SOUTH PASADENA, CA—A group led by Izek Shomof buys the Rialto Theater from the Jebbia Family Trust with plans to revitalize the historic building.

LOS ANGELES—According to the latest report from CBRE, the Los Angeles office market ends 4Q14 with 946,440-square-feet in absorption, the highest in the region.

LOS ANGELES—The commercial real estate and business law firm promotes Yen N. Hope to partner after making “significant contributions to the firm,” according to managing partner Jonathan Gross.

LOS ANGELES—Hotel owner DCGG Park Plaza forms a joint venture with Wilshire Park Plaza to redevelop the Legendary Park Plaza Hotel, which is currently vacant.

LOS ANGELES—A joint venture between AWH Partners and Starr Cos. purchased the 488-room Burbank Airport Marriott, which is the second Marriott to trade hands in one month.

GLENDALE, CA—R.D. Olson Construction breaks ground on Vista Investments' five-story, 94-room Hampton Inn & Suites in Downtown Glendale.

LOS ANGELES—The investor is looking for a development partner for its multi-acre Downtown Los Angeles site known as Times Mirror Square, as well as a development site in Costa Mesa.

LOS ANGELES—The L.A. Athletic Club begins a multi-million renovation to include NBA-style stall lockers, expanded spa facilities, high-end athletic retail and a speakeasy.