Reese Witherspoon, Ryan Phillippe Sell Shared Duplex

Reese Witherspoon and Ryan Phillippe have sold their shared investment property, a duplex in Los Angeles, for $1.44 million, according to Trulia real estate blog.

On Jan. 17, seven years after their divorce, they unloaded the duplex they still owned together. They originally purchased the home in October 2005 for $1.17 million and then listed the property in December 2013 for $1.395 million.

STORY: Robert Pattinson Sells Los Feliz Home for $6.37 Million 

Witherspoon and Phillippe made a profit of $266,500 on the sale of their two-unit remodeled property. Witherspoon also recently sold her Ojai estate where she married her husband, CAA agent Jim Toth. Originally asking for $10 million on the house, she ended up selling for $4.98 million after lowering the asking price twice.

Likewise, Phillippe saw a loss on his Sunset Strip mansion of $1.175 million in March 2013.

Mary Lu Tuthill of Coldwell Banker Brentwood was Reese and Ryan's listing agent for this deal, and Lisa Mansfield of Sotheby's International Realty represented the buyer.

View the original article here

Time Warner Nearing Sale of Manhattan Headquarters for $1.3 Billion (Report)

Time Warner is closing in on a deal to sell its midtown Manhattan headquarters to real estate firm Related Cos. for $1.3 billion, the Wall Street Journal reported Wednesday.

A sales agreement for the Time Warner Center, on whose construction the entertainment conglomerate spent around $520 million about a decade ago, could be announced as early as Thursday, it said.

A Time Warner representative declined to comment.

PHOTOS: From Huntington Palisades to Trousdale Estates: L.A.'s Top Microhoods

Sources have said that Time Warner has focused on a sale of its current building at Columbus Circle that would allow it to lease office space there for about five years before consolidating it's New York operations in a new building. It currently has seven different office locations in the Big Apple.

That building could be a new commercial tower that Related has been developing in the Hudson Yards neighborhood on Manhattan's far West Side, south of Times Square. The conglomerate is believed to have reached a tentative agreement to move into the 80-story skyscraper set to be built at the corner of 10th Avenue and 33rd Street. Other options include a new development on the site of the former World Trade Center.

Time Warner, led by chairman and CEO Jeff Bewkes, has been exploring its real estate options for about two and a half years in an effort to save money and consolidate the staff of its various operations. Most of its current New York leases are up in 2017.

STORY: Hollywood's Top 25 Real Estate Agents

The far West of Manhattan has cheaper real estate. Previous chatter was that TW could save as much as $100-million-plus by moving office space.

Related has offered to sell the new office space at cost to get TW as an anchor tenant, hoping to make money from the retail and residential parts of the real estate development, according to previous reports.

The Time Warner Center sale could be one of the biggest in a recent slew of commercial real estate deals in the U.S. that have relied on foreign investors.

Related is financing its bid for the Time Warner Center with backing from so-called sovereign-wealth funds from Abu Dhabi and Singapore, sources told the Journal. The Abu Dhabi Investment Authority and the Government of Singapore Investment Corp. would own most of the property venture, but Related would manage the building, the paper said.

E-mail: Georg.Szalai@THR.com
Twitter: @georgszalai

View the original article here

Ashley Greene Buys; Kelly Osbourne and Jordana Brewster Sell Homes

Ashley Greene has just purchased a home in Beverly Hills, according to real estate web site Redfin. The Twilight actress paid $2.435 million for the 27,000-square-foot, Spanish style spread. Located behind a gated drive, the lushly planted property features a three-bedroom, three-bathroom home with beamed ceilings, plenty of skylights and a backyard pool.

Purple haired rock progeny Kelly Osbourne has listed her petite West Hollywood pad for $1.349 million, reports web site Trulia. The E! Fashion Police co-star is selling the one-bedroom, two-bath 1,250-square-footer that she purchased nine years ago for $1.195 million. Built in 1952 and designed by Robert Byrd, the home is perched in the hills and features city views. Jonah Wilson of Hilton and Hyland has the listing.

Jordana Brewster is also putting her place on the market. The Brazilian-American actress has listed her three-bedroom, four-bathroom home for $3.8 million, reports Trulia. Residential real estate ace Ellen DeGeneres had owned the gated, 2,868-square-foot retreat from 1999 until 2002. Wilson of Hilton and Hyland has the listing.

View the original article here