Justin Kundrak (left), Adam Edwards (top right), and Mike Kathrein.
Justin Kundrak, Adam Edwards and Michael Kathrein
Director; managing directors at Eastdil Secured
Eastdil Secured has advised on $12 billion in deals in the Southern California region since Aug. 1, 2024. The size and depth of its dealings in the area show that the company’s massive impact on SoCal extends far beyond any individual sale.
“Adam Edwards and I cover investment sales in Southern California, and, from our standpoint, there probably isn’t one particular deal in any one market that’s been indicative of the progress and the trends we’re experiencing and generating,” said Michael Kathrein, who works closely with Edwards and Justin Kundrak on investment sales in the region. “We’re continuing to see a significant component of our business and transaction volume driven by lender-facilitated transactions. We’re seeing increasing interest from institutional clients, particularly as it relates to the higher-quality opportunities that we’re presenting to the market across all product types.”
Kathrein notes that Eastdil is about to close its sixth high-rise tower sale in Downtown San Diego over the past 12 months. Eastdil views its success in the area not having derived from any particular monumental transaction, but rather as a clear sign that Eastdil can execute by volume in a troubled market.
“Even in the face of challenging headlines and fundamentals, getting six buildings sold in Downtown San Diego is something we’re really proud of, and we’re seeing that progress mirrored in Downtown L.A., where we’ve closed two and are in the market with two more right now,” said Kathrein.
In July 2024, Eastdil advised Brookfield Properties on its sale of the distressed 52-story 777 Tower, at 777 South Figueroa Street in Downtown L.A., to a Chinese billionaire for $120 million. The following month, the company represented Barings in its sale of 801 South Figueroa Street in L.A. for $60 million to an undisclosed Chinese buyer.
In August, Eastdil represented Irvine Company in its sale of 501 West Broadway in San Diego to XYZ for $69 million.
The company has also made significant personnel moves in the region, appointing Kevin Sheehan and Sean Gulian — who come to Eastdil from JLL and Nuveen, respectively — to co-lead the firm’s National Housing Group for the Southern California region.
