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Persian Persuasian: Gulf Companies Investing In LA

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If Los Angeles was feeling left out of the investment frenzy that $44 trillion in oil wealth has spurred from the Persian Gulf, the city's real estate development is looking like an attractive opportunity. Downtown's largest office landlord Robert Maguire is looking to buy his company, Maguire Properties, after pressure from unhappy investors asking him to step down, and he may use funding from Persian Gulf investors. On the other coast, Related Cos has received nearly $1.4 billion in investment from Goldman Sachs and the government of Abu Dhabi. Related is the developer behind the Frank Gehry-designed Grand Ave project in downtown, and Abu Dhabi is currently developing buildings by architects Jean Nouvel, Zaha Hadid, and of course, Frank Gehry. Bring on the Persian palaces! [LA Times]