Details on Kilroy’s LA Portfolio

L.A. REIT boss Angela Aman knows what she wants and goes after it. That was clear on her company’s latest earnings call. Kilroy Realty is shedding real estate that it believes is a drag to its portfolio and collecting hot properties — something it’s done since Aman took the corner office, replacing John Kilroy Jr., longtime leader and son of Kilroy Realty founder John Kilroy Sr.

Apartments aren’t core to Kilroy’s business, so it sold two luxe Hollywood apartment towers that happen to be on its mixed-use campuses for more than $200 million. The buyer was Orange County based-Advanced Real Estate, we learned after earnings. Aman, on Tuesday’s first quarter call, said the apartments weren’t “have to sell” trades but emphasized the price was right.

It’s the latest of several recent and similar moves: Kilroy sold Sunset Media Center, an office building in the heart of Hollywood that was only 51 percent occupied, to Hankey Investment Company and Barker Pacific Group for $61 million, and an office building in Santa Monica for $40 million.

It’s not all about selloffs under Aman — Kilroy purchased a Beverly Hills office campus, Maple Plaza, from Tishman Speyer for more than $200 million.

Maple Plaza has come up in each earnings call since. Aman most recently noted that the campus is “continuing to experience strong, broad based demand from the financial services and media and entertainment sectors, notably surpassing our original expectations.” Maple Plaza was 75 percent occupied when it was purchased in September, and now it is around 82 percent occupied.

Kilroy’s Los Angeles portfolio is about 79 percent leased, but Aman said it is seeing improved activity, a product of a slowly improving market and “the significant portfolio repositioning work that we’ve done in L.A. over the last two years.”

The REIT isn’t exiting L.A. but it is going to take advantage of interest in its West Coast properties with opportunistic sales, Aman and her crew said.

Still, there are around 740,000 square feet of leases set to expire this year, and as the company has said before, it mostly anticipates move-outs. Of that, 330,000 square feet are in Los Angeles.

Hedigan vs Haddad

A missive from the proxy front, courtesy of FivePoint Holdings, the Lennar-spin off with major development in various stages in OC, LA and SF.

Chief executive Daniel Hedigan’s total compensation was more than $8 million in 2025; in 2024, it was more than $4 million — a lot of that bump had to do with his stock awards.

Chairman emeritus Emile Haddad, who Hedigan replaced (you can read more on that here), made $2.5 million in consulting fees.

Where’s Rick?

In the case of Rick Caruso, the answer is everywhere. The billionaire real estate developer last week made appearances on TBPN, a tech podcast that OpenAI just bought, and Fox News. He said he wasn’t running for Los Angeles mayor or California governor … this year. Is he making a case for a future run? On TBPN, the hosts jokingly asked about him running for president, which he blew off and they all had a laugh. Anyways, here are some interesting things Caruso said on the pod:

The Caruso company uses its own capital. It began because he couldn’t raise money — even his father, his mentor, didn’t understand the Grove and thought he lost his mind when he bought Miramar. But that might change. Caruso is thinking about joint venture opportunities — he said he’s always being approached and doesn’t have to explain his vision because of his track record.
On succession: Caruso wants the company to be “dynastic,” and wants to hand it down. He has four children.
He believes local families are the most successful in real estate because they know things about the area that cannot be taught.
Italian piazzas inspired him.
His company has an 18 percent compound annual growth rate over its 39 years in business. He received air horns and applause for that.
Even Caruso cold calls people. He tells people he has no agenda but wants to understand how they think and asks them to have a cup of coffee.
He’s super into feng shui.

That’s plenty for one week, but Caruso added an impressive kicker with the purchase of the Sherwood Lake Club golf course in the Santa Monica Mountains.

Speed read: Hackman in Culver City

9050 Washington Boulevard: Hackman Capital Partners defaulted on a $100 million loan on a creative office campus located in Culver City and now faces foreclosure. Hackman and Affinius Capital purchased the real estate in 2021 for $160 million. It was home to Sony Animation Pictures until the company left in 2024, and it appears the campus has sat vacant since. The debt amounts to $500 per square foot — a hard sell nowadays.

9300 Culver Boulevard: Michael Hackman’s company and Affinius are shopping Culver Steps, a mixed-use campus that is completely leased to tenants such as Amazon Studios and Erewhon. The rumored price tag is $150 million, or more than $1,200 per square foot — very pricey.

Read more about the two deals here and here.