TRD’s Top West Coast News: Return to Office, Redeavor Start

In the ongoing return-to-office debate, Los Angeles is taking a very laissez-faire approach.

Los Angeles Mayor Karen Bass hasn’t taken an official stance publicly on whether the city’s workforce will be ordered back into the office. The head of employee relations for L.A. City Administrative Officer Matthew Szabo offered a look at just how relaxed the approach has been, telling The Real Deal city departments are “doing their own thing.”

TRD sought to understand the city’s approach to in-person work as office brokers and landlords in submarkets such as downtown Los Angeles wonder when workers might come back.

Elsewhere, the West Coast’s residential market saw some interesting action, while a new development firm launched with ambitions of disrupting the market.

Here’s a look at this week’s top stories on the West Coast.

Memo: Back to the office for San Francisco city workers

In San Francisco, in-person work is a different story from L.A. for city employees.

San Francisco Mayor Daniel Lurie made things crystal clear: city workers need to be in the office at least four days a week.

The internal announcement clears up any haze from a memo sent in January that simply raised the subject of ramping in-office work with nothing concrete beyond that.

For the 30 percent of workers still on a hybrid schedule, they have until April 28 to make the transition.

Redeavor launched with ambitions of shaking up the new dev industry

A group of high-profile executives from big brokerages have struck out to form Redeavor. The faux word is meant to capture the nuances of operating in the new development space and selling out buildings, which co-founder and managing principal Mike Leipart likened to a “very long slog.”

Leipart, who founded The Agency Development Group, and Andrew Wachtfogel, co-founder of Redeavor and former president of new development at Official, chatted about their start-up, which handles sales, marketing, advisory and capital under one roof.

Discovery Land CEO enlists Josh Flagg to sell Lake Sherwood estate

Brett White, a former CBRE and Cushman & Wakefield CEO, heads up a development firm that’s amassed a portfolio of upscale resort and entertainment properties.

White’s hoping prospective buyers see in his Lake Sherwood estate a similar kind of exclusivity and resort-like environment akin to Discovery Land Company’s portfolio.

The executive tapped Compass’ Josh Flagg to list the home, named Casa Blanco, for nearly $16M.

Following the money in LA’s wildfire rebuilding efforts

A new picture’s coming into focus for those rebuilding their homes after January’s devastating wildfires. In short, financing is the next big question in rebuilding Altadena, Pacific Palisades and parts of Malibu.

One developer’s getting creative on the financing possibilities, while some agents pose questions of how the numbers ultimately pencil out for their clients. Get the full story here.

Sea Cliff delivers 10X return for Shorenstein family

Former Shorenstein Properties CEO and Chairman Douglas Shorenstein made a good investment in 1988.

That’s the year the late real estate executive bought an 8,300-square-foot home on Sea Cliff Avenue in San Francisco. In January, the property was traded in an off-market deal for 10 times what Shorenstein had paid for it.

The $30 million sale marks one of San Francisco’s priciest deals so far this year.