Los Angeles (Credit: Getty Images)

For the first time in seven months, renters in the City of Angels can rejoice.

Rent in the city of Los Angeles remained stagnant in September after months of rising prices, Curbed reported. Median rent stood at $1,350 for a one-bedroom apartment and $1,740 for a two-bedroom, according to a report from Apartment List.

Rent rose 4.5 percent year-over-year, surpassing the statewide increase of 4.3 percent and the national average of — get ready — 2.8 percent.
Another city in L.A. County, Glendale, experienced a similar plateau, as did Fullerton in Orange County. Anaheim and Huntington Beach exhibited the greatest month-to-month growth at 0.8 percent.

The findings from Apartment List, which uses Census data to calculate its report, differed from that of competing apartment-listing site Abodo. Median rates from Abodo’s fall report circulate at $2,112 for a one-bedroom. Those figures make L.A. the seventh-most expensive rental market in the country. [Curbed] – Natalie Hoberman

Lee ordered city agencies to cut permit processing times in half. (U.S. Department of Labor, back; Pixabay, front)

From TRD New York: Mayor Ed Lee is trying to cut down the red tape for housing developments slated for San Francisco. This week Lee ordered city agencies to cut permit processing times in half in order to fulfill his city-wide mandate of building 5,000 new housing units per year, according to Curbed.

U.S. Census data shows 2,600 units were added from 2015 to 2016, and 3,500 units were added the year before. Lee characterized these numbers as “mistakes of the past.” Under his new executive directive, housing approvals in San Fran would take no more than 22 months going forward.

“We have thrown up obstacle after obstacle to the creation of new housing in our City and failed to meet the demands of our growing workforce,” Lee told reporters. “The time for excuses, delays and bureaucracy is over.” [Curbed] — E.K. Hudson

Click here to buy tickets

We’re less than a month away from The Real Deal’s Miami Real Estate Showcase and Forum at Soho Studios!

Last fall we had a blockbuster showcase, with packed panels and more exhibitors than ever. This year we expect an equally full house and have included a limited number of VIP tickets that entitle you to a front-row seat at our panel discussions. In the aftermath of the storm, we’ve included another panel that will examine Irma and the effects of storm surge on South Florida real estate.

Clockwise from top left: Ron Shuffield, Alicia Cervera, Andres Asion, Avra Jain, Jay Parker, David Martin and Art Falcone

Attendees will be treated to a full day of programming (11 a.m. to 5 p.m.), with four panels exploring and analyzing every aspect of the real estate market, as well as a host of local merchants providing food and drinks. Confirmed panelists include Ron Shuffield (EWM Realty International), Kobi Karp (KKAID), Alicia Cervera (Cervera Real Estate), Andres Asion (Miami Real Estate Group), Avra Jain (Vagabond Group),  Art Falcone (Paramount Miami Worldcenter), David Martin (Terra Group) Jay Parker (Douglas Elliman), Tere Blanca (Blanca) and Lyle Chariff (Chariff).

Clockwise from top left: Nancy Corey, Francis Suarez, Patrick Murphy, Lyle Chariff, Tere Blanca and Kobi Karp

Click here to buy tickets, and stay tuned for information on panel topics and panelists.

All attendees will receive a copy of the now quarterly South Florida Magazine. Check out the latest edition of the South Florida Market Report here.

For sponsorship opportunities, email forum@TheRealDeal.com.

Eri Kroh and 1330 W Pico Boulevard (Credit: Sandstone Capital, Loopnet)

Private equity firm Sandstone Properties snagged a 152,000-square-foot industrial warehouse at 1330 W. Pico Boulevard near Downtown Los Angeles for $42 million, the Los Angeles Business Journal reported.

The seller was a private investor under the entity Wilshire Pacific Props. The company’s other holdings include two retail properties on Hollywood Boulevard and a 12,500-square-foot office property in West Hollywood, according to Real Capital Analytics.

The 1967-built, two-story industrial site was once home to legendary printing firm Jeffries Banknote Co. The 92-year-old company used to print travelers checks and municipal bonds for clients like American Express, Bank of America, China and even Bolivia.

Mark Tarczynski of Colliers International represented the buyer and seller. The buyer will most likely redevelop the property, Tarczynksi told the L.A. Business Journal.

Westwood-based Sandstone Properties, led by Eri Kroh, manages over 3 million square feet of office, retail and industrial properties. The company also owns a 14-story building at 14724 Ventura Boulevard in Sherman Oaks, which it paid $56.7 million for in September 2016. [LABJ] – Natalie Hoberman

No American cities made USB’s annual “bubble risk” index this year. (Pixabay)

From TRD New York: No American cities made UBS’s annual “bubble risk” index this year, though several of cities like San Francisco, LA, and, of course, New York are in the midst of local housing crises. Here’s how the Swiss bank’s index assessed them:

The case for San Francisco

Even though the city saw real prices go up by 65 percent since 2011 — 15 percent more than the average city UBS qualified as a bubble risk — the Swiss bank isn’t concerned about the tech town. It’s overvalued, but its booming tech companies, and the strong local economy that accompanies them, means San Fran’s soaring prices are unlikely to crash suddenly.

Ditto for LA

Though prices have climbed by 45 percent since 2012, Los Angeles’ star-studded local economy shows no signs of faltering, so UBS isn’t worried — despite LA being well above the national average increase for U.S. home prices, which currently is hovering at 23 percent.

New York’s mixed bag

Here’s the good news for buyers: New York is “fairly valued,” according to the Swiss bankers’ assessment of the city, which, even they admit, is “one of the most expensive and unaffordable markets in the world.” For four quarters in a row, New York prices rose less than 3 percent and have only risen 10 percent since 2013.

The bad news: if you’re actually working in New York, salaries are not increasing enough to make a difference. The average income went up by only 7 percent since 2013; so, if you couldn’t afford prices then, you still can’t now. The report also notes rising costs associated with financing and a decline in population as factors hampering demand.

Then there’s the issue of high-end units not selling. Since 2015, deals in the luxury market have “declined considerably,” according to the report, and average selling time has doubled in comparison to 2013.

The combination of an oversupply of luxury units, too-low local salaries and the still yet-to-come units in development, lead UBS to conclude their report by observing that “buyers will likely require additional discounts from developers.”

[UBS] — E.K. Hudson

Justin Bieber in Beverly Hills (Credit: beverlyhills.org, Getty Images)

Apparently, it’s too late to say “Sorry” for Justin Bieber.

The singer-songwriter is having trouble renting a home in Beverly Hills — despite offering a hefty $100,000 a month in rent — thanks to his reputation as a mansion-trasher, Page Six reported.

In 2014, Bieber was forced to pay his neighbor $80,000 after chucking eggs from his home in Calabasas. Just a year later, the pop singer trashed a Beverly Hills estate during a Grammys party hosted by Meek Mill.

Now, owners in the 90210 ZIP code made a pact to turn down offers from Bieber and his entourage, even if the rent offered is well beyond market rate.

As a result of the boycott, Bieber has taken a “semi-permanent” residence at an unidentified Beverly Hills hotel, where he’s been spotted by guests at breakfast and has been seen skateboarding around the property. [PS] – Natalie Hoberman

Jordan Downs housing project (Getty Images)

For the first time since 2004, Los Angeles housing officials will open a two-week online registration period for applicants seeking federal rental subsidies.

Analysts expect up to 600,000 people to apply for Section 8 vouchers during the period, which begins Oct. 16, the Los Angeles Times reported.

Officials will start by screening out ineligible applicants who neither live or work in L.A.

To be eligible for housing in Los Angeles, applicants must also meet the government definition of “very low income” and earn no more than $31,550 for an individual.

A lottery will then choose 20,000 for the new Section 8 waiting list. But even those chosen could wait for up to a decade to receive the subsidized housing due to the scarcity of resources. The waitlist will have to compete with homeless applicants who qualify for the same vouchers as part of a separate program funded by Proposition HHH. Other projects, such as the redevelopment of the Jordan Downs housing, could claim some vouchers, as well. Only about half of the vouchers that become available each year will go to people on the new list.

When housing officials last opened Section 8 registration 13 years ago, 300,000 mail-in applicants were placed on a waitlist. There are 35,000 people on that list who are still waiting.

Roughly 57,000 vouchers are in use today and only 2,400 become available each year.

Voucher recipients pay 30 percent of their income as rent while the Housing Authority pays the rest. The U.S. Department of Housing and Urban Development then reimburses the local government.

The registration comes on the heels of a recent legislative push for affordable housing reformation. On Monday, Gov. Jerry Brown signed a package of legislation meant to curb the housing affordability issues plaguing the state. [LAT] – Natalie Hoberman

There could be another $100 million spec home headed to Holmby Hills.

Prominent Angeleno developer Gala Asher dropped just under $12 million for a home on Mapleton Drive in the Holmby Hills, the Los Angeles Times reported. The developer paid $4,000 over asking for the property, which he likely intends to redevelop.

The 6,000-square-foot house has five bedrooms, six-and-a-half bathrooms, a wet bar and office den. A rose garden, lawn, swimming pool and pool house surround the mid-century house.

Antony Arkel of Rodeo Realty had the listing. Ginger Glass of Coldwell Banker represented Asher.

The developer set a record last year when he sold a spec home on Carolwood Drive in the same Holmby Hills neighborhood for $100 million to Platinum Equity executive and Detroit Pistons owner Tom Gores. He originally purchased that home — which is tied with the Playboy Mansion as the most-expensive single-family home sale in the county — for $13.25 million. [LAT] – Natalie Hoberman

Every year more than 3,000 Chinese institutional and direct investors in U.S. real estate join The Real Deal for three days of networking, break-out sessions and panels. It’s the biggest event of its kind and draws top U.S. real estate players and their counterparts in China. See some of the coverage of our event last November here.

TRD also hosts more than 30 U.S. developers, brokerages and other real estate services firms at the Shanghai show. This year Corcoran Sunshine will be showcasing their new developments along with the U.S. Immigration Fund, Lennar, Allure Development, Great Gulf, Property Markets Group, Six Sigma, Greenland, Shanghai Construction Group, Ankor Management, DMG Investments, Marcus & Millichap, Blue Road and others.

The showcase takes place at the five-star Jing-An Shangri La in Shanghai. We’ll kick off with a networking cocktail party on Thursday, Nov. 2, then Nov. 3 and Nov. 4 will feature four panels each, as well as workshops and presentation from our sponsors.

This year’s panelists include Steve Witkoff (Witkoff Group), Jed Garfield (Leslie J. Garfield), Rob Verrone (Iron Hound Management), Nick Mastroianni (U.S. Immigration Fund), Sharif El-Gamal (Soho Properties), Hu Gang (Greenland Usa), Bentley Zhao (New Empire Real Estate), Kobi Karp (Kobi Karp Architecture), Wendy Cai-Lee (Oenus Capital), Chris Wein (Great Gulf), Ryan Shear (Property Markets Group), JD Parker (Marcus & Millichap), Nikki Field (Sotheby’s International Realty), Jacky He (DMG), Shahab Karmely (Kar Properies), Vivian Ding (QWOS), Connor Chen (EB-5 SIR), Olivia Hsu Decker (Decker Bullock Sotheby’s International, among others.

Click here for more information about participating in the event or email contact china@TheRealDeal.com. For sponsorship information, please contact china@TheRealDeal.com.

The brains behind legendary characters including Bridget Jones and Mark Darcy is looking for new inspiration.

Novelist-turned-screenwriter Helen Fielding listed her home on Rising Glen Road above L.A.’s Sunset Strip for $3.5 million, Variety reported.
The 2,655-square-foot property has three bedrooms, two-and-a-half bathrooms, a private office and a two-car garage. Outside, there is a pool overlooking the Hollywood Hills.

Fielding purchased the home with her late husband, “Simpsons” writer and producer Kevin Curran, in 2000 for $1.4 million, property records show.

Jonah Wilson of Hilton & Hyland has the listing.

The novelist is best known for her Bridget Jones books, which she then turned into blockbuster films. She recently purchased a spec-built, five-bedroom home in Brentwood Country Mart for $5.6 million. [Variety] – Natalie Hoberman

Vic Studios rendering

The renovated, 3.2-acre Vic Studios facility at 1840 Victory Boulevard in Burbank Media Triangle has been listed for lease for the first time in two decades, The Real Deal has learned.

The campus includes two 4,000-square-foot studios, a 2,500-square-foot control room, a loading dock and free parking for 231 vehicles. The studios have outdoor common areas, energy efficient roofing and live broadcast capabilities.

Asking rent is $3.05 a square foot a month, according to listing details.

Los Angeles-based Hileman Cowley Partners, a joint venture between Cowley Real Estate Partners and the Hileman Company, acquired the 56,500-square-foot site for roughly $15.4 million in March 2016, records show. The developer recently completed the first phase of its rehabilitation.

Nico Vilgiate and Kyle Stanich of Colliers International have the listing.

The 1969-built Vic Studios was responsible for producing hits including “The Ellen DeGeneres Show,” “TMZ” and “The Peoples Court.”

Studios space has become one of the hottest real estate commodities in town, thanks to to the rising popularity of online videos and the renaissance of television. Investors like Hackman Capital Partners and Hudson Pacific Properties have swooped into the space, where demand has begun to far outpace the supply.

“Sound stages have historically run at a utilization rate of about 70 percent,” JLL international director Carl Muhlstein said in June. “Today, many are running at close to 100 percent.”

Perhaps betting on the trend, CBS Corporation has been in discussions with brokerages to sell its 25-acre studio complex at 7800 Beverly Boulevard, TRD recently learned.

From TRD New York: The world is changing fast. Farmable land is shrinking, storms are strengthening, and temperatures are rising. Across the US, cities aren’t all equally equipped to handle these threats.

“Climate change is going to be the biggest thing we have to deal with, but it’s never going to be the only problem,” Bruce Riordan, who leads the Climate Readiness Institute at the University of California, Berkeley, told Business Insider. “If your city is already suffering from other problems — subways that get flooded whenever there’s a big storm, a faulty power grid — it’s going to be a lot harder. How do you muster the resources to plan for sea-level rise when you’re just trying to keep your city, pardon the pun, afloat?”

Still, some American cities have a slightly better chance of surviving the onslaught of climate change, Vivek Shandas, an urban-planning professor at Portland State University, told Business Insider. These areas are your best bet for avoiding the worst effects of a warmer planet.

Click here to view the map.

David Geffen and LACMA (Credit: Getty Images)

Entertainment mogul David Geffen just pledged the largest cash donation from an individual in LACMA history – a whopping $150 million – to fund the development of a new building at the iconic museum, the Los Angeles Times reported.

His contribution brings the museum’s fundraising total to $450 million, which is still a ways away from the $650 million needed for the construction of the Peter Zumthor-designed building.

“There is no great city without a great museum,” Geffen told the LAT.

The new modernist structure will replace three William Pereira buildings from the 1960s, and a 1980s addition by Hardy Holzman Pfeiffer Associates. Museum director Michael Govan, who is largely leading the years-long fundraising effort for the makeover, previously said the buildings would have required $300 million in restorations to remain functioning.

Groundbreaking for the new building, to be named “David Geffen Galleries” in honor of the donation, is scheduled for 2019 with completion slated for 2023.

Other contributors for the project include Las Vegas art collector Elaine Wynn, Univision Chairman A. Jerrold Perenchio (former owner of the Chartwell estate, which recently set records with its $350 million ask) and Harbor Freight Tools founder Eric Smidt and his wife, Susan.

Geffen is the founder of Asylum and Geffen Records and the co-founder of DreamWorks SKG. His philanthropic efforts aren’t limited to the West Coast — he donated $100 million to New York’s Museum of Modern Art last year and another $100 million to renovate the home of the New York Philharmonic in 2015. He also pocketed some extra cash after selling two properties on the luxurious Malibu sands earlier this year. [LAT] – Natalie Hoberman

A rendering of the spheres at Amazon’s Seattle campus

From the fall issue:

Seattle: Amazon holds national beauty pageant for second HQ

Amazon sent local and state officials across the country into a frenzy last month, when it released a request for proposals (RFP) for a $5 billion second headquarters that will employ up to 50,000 people.

Amazon CEO Jeff Bezos said he expects the “HQ2” to be a “full equal” to the existing 8.1 million-square-foot Seattle campus. The company said that its 33-building Seattle operation had boosted the city’s economy by $38 billion between 2010 and 2016 and spelled out some interesting benefits of having the world’s largest online retailer in town. Amazon said that 233,000 hotel nights were booked in Seattle by visiting employees and guests and that it had paid $43 million into Seattle’s transit system through its employee transportation benefit package. Naturally, there’s a lot of interest.

Just about every major city around the country wants to house Amazon’s new campus, including Chicago, Atlanta, Detroit, New York, Boston and Los Angeles. Amazon “has preference” for a metropolitan region with an international airport and a population greater than 1 million. The company also noted that it would look at suburban locations “with the potential to attract and retain strong technical talent.”

Considering the magnitude of the project, Amazon isn’t giving much time for cities to make their case: Proposals are due Oct. 17, and it plans to choose a winner next year.

Washington, D.C.: JBG Smith reinvents a chunk of Crystal City

JBG Smith Properties — a real estate investment trust tied to Vornado Realty Trust — is rebranding a chunk of Crystal City in Arlington, Virginia.

The Chevy Chase, Maryland-based developer filed its initial development application for “North District” with local authorities last month, according to Washington Business Journal.

The plans call for 120,000 square feet of retail— 50,000 of which will be set aside for an Alamo Drafthouse movie theater. JBG Smith also hopes to bring a 15,000- to 20,000-square-foot grocery store to the neighborhood.

There are three more phases of development planned for Crystal City, which could ultimately add 3,300 new residential units to the area. The company is planning the conversion of a 12-story office building into a 350-unit residential tower, a new Metro station and “a lot of wonderful open and green space,” according to JBG Co-Chief Development Officer Brian Coulter.

JBG inherited two dozen Crystal City properties totaling more than 7 million square feet when it merged with Vornado’s D.C. outfit in July. Vornado had filed a somewhat similar plan for the redevelopment of the area, but it never crystallized.

Crystal City is a is a semi-planned community that was built during the 1960s and 1970s, just a stone’s throw from Reagan National Airport and served by a stop on D.C.’s Metro.

Baltimore: Goldman Sachs invests $23M in waterfront redevelopment

Goldman Sachs is making big moves in Maryland.

The financial firm will become the joint venture partner of Sagamore Development Co. — a development firm led by Under Armour CEO Kevin Plank — on Port Covington, a planned $5.5 billion, 235-acre mixed-use development along the Patapsco River, according to the Baltimore Sun.

Sagamore is taking the lead on the redevelopment of the once-industrial area. There will be roughly two and a half miles of restored waterfront, 400 acres of parks and green space and a mix of housing, offices and retail. Under Armour is independently developing a campus for its global headquarters on an adjacent 50-acre parcel.

Sagamore and Goldman Sachs plan to start building streets, parks and utilities within the next 12 to 18 months, according to the Sun.

Sagamore had requested a total of $1.1 billion in financing from local, state and federal funds —$660 million of which is already secured.

Port Covington has been somewhat controversial among Baltimoreans, some of whom say the $535 million in bond-backed tax increment financing (TIF) the city is providing for the project is too generous. The city would provide the funding through municipal bonds, which would be paid by the future tax revenue generated by Port Covington. Repaying the TIF restricts the use of those taxes for other uses, such as schools.

St. Paul: Downtown riverfront public-private partnership called off

A highly anticipated, $225 million redevelopment plan for a Ramsey County-owned 5-acre riverfront site near downtown St. Paul fell through last month after a disagreement over funding, according to the Twin Cities Pioneer Press.

Ramsey County announced it had mutually broken up its partnership with the Phoenix, Arizona-based Cardon Development Group after the developer asked for additional public funds to build a parking lot on the site.

Cardon had planned a 300-unit residential tower, a hotel and a commercial high-rise above a parking garage — but insisted on having 2,000 to 2,500 parking spaces, far more than the city thought it needed.

The county balked at the prospect of subsidizing the construction of the parking lot — especially after having spent $17 million for the demolition of vacant buildings on the parcel in 2015.

The demolition came in $6 million more than original estimates, but the local government opted to raze the buildings to make the property more attractive to potential developers. The county had struggled to sell the lot for more than a decade.

County officials said they would look into how to make the redevelopment cheaper.

Rachel Bilson and 1350 Linda Ridge Road (Credit: Redfin, Getty Images)

Rachel Bilson is definitely not in “The O.C.” anymore.

The actress dropped $3.25 million for a mid-century, contemporary home on Linda Ridge Road just above the Rose Bowl in Pasadena, Variety reported.

Bilson’s new pad spans nearly 3,700 square feet and has six bedrooms and four bathrooms. Floor-to-ceiling windows, a stereo system, a wet bar and a uniquely-shaped swimming pool are included in the retro home.

Notable architect Gregory Ain custom built the home in 1950 for Walter W. Ralphs Jr., heir of the Ralphs grocery store chain. The local landmark is fittingly dubbed “Ralphs House.”

The Pasadena home was previously listed for rent at nearly $5,600 a month, property records show. It hit the market at just under $3 million late July.

Michael Bell of Sotheby’s International Realty had the listing.

The actress, best known for her roles in “Nashville” and “The O.C.”, recently spit from longtime boyfriend and co-parent Hayden Christensen. The two shared a four-bedroom home above Sherman Oaks up until it sold earlier this year to Lucky Brand executive Barry Perlman for $3.8 million. [Variety] – Natalie Hoberman

Gary Beasley

From TRD New York: Housing investment platform Roofstock raised $35 million in a Series C funding round as it looks to cash in on growing interest in single-family rental housing.

The funding round, led by Canvas Ventures, also included Lightspeed Venture Partners, Bain Capital Ventures, Khosla Ventures, Nyca Partners, QED Investors, and FJ Labs.

“We were drawn to Roofstock because we saw parallels with Lending Club,” Canvas’ general partner Rebecca Lynn said in a statement, referring to the crowdfunding platform Lending Club, which went public in 2014 and now has a market cap of $2.64 billion.

Roofstock CEO Gary Beasley said the firm will use the money to hire and to expand into new markets. The company has raised a total of $68 million from investors, according to Beasley. A $20 million Series B round in November included Bain, Khosla and Hone Capital, a subsidiary of Chinese private equity firm CSC Group, according to Crunchbase.

The Oakland-based startup, launched in 2016, is an online platform that allows investors to buy single-family rental homes online. The company inspects properties, provides an independent valuation, checks the title and puts buyers in touch with property managers. But unlike many crowdfunding platforms, it doesn’t actually invest itself. It charges sellers a 2.5-percent fee and buyers another 0.5 percent.

Beasley said institutional owners of single-family rental homes like the Blackstone Group’s Invitation Homes and Starwood Waypoint Homes, which recently agreed to a merger, and American Homes 4 Rent, account for a “good portion” of the listings. Buyers are a mix of institutions and retail investors. According to Beasley, around 20 percent of the firm’s retail investors are based in New York.

The firm, active in 15 markets, is considering New Jersey, but has its doubts about moving into New York City.

“It’s just hard to make the numbers pencil out in New York for a yield-oriented model,” he said.

Former Roofstock director Maren Kasper joined the federal department of Housing and Urban Development earlier this year as a Senior White House Advisor. A New York magazine report described her as the “most influential” person in a new leadership group ahead of HUD Secretary Ben Carson’s inauguration. She has since moved on to Ginnie Mae, which finances federally-backed homeownership programs, according to NYMag.

Bebe’s Los Angeles design studio, Founder Manny Mashouf (Google Maps/Getty Image)

The three-story property at 10345 W. Olympic Boulevard – owned by Bebe Stores Inc. for 13 years – is up for grabs (again), The Real Deal has learned.

Monday Properties entered a contract to buy the 46,700-square-foot building in Century City for $35 million in an off-market transaction in July. The investment firm has since fallen out of the deal after failing to come to terms with the seller, Bebe, according to Andrew Gharibian of Beverly Hills-based First Property, who, along with the brokerage’s founder Jeffrey Resnick, has the listing.

New York-based Monday Properties unsuccessfully attempted to extend the contract’s due diligence period and renegotiate the selling price, causing Bebe to say “bye bye,” a source said. A Bebe representative confirmed Monday that the property is no longer in escrow, and that “for sale” signs were posted on the property this week.

When asked to comment, Philip Cyburt, the managing partner heading Monday Properties’ West Coast expansion, said his company is still involved with the property.

Monday’s deal was expected to close in August. The corporate space is now listed without an asking price, but Gharibian expects a similar price point.

Fashion retailer Bebe paid a mere $4.6 million for the property in 2004, property records show. Previously, it served as the headquarter office space for American Express, Gharibian said.

The sale of the studio comes on the heels of Bebe’s departure from its traditional brick-and-mortar stores as it focuses on e-commerce. It sold its distribution center in Benicia for $22 million in June, and closed a deal with landlords to close all U.S. stores for $65 million.

Tennis court at property on Wildlife Road, with Johnny Carson (MLS/Getty)

Film producer Sidney Kimmel and his wife, Caroline, listed their Malibu home on Wildlife Road – formerly owned by famous “Tonight Show” host Johnny Carson – for $81.5 million, the Wall Street Journal reported.

The oceanfront estate, designed by notable architect Ed Niles in 1978, spans 7,000 square feet. An indoor arboretum, gym, locker room, koi pond and guest house are included on the site.

A tennis court featuring a bench from Wimbledon sits on the four acres of land.

Views at property on Wildlife Road (MLS)

Chris Cortazzo of Coldwell Banker and Linda May of Hilton & Hyland have the listing.

Comedy legend Johnny Carson, who passed away in 2005 at the age of 79, owned the home for over two decades. He bought the estate in 1984 for $9.5 million, the Los Angeles Times previously reported.

The Kimmels acquired the site, along with two contiguous parcels from Carson’s widow, Alexis, in 2007 for about $46 million, records show.

Sidney Kimmel is the founder of fashion company Jones Apparel Group. He’s also produced blockbuster movies including “Moneyball” and “Hell or High Water.” [WSJ] – Natalie Hoberman

The Real Deal Los Angeles‘ fall magazine is set to hit newsstands this October!

The upcoming issue is packed with the most important industry news and insider information, including a look inside the world of residential broker coaching and foreign investment in L.A. real estate. The October magazine will also look at the top commercial brokerages doing business in the San Fernando Valley, as well the city’s industrial boom — currently the most in-demand sector of the commercial market.

You can receive your copy by subscribing to The Real Deal Los Angeles. Click here to read the July issue, featuring a profile of Tom Barrack, a look at Compass and Douglas Elliman’s respective forays into the L.A. market and more.

Call Frank Morales at (310) 270-8124 or contact fm@therealdeal.com to learn more about advertising opportunities.

From left: A WeWork space, Adam Neumann, and Airbnb’s Nathan Blecharczyk, Brian Chesky and Joe Gebbia

From TRD New York: WeWork and Airbnb formed an alliance in a bid to take over the corporate travel market.

Customers who book a room on Airbnb will also be able to reserve a desk at the nearest WeWork co-working space under a pilot program in six cities, Bloomberg reported.

As of Thursday, the service will be available in Chicago, New York, Los Angeles, Washington, D.C., London and Sydney. Earlier this year Airbnb introduced a feature allowing users to search for homes with a desk and high-speed internet.

WeWork, meanwhile, has offered overnight stays at its WeLive co-living location in Lower Manhattan. The company recently raised $4.4 billion from Japanese conglomerate SoftBank at a $20 billion valuation. [Bloomberg] — Konrad Putzier