security . Downtown Los Angeles averages 14.67 in (373 mm) of precipitation annually, mainly occurring between November and March, generally in

4550-475: The Spanish Empire in 1821, and the pueblo now existed within the new Mexican Republic . During Mexican rule, Governor Pío Pico made Los Angeles the regional capital of Alta California . By this time, the new republic introduced more secularization acts within the Los Angeles region. In 1846, during the wider Mexican-American war , marines from the United States occupied the pueblo. This resulted in

4641-715: The Toronto Stock Exchange as of June 10, 2014, and from the New York Stock Exchange on June 20, 2014. Brookfield Property Partners is now the sole owner of all of the issued and outstanding common shares of BPO. In January 2016, Brookfield Properties purchased KIC, along with KIC's Berlin office. On August 28, 2018, Brookfield Property Partners acquired Chicago-based real estate investment trust and shopping mall operator GGP Inc. (General Growth Properties), and merged its assets into Brookfield Properties, for $ 9 billion. Brookfield immediately sold

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4732-637: The United States was approximately $ 6 trillion in 2018. The relative strength of the market is measured by the US Commercial Real Estate Index which is composed of eight economic drivers and is calculated weekly. According to Real Capital Analytics, a New York real estate research firm, more than $ 160 billion of commercial properties in the United States are now in default , foreclosure , or bankruptcy . In 2024, office leasing volume rose to its highest level since 2020, but roughly 60% of active office leases went into effect prior to

4823-769: The birthplace of the Internet, as the first ARPANET transmission was sent from the University of California, Los Angeles (UCLA) to the Stanford Research Institute in Menlo Park . In 1973, Tom Bradley was elected as the city's first African American mayor, serving for five terms until retiring in 1993. Other events in the city during the 1970s included the Symbionese Liberation Army 's South Central standoff in 1974 and

4914-632: The boundary between the Pacific Plate and the North American Plate , passes through the Los Angeles metropolitan area. The segment of the fault passing through Southern California experiences a major earthquake roughly every 110 to 140 years, and seismologists have warned about the next "big one", as the last major earthquake was the 1857 Fort Tejon earthquake . The Los Angeles basin and metropolitan area are also at risk from blind thrust earthquakes . Major earthquakes that have hit

5005-428: The boundary of a Mediterranean climate ( Köppen : Csb on the coast, Csa otherwise). Daytime temperatures are generally temperate all year round. In winter, they average around 68 °F (20 °C). Autumn months tend to be hot, with major heat waves a common occurrence in September and October, while the spring months tend to be cooler and experience more precipitation. Los Angeles has plenty of sunshine throughout

5096-442: The buyer's criteria, they may signal their intent to move forward with a letter of intent (LOI) . Letters of Intent are used to outline the major terms of an offer in order to avoid unnecessary costs of drafting legal documents in the event the parties do not agree to the terms as drafted. Once a Letter of Intent is signed by both parties, a purchase and sale agreement (PSA) is drafted. Not all commercial property transactions utilize

5187-470: The buyer's purchase decision specified in the PSA. In competitive real estate markets, buyers may waive contingencies in order to make an offer more appealing to a buyer. The PSA will usually require the seller to provide due diligence information to the seller in a timely manner and limit the buyer's time to terminate the deal based on its due diligence review findings. If the buyer terminates the transaction within

5278-404: The city as the most polluted in the country with short-term particle pollution and year-round particle pollution. In 2008, the city was ranked the second most polluted and again had the highest year-round particulate pollution. The city met its goal of providing 20 percent of the city's power from renewable sources in 2010. The American Lung Association's 2013 survey ranks the metro area as having

5369-537: The city is 342 miles (550 km). Los Angeles is both flat and hilly. The highest point in the city proper is Mount Lukens at 5,074 ft (1,547 m), located in the foothills of the San Gabriel Mountains at the north extent of the Crescenta Valley . The eastern end of the Santa Monica Mountains stretches from Downtown to the Pacific Ocean and separates the Los Angeles Basin from

5460-560: The city, causing $ 12.5 billion in damage and 72 deaths. The century ended with the Rampart scandal , one of the most extensive documented cases of police misconduct in American history. In 2002, Mayor James Hahn led the campaign against secession, resulting in voters defeating efforts by the San Fernando Valley and Hollywood to secede from the city. In 2022 , Karen Bass became the city's first female mayor , making Los Angeles

5551-497: The city. However, between 1908 and 1915, the Los Angeles City Council created various exceptions to the broad proscriptions that applied to these three residential zones, and as a consequence, some industrial uses emerged within them. There are two differences between the 1908 Residence District Ordinance and later zoning laws in the United States. First, the 1908 laws did not establish a comprehensive zoning map as

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5642-436: The contribution to Europe's economy in 2012 can be estimated at €285 billion according to EPRA and INREV , not to mention social benefits of an efficient real estate sector. It is estimated that commercial property is responsible for securing around 4 million jobs across Europe. Typically, a broker will market a property on behalf of the seller. Brokers representing buyers or buyers' representatives identify property meeting

5733-409: The country's largest oil producer, accounting for about one-quarter of the world's petroleum output. By 1900, the population had grown to more than 102,000, putting pressure on the city's water supply . The completion of the Los Angeles Aqueduct in 1913, under the supervision of William Mulholland , ensured the continued growth of the city. Because of clauses in the city's charter that prevented

5824-477: The demise of the city's privately owned electrified rail system , once the world's largest. As a consequence of World War II, suburban growth, and population density, many amusement parks were built and operated in this area. An example is Beverly Park , which was located at the corner of Beverly Boulevard and La Cienega before being closed and substituted by the Beverly Center . In the second half of

5915-617: The difference between the average daily low and the average daily high is over 30 °F (17 °C). The average annual temperature of the sea is 63 °F (17 °C), from 58 °F (14 °C) in January to 68 °F (20 °C) in August. Hours of sunshine total more than 3,000 per year, from an average of 7 hours of sunshine per day in December to an average of 12 in July. Due to

6006-443: The due diligence timeframe, the escrow deposit is commonly returned to the buyer. If the buyer has not terminated the agreement pursuant to the PSA contingencies, the escrow deposit becomes non-refundable and failure to complete the purchase will result in the escrow deposit funds to be transferred to the seller as a fee for failure to close. The parties will proceed to close the transaction in which funds and title are exchanged. When

6097-524: The era of Spanish colonization). The historic center of Tongva power in the region was the settlement of Yaanga ( Tongva : Iyáangẚ ), meaning "place of the poison oak ", which would one day be the site where the Spanish founded the Pueblo de Los Ángeles . Iyáangẚ has also been translated as "the valley of smoke". Maritime explorer Juan Rodríguez Cabrillo claimed the area of southern California for

6188-407: The form of moderate rain showers, but sometimes as heavy rainfall during winter storms. Rainfall is usually higher in the hills and coastal slopes of the mountains because of orographic uplift. Summer days are usually rainless. Rarely, an incursion of moist air from the south or east can bring brief thunderstorms in late summer, especially to the mountains. The coast gets slightly less rainfall, while

6279-565: The industry kept the city insulated from much of the economic loss suffered by the rest of the country during the Great Depression . By 1930, the population surpassed one million. In 1932, the city hosted the Summer Olympics . During World War II Los Angeles was a major center of wartime manufacturing, such as shipbuilding and aircraft. Calship built hundreds of Liberty Ships and Victory Ships on Terminal Island, and

6370-521: The inland and mountain areas get considerably more. Years of average rainfall are rare. The usual pattern is a year-to-year variability, with a short string of dry years of 5–10 in (130–250 mm) rainfall, followed by one or two wet years with more than 20 in (510 mm). Wet years are usually associated with warm water El Niño conditions in the Pacific, dry years with cooler water La Niña episodes. A series of rainy days can bring floods to

6461-519: The largest U.S. city to have ever had a woman as mayor. Los Angeles will host the 2028 Summer Olympics and Paralympic Games , making Los Angeles the third city to host the Olympics three times. The city of Los Angeles covers a total area of 502.7 square miles (1,302 km ), comprising 468.7 square miles (1,214 km ) of land and 34.0 square miles (88 km ) of water. The city extends for 44 miles (71 km) from north to south and for 29 miles (47 km) from east to west. The perimeter of

6552-708: The largest mall operators in the U.S., and merged it into Brookfield Properties in 2018. As of 2024, Brookfield Properties operates corporate offices in nine countries around the world, including China, India, Germany and the US. The company's roots go back to the early 1900s in Montreal, Quebec . It was known then as the Canadian Arena Company and operated the Montreal Arena . In a partnership with Toronto investors, it built Arena Gardens in Toronto. In

6643-641: The largest office landlord in Los Angeles after acquiring MPG Office Trust Inc.'s downtown portfolio. MPG had been one of Southern California's most prominent real estate developers and a longtime L.A. office tower owner. The MPG buildings they acquired include the Gas Company Tower , 777 Tower and the Wells Fargo Center on Bunker Hill . In June 2014, Brookfield Property Partners (BPY) completed their acquisition of Brookfield Office Properties (BPO). BPO common shares were de-listed from

6734-490: The lowest is 28 °F (−2 °C), on January 4, 1949. Within the City of Los Angeles, the highest temperature ever officially recorded is 121 °F (49 °C), on September 6, 2020, at the weather station at Pierce College in the San Fernando Valley neighborhood of Woodland Hills . During autumn and winter, Santa Ana winds sometimes bring much warmer and drier conditions to Los Angeles, and raise wildfire risk. Owing to geography, heavy reliance on automobiles, and

6825-505: The lowlands and mudslides to the hills, especially after wildfires have denuded the slopes. Both freezing temperatures and snowfall are extremely rare in the city basin and along the coast, with the last occurrence of a 32 °F (0 °C) reading at the downtown station being January 29, 1979; freezing temperatures occur nearly every year in valley locations while the mountains within city limits typically receive snowfall every winter. The greatest snowfall recorded in downtown Los Angeles

6916-453: The management of Forest City Realty Trust 's real estate portfolio after the company was acquired by a fund affiliated with Brookfield Asset Management. In September 2020, the company's retail group announced a layoff of 20% of its workforce of about 2,000 people. Around June 2021, the company opened an office in Sydney, Australia. In May 2023, Brookfield Properties announced a purchase of

7007-409: The money that is put into, or received from, the property including the original purchase cost and sale revenue over the entire life of the investment. An example of this sort of investment is a real estate fund. Cash inflows include the following: Cash outflows include: The timing of cash inflows and outflows is important to know in order to project periods of positive and negative cash flows. Risk

7098-530: The most common one, / l ɒ s ˈ æ n dʒ ɪ l iː z / , as a spelling pronunciation based on analogy to Greek words ending in -‍es , "reflecting a time when the classics were familiar if Spanish was not". The settlement of Indigenous Californians in the modern Los Angeles Basin and the San Fernando Valley was dominated by the Tongva (now also known as the Gabrieleño since

7189-546: The mountainous terrain of the surrounding region, the Los Angeles area contains a large number of distinct microclimates , causing extreme variations in temperature in close physical proximity to each other. For example, the average July maximum temperature at the Santa Monica Pier is 70 °F (21 °C) whereas it is 95 °F (35 °C) in Canoga Park, 15 miles (24 km) away. The city, like much of

7280-483: The name's pronunciation with a hard g ( / ɡ / ), reported that there were at least 12 pronunciation variants. In the early 1900s, the Los Angeles Times advocated for pronouncing it Loce AHNG-hayl-ais ( / l oʊ s ˈ ɑː ŋ h eɪ l eɪ s / ), approximating Spanish [los ˈaŋxeles] , by printing the respelling under its masthead for several years. This did not find favor. Since

7371-508: The pandemic. In Europe, approximately half of the €960 billion of debt backed by European commercial real estate is expected to require refinancing in the next three years, according to PropertyMall, a UK‑based commercial property news provider. Additionally, the economic conditions surrounding future interest rate hikes; which could put renewed pressure on valuations , complicate loan refinancing, and impede debt servicing could cause major dislocation in commercial real estate markets. However,

7462-514: The passage of early national environmental legislation, including the Clean Air Act . When the act was passed, California was unable to create a State Implementation Plan that would enable it to meet the new air quality standards, largely because of the level of pollution in Los Angeles generated by older vehicles. More recently, the state of California has led the nation in working to limit pollution by mandating low-emission vehicles . Smog

7553-423: The pronunciation / l ɔː s ˈ æ n dʒ əl ə s / lawss AN -jəl-əs was established following the 1850 incorporation of the city and that since the 1880s the pronunciation / l oʊ s ˈ æ ŋ ɡ əl ə s / lohss ANG -gəl-əs emerged from a trend in California to give places Spanish, or Spanish-sounding, names and pronunciations. In 1908, librarian Charles Fletcher Lummis , who argued for

7644-563: The rest of the surrounding landscape. Most construction is done in separate units, rather than wall-to-wall . However, Downtown Los Angeles itself has many buildings over 30 stories, with fourteen over 50 stories, and two over 70 stories, the tallest of which is the Wilshire Grand Center . Los Angeles has a two-season semi-arid climate ( Köppen : BSh ) with dry summers and very mild winters, but it receives more annual precipitation than most semi-arid climates, narrowly missing

7735-545: The terms of the agreement are still acceptable. The buyer may have the right to terminate the transaction and/or renegotiate the terms, often referred to as "contingencies". Many purchase agreements are contingent on the buyer's ability to obtain mortgage financing and buyer's satisfactory review of specific due diligence items. Common due diligence items include property financial statements , rent rolls, vendor contracts, zoning and legal uses, physical and environmental condition, traffic patterns and other relevant information to

7826-650: The village of Yaanga . It became a part of the First Mexican Empire in 1821 following the Mexican War of Independence . In 1848, at the end of the Mexican–American War , Los Angeles and the rest of California were purchased as part of the Treaty of Guadalupe Hidalgo and became part of the United States. Los Angeles was incorporated as a municipality on April 4, 1850, five months before California achieved statehood . The discovery of oil in

7917-512: The world's largest by revenue; the city is an important site in the history of film . It also has one of the busiest container ports in the Americas. In 2018, the Los Angeles metropolitan area had a gross metropolitan product of over $ 1.0 trillion, making it the city with the third-largest GDP in the world, after New York and Tokyo . Los Angeles hosted the Summer Olympics in 1932 and 1984 , and will also host in 2028 . Despite

8008-635: The worst rush hour periods in the world, according to an annual traffic index by navigation system maker, TomTom . LA drivers spend an additional 92 hours in traffic each year. During the peak rush hour, there is 80% congestion, according to the index. Los Angeles is often characterized by the presence of low-rise buildings, in contrast to New York City. Outside of a few centers such as Downtown , Warner Center , Century City , Koreatown , Miracle Mile , Hollywood, and Westwood , skyscrapers and high-rise buildings are not common in Los Angeles. The few skyscrapers built outside of those areas often stand out above

8099-582: The year, with an average of only 35 days with measurable precipitation annually. Temperatures in the coastal basin exceed 90 °F (32 °C) on a dozen or so days in the year, from one day a month in April, May, June and November to three days a month in July, August, October and to five days in September. Temperatures in the San Fernando and San Gabriel Valleys are considerably warmer. Temperatures are subject to substantial daily swings; in inland areas

8190-502: Was 2.0 inches (5 cm) on January 15, 1932. While the most recent snowfall occurred in February 2019, the first snowfall since 1962, with snow falling in areas adjacent to Los Angeles as recently as January 2021. Brief, localized instances of hail can occur on rare occasions, but are more common than snowfall. At the official downtown station, the highest recorded temperature is 113 °F (45 °C) on September 27, 2010, while

8281-502: Was formalized in the Treaty of Guadalupe Hidalgo in 1848, which ceded Los Angeles and the rest of Alta California to the United States. Railroads arrived with the completion of the transcontinental Southern Pacific line from New Orleans to Los Angeles in 1876 and the Santa Fe Railroad in 1885. Petroleum was discovered in the city and surrounding area in 1892, and by 1923, the discoveries had helped California become

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