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About PMI Properties

PMI is a thirty year old property investment company located in Beverly Hills/Bel Air that invests in commercial and residential real estate. Since its founding in 1978, PMI Properties has closed over $500 million in office, shopping center, industry and apartment properties throughout Los Angeles and San Francisco. PMI's most recent endeavors have focused on pioneering creative office suites in office buildings and converted warehouses.These properties have been primarily located in Los Angeles and recently in San Francisco. PMI had its roots in investing in apartments, but more recent investments have focused towards offices, creative offices and converted warehouses. PMI was the first to pioneer a new, creative suite in office buildings with its proprietary "lifestyle suites," which featured skylights, partial hardwood floors, designer lighting, raised ceilings, interior glass, and other upgrade features. PMI pre-built the suites in an efficient and generic floor plan that not only achieved a premium, but also rented faster than suites requiring build-to-suit modifications. PMI was also one of the first to convert warehouse industrial facilities into flex creative space prior to the Internet boom. Today, PMI's suites are some of the most coveted creative offices on the market. Subscribe to get our newsletter and blogs for free! http://eepurl.com/hG0V2

Selling Creative Office in Downtown LA to Westsiders

Michael White

Michael White, Principal of Gensler Architects

On February 21st, 2013, Michael White, a principal at the architectural firm of Gensler, participated on a panel about creative office in Los Angeles.  He discussed Gensler’s move from the Westside of Los Angeles to Downtown Los Angeles.  According to White, when Gensler announced that they were moving their offices downtown, employees expressed shock and disappointment.

The senior executives noticed that many of the associates rent housing, instead of owning.  Gensler sold the downtown location by stressing that it would be much more affordable for the associates to one day buy in the neighborhoods near downtown than those on the Westside.  According to White, the housing affordability argument helped turn the tide of opinion to a positive one about the move to downtown Los Angeles.

Transit and Parking is Coming Near 10951 Pico Creative Offices at Sepulveda/Pico Expo Line, But Will Employees Walk?

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Photo courtesy of Curbed Los Angeles

New and exciting things are happening in the 10951 Pico neighborhood! The Expo line will connect the area around 10951 Pico with transit to Downtown and Santa Monica, as well as providing 1,795 new parking spaces.  It will also feature a 250 space free Caltran commuter lot.  The Expo Station will be less than a half mile from the 10951 Pico Creative Offices (at Veteran Avenue and Pico Boulevard), making the walk just under ten minutes.  Compared to other cities, where a ten minute walk is nothing, LA Westsiders consider this trek an inconvenience.  Even a short five-minute walk borders as unbearable.  Los Angelenos just don’t walk from parking or transit to work.

Even now, there is plentiful free parking along the Expo line that is a five-minute walk from the 10951 Pico Creative Offices.  However, some tenants do not recognize such parking as convenient.

In Beverly Hills for example, some office deals hinge on parking spaces next to the elevator.  It can get that competitive.  More transit and parking is coming, but the big question is if employees will get used to walking back and forth from the parking located 5-10 minutes away from their respective work locations.  As office densities continue to increase beyond five per 1000 square feet, tenants and employees alike will need find locations near parking and transit, and learn to walk longer to work.  A University of Michigan survey found that teenagers in 2010 were much less likely to drive than teenagers in 1983, so maybe times are changing.

The mixed-use project proposed at the Sepulveda/Pico site includes on-site bike and car sharing facilities, bicycle parking, and will even offer transit incentives and free or discounted Metro Passes to residents and employees by the developer.  Once this project is finished, time will tell if those enticing amenities and incentives will encourage more people to use transit to get to work.To learn more, read about the proposed parking in this article.

“Not Your Father’s Pico”: New Amenities Surround 10951 Pico Building

Several new amenities have opened that are situated close to our 10951 Pico Boulevard building in West Los Angeles.  Some of them include the Landmark Theatres and restaurants and bars such as the Westside Tavern, The Wellesbourne, and Bossa Nova.  The Landmark, located inside the Westside Pavilion mall, is one of America’s largest chains dedicated to independent films.  It endorses a diverse group of foreign, indie, and, of course, Hollywood films.  Like other theaters, you can reserve tickets and seats online prior to the movie showing.

Just next to the Landmark, Westside Tavern is a modern, trendy American restaurant and bar.  Westside Tavern is the creation of Chef Warren Schwartz who is also the creator of the Saddle Peak Lodge, Patina, and Whist.

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Interior of The Wellesbourne

The Wellesbourne is an old-English style lounge known for its hip, energetic atmosphere with inventive cocktails, cool furniture, and shelves of books.  Wellesbourne is packed on Friday and Saturday nights with Gen Ys, and if you’re lucky, you may even catch a live band performing at night.

Originally from the Sunset Blvd Hollywood area, Bossa Nova is now available on Pico for Westside hipsters.  It is the place to go for authentic Brazilian cuisine.  Start off with popular appetizers like cheese bread or plaintains, indulge in a hearty entree of fish or steak, and end with the Passion Fruit Mousse.

In addition to all of these newer amenities, the Westside Pavilion still includes many dining and shopping options just down the block, within walking distance of our 10951 Pico building.  With all the new and exciting amenities so close to the building, it is sure not to disappoint.  This is “not your Father’s Pico” anymore!

For more information, please check out our website.

10951 Pico Creative Offices Home to New and Old Tech Startups

10951 Penthouse

10951 Pico Penthouse Space

The 10951 Pico building was the birthplace of one of YouTube’s most successful content providers, Machinima.  In 2006, Machinima was founded by Allen DeBevoise in a 150 square foot suite in the Penthouse.  By July 2012, they already had 191 million unique users who viewed an excess of 2.1 billion videos on their YouTube channel and website and occupied 30,000 square feet in Hollywood.

10951 Pico also serves as the corporate headquarters for Bebo, a social networking site that was at one time a contender with Myspace and Friendster.  Little Black Bag, a social e-commerce company backed by David Tisch and Mark Suster, recently moved into the ground floor suite.

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New Penthouse Cafe Kitchen

With it’s open and collaborative Penthouse space, and upgraded cafe style kitchen, 10951 Pico will continue to house creative offices to inspire the new tech startups joining the ranks, as well as continuing to go above and beyond to accommodate and maintain close ties to older tech startups.

A Rebuttal to David Stockman’s “This Is Housing Bubble 2.0”

Ronald Regan’s former budget director, David Stockman, declares the recent turnaround in the housing market as bubble 2.0.  He cites as an example markets like Phoenix where prices have risen 20% .  I disagree and see this as a bounce off the bottom where prices got so cheap that there was finally a recovery.  Investors saw they could achieve a better yield buying and renting homes than they could on other assets including apartment buildings.  In Phoenix where prices had fallen 70%, prices would have to rise over 300% to get back to the peak. A 20% increase, after a 70% fall, is far from a bubble.  Phoenix housing prices are only at pre-housing boom 2002 levels, according to Zillow.   The housing bubble was caused by lenders giving a 100% financing to first time buyers who speculated on prices increasing.   Now it is difficult to get loans except for the most credit worthy, and substantial down payments are required. Today’s first time home buyers are the most credit worthy and find the economics and lifestyle benefits just too compelling  to rent.   As the economy recovers, households are forming, but many are moving into rental housing.

The most fundamental sign of a bubble is a disparity between the cost of owning versus   renting. The greater the cost of owning versus renting, the greater the bubble.   During the bubble, the disparity was at its largest in recent history.  Now it is either normal or unusually low.

The current recovery may not be a boom but it is not a bubble.   Yes historically low interest rates are pushing up all asset values, but at least with housing in certain areas, values are far below peak and their long run statistical trend.  You can read David Stockman’s arguments in the article below.

This Is Housing Bubble 2.0: David Stockman | Daily Ticker – Yahoo! Finance.

“Mr. Gorbachev Tear Down This Upper Cabinet”

Creative multifamily renovators are removing the separation between the kitchen and the living/dining room in older apartment units to give them a contemporary layout.  In many apartment kitchens, an upper cabinet separates the kitchen from the dining/living room and leaves only a pass-thru.  The removal of this upper cabinet not only unites the room but allows for the creation of an eating bar creating a “cafe kitchen” look.

Upper Cabinet Separation

Upper Cabinet Separation

Cabinet Separation Removed

Cabinet Separation Removed

Marina Marketplace Opening Spring 2013

Marina Marketplace, next to our Marina Glencoe Studios, is currently being renovated and should be completed by spring this year.  Marina Marketplace is a place for shopping, dining, entertainment, and fitness with popular stores including Barnes and Nobles, Sport Chalet, DSW Shoes, Gelsons, to name a few.  New additions in the spring will include Yard House, Pier 1 Imports, Le Pain Quotidien, and Tender Greens.  Restaurants will have outdoor dining areas with umbrellas and creative lighting.  Marina Marketplace will also have plenty of parking for customers.

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AMC Dine-in Theaters and Equinox have recently opened.  AMC Dine-in Theaters contains two types of theaters: one as a casual dine-in and the other with a full cocktail bar and luxury recliners.  Moviegoers can reserve their seats prior to arrival.  During the movie, one can place an order as easy as pressing the call button for a server.  Whether people are waiting for a movie to start or hanging around after the movie has finished, MacGruffins Bar and Lounge is open for patrons to enjoy.

Please visit here to view the new full directory of Marina Marketplace.

Creative Multifamily

PMI, one of the pioneers of creative office, is now focusing its attention on “creative multifamily” properties.  This undertaking targets gentrifying urban areas, focusing on neighborhoods that are near public transit and local amenities (bars, restaurants, shopping, etc.).  By utilizing many of the architectural elements popular in our creative office product, PMI renovates obsolete properties into hip, modern apartments that appeal to Gen Y, knowledge workers, the creative class, and urbanites; hence, the “creative multifamily.”

lofts2The goals of creative multifamily renovation include:

  • Highlight structural building elements wherever possible.  This may involve any of the following: removing drywall ceilings and exposing the natural wood ceilings to achieve volume, restoring the original wood floors or removing carpet to polish concrete slabs, and cutting new windows and sliding doors.
  • Reconfigure and improve the floor plan, layout, and circulation to meet the needs and lifestyles of the Gen Y knowledge worker.  This reconfiguration may combine living, dining, and kitchen into one large room that encourages collaboration.  Kitchens are opened up and dining bars are employed to create a café atmosphere.  Bedrooms are enlarged to efficient sizes.  Interiors are made to feel modern while maintaining the architectural character of the original structure.
  • Create new, centrally located common area patios with tables, chairs, and barbeques in a hotel roof club atmosphere.  This recognizes the collaborative and social nature of the Gen Y knowledge worker.
  • Modernize the bathrooms with contemporary cabinets but maintain the tiles in character with the buildings.  Kitchens have contemporary cabinets and counters with new stainless steel appliances.
  • Recognize the new green initiatives by installing insulation, double pane windows, and skylights.
  • Create indoor/outdoor living by making private outdoor spaces accessed through large interior door openings.
  • Equip units with new HVAC split systems and a washing machine and dryer.

Like their desire for a different office environment, this generation’s knowledge workers desire a different, more relevant and expressive apartment environment with affordable rents.  Creative multifamily provides a more expressive and design oriented dwelling for the young creative knowledge worker.  This resonates with their hip and collaborative nature and will satisfy their desire to live in an urban property that is “not their father’s first apartment.”

Architectural Features of Hipster Design in Northeast Los Angeles

The article discusses the design features used by flippers who sell to hipsters in Northeast Los Angeles

“I wanna inject a little bit of youthfulness,” says Jones, “a little bit of modern into it, so what I’m looking for are these sort of modern elements juxtaposed with this vintage thing, a modern-vintage hybrid.”

Why I’m Fine With the ‘Hipster Flip’ Phenomenon – Los Angeles – Arts – Public Spectacle.