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Commercial Observer
Connecting and informing industry leaders of trends and individuals defining the global commercial real estate landscape
Big-name comings and goings appear to be the order of the day in the commercial real estate industry right now. Is it delayed decision-making from the pandemic? Jitters about the economy and the so-so market? Whatever the reason, another major figure is out from another major company. Also for today: There’s a plan for a large new hotel in the Los Angeles area.
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— Tom Acitelli, Deputy Editor
Bob Knakal Let Go From JLL After Six Years
Investment sales broker Bob Knakal was abruptly let go from JLL on Wednesday, where he has been a top name for six years, a source told Commercial Observer. With deals amounting to about $22 billion over the course of his career, Knakal is one of most well-known brokers in the country. His departure from JLL is sudden and follows the publication of a New York Times profile about his extensive collection of maps. The source said JLL has been consciously moving away from the historical model of focusing on individual brokers to instead taking an investment banking approach, putting the client first, the firm second and the broker last. JLL's management saw Knakal's Times article — which mentioned the brokerage only once — as the antithesis of that, the source said.
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Celebrity L.A. Developer Plans Hotel Next to Clippers’ New Arena and Rams’ Stadium
A developer known for building super mansions in Los Angeles has plans to build a hotel that could become particularly useful for the Super Bowl in 2027 and the Olympics in 2028, among other upcoming landmark sports and entertainment events. Los Angeles-based Arya Group filed plans with the City of Inglewood, Calif., for a 15-story boutique hotel with 174 rooms next to the L.A. Clippers’ Intuit Dome and very near Hollywood Park and SoFi Stadium, where the NFL’s L.A. Rams and Chargers play. Urbanize first reported plans to build a hotel, citing a city notice from Inglewood. The notice lists Ardeshir Tavangarian, founder of Arya Group, as the sponsor of the project called Arya Hotel. Tavangarian is known for building some of the most expensive homes for the rich and famous in L.A.
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