FivePoint Communities and two partners completed the purchase on Thursday, Aug. 10, of Broadcom’s new office complex south of the Orange County Great Park in Irvine and will lease two of the new buildings there to the chip maker for the next 20 years, the Aliso Viejo development firm announced.

The announcement came during the newly public firm’s first earnings report released at the close of the stock market Thursday.

FivePoint — the master developer behind homes and businesses around the Great Park and behind portions of the park itself — said it formed a new joint venture last Friday, contributing $106.5 million and acquiring a 75 percent interest in the new partnership. The other two members of the new joint venture, Five Point Office Venture Holdings I LLC, were not named.

The firm then exercised its right of first refusal to buy back the 73-acre Broadcom parcel, which has four new office buildings with just over 1 million square feet of space and approvals to build about 1 million square feet more office space in the future. Two of the four buildings have been completed and the other two are nearing completion, the company said.

The purchase is being financed with about $104 million in cash and $339 million in loans.

Broadcom originally purchased the Irvine office site for $128 million in 2015, with plans to build its new world headquarters there. But Singapore-based semiconductor firm Avago bought Broadcom in 2016, and Avago — since renamed Broadcom Ltd. — moved its U.S. headquarters to San Jose.

FivePoint’s earnings report said Broadcom signed a 20-year lease for two of the buildings with about 660,000 square feet. An additional 135,000 square feet of office space will be leased for 10 years to a subsidiary of FivePoint and a subsidiary of FivePoint’s former parent company, Lennar Corp., the company said.

FivePoint projects the property will generate about $27 million a year in net income.

Last year, Broadcom Ltd. put nearly half the site up for sale, including two of the four buildings, 32 acres plus 450,000 square feet of future building rights. Broadcom’s original purchase agreement, however, gives FivePoint the right to buy back the land, buildings and future building rights before a third party can buy it, the company said.

Broadcom initially estimated the cost of building all 2 million square feet of office space would cost $778 million.

Daniel DuGoff used a trip to Taipei with the CFDA Incubator program to form the foundation of his men’s collection.
DuGoff, who studied architecture before working for Patrik Ervell and Marc Jacobs, said on the trip he was able to experience the urban grit of Taipei along with the tropical landscapes of Yangmingshan National Park, which is located outside of the city.
DuGoff used those contrasts to present a minimal lineup of classic men’s sportswear energized with color — green, mustard, white and navy — and prints including plaid, an abstracted window pane and a hazy leaf print.
High notes from the collection included the short shorts, which mimicked the silhouette of a swim trunk but were made from shirting material, the Fifties-inspired knot polos with embroidery on the chest, and the hooded jacket made from cotton and nylon grosgrain.
DuGoff has said his primary goal is to produce easy clothes that men will want to wear on an everyday basis. He accomplished that goal with this lineup and also introduced some new pieces into his customer’s wardrobe.
See More From the Men’s 2018 Collections:
Perry Ellis Men’s Spring 2018: The company injected performance features into its tailored clothing uniform and then layered on fashion.
Hecho Men’s Spring 2018: The

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Hollywood contemporary denim brand DSTLD is going back to the masses in hopes of raising more capital.
DSTLD (pronounced “distilled”), armed with confidence following the close of $1.7 million through equity crowdfunding, is now looking to raise more money to fuel its growing apparel range for men and women and interest in opening showroom concepts.
That initial funding round, which closed in February, came from more than 1,700 people and has seen the company notch growth in sales. By June 2016 the business had lifetime revenue of $3.3 million and that was up to $9.1 million as of June of this year.
“We were kind of guinea pigs with Regulation A+ at the time when we decided to move forward with it. We’re happy that we made that move and we will continue to use that strategy to grow the brand,” said DSTLD cochief executive and creative director Corey Epstein. “This will be our second round so it should be easier than the first time.”
Regulation A+, which some have called a mini-IPO, allows companies under Title IV of the JOBS Act to give the public a chance to invest in a company. Businesses are thus able to bypass what’s more commonly seen as

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PUNK INSPIRED: Streetwear-inspired clothing brand Obey has taken up residence on Melrose Avenue for a month-long pop-up.
The brand on Thursday evening is expected to celebrate its first foray into stand-alone brick-and-mortar in the city along with the launch of its Debbie Harry x Obey women’s collection, with artist Shepard Fairey on hand to DJ the private launch event.
The concept shop, at 7400 Melrose Avenue, totals 1,000 square feet and will have in stock pieces from the collaboration with Harry in addition to other items from the fall collection for men and women. A collection of zines will be available from various artists and publishers, including Never Press, Studio Number One and Animals Mag. Additional events are also planned for the space.
The company’s collaboration with Harry was first disclosed last year.
“I’ve been a Blondie fan my whole life and have collaborated with them in the past, which has been a dream come true. But working with Debbie on this project has been totally inspiring,” Fairey told WWD at the time of the collaboration’s announcement. “She’s been very involved and hands-on for the whole process, just another display of her incredible talent.”
The 25-piece collection includes a mix of pieces ranging from a

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NEW DELHI — India Couture Week 2017, organized by the Fashion Design Council of India, marked a decade in existence and was extended to seven days this year. The finale by designer Manish Malhotra encapsulated some of the main trends in the country’s couture market — a sense of grandeur with an Indo-global design, lots of embroidery, shimmer, rustling silk and long trains.
“I like a lot of floral motifs, I like a lot of shimmer. It’s about a lot of drama for me,” Malhotra told WWD. The designer is based in Mumbai, and is famous for his red-carpet looks that Bollywood actors collect; his shows are studded with Bollywood stars as a result, including Alia Bhatt and Ranveer Singh this season.
The construction was different this time, Malhotra explained. While the lehngas (long skirts) had grand trains, the tops were fitted, without much embroidery, allowing for jewelry. He paid extra attention to “an interesting back.”
“When a woman leaves the room, she should leave her mark. It doesn’t have to be her clothes — it could be her voice, or her mind. But because I make clothes, that’s the quality I infuse. I feel that the back should be dramatic,” he said.
The collection

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WESTBROOK’S FAN BASE: The NBA’s two-time MVP award winner Russell Westbrook will be the first athlete to get the grilling from Fern Mallis at 92Y.
The stylish point guard will take to the stage Sept. 11 during New York Fashion Week. The Olympian will be talking up his new Rizzoli-backed book “Russell Westbrook: Style Drivers,” which is due out early next month. Westbrook teamed with artist Raymond Pettibon for the cover’s combo of sports and fine art. After brainstorming with Westbrook in March, Pettibon, an avid sports fans, wound up doing three different covers, the endpapers and chapter openers.
Admittedly, the Q&A is “somewhat of a departure and a little stretch” for Mallis, but she was game after Rizzoli’s publisher Charles Miers suggested the idea. She has also met the six-time NBA All-Star here and there at fashion shows. “We’ve run into each other in the city. I like him,” Mallis said. “And I grew up in a basketball family. I love basketball. Being a New Yorker, the Knicks are my team. But my dad was a basketball coach in his early youth, and my cousins were all [taller than] six feet and they played basketball.”
The $55 photography-heavy book is meant to

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DENIM PAYDAY: An investment in JD United Holdings, which makes denim apparel for brands including Levi Strauss, Gap and Fast Retailing, has proven a boon for the Hong Kong-based private equity investor EmergeVest, which specializes in investing in supply chain businesses.
EmergeVest first invested in JDU in 2014, and said it helped the manufacturer to expand, optimize its balance sheet, and finance expansion into new markets and product categories.
It also oversaw the merger with the Taiwanese company Roo Hsing to create a denim manufacturing giant with combined revenue of more than $500 million, one of the largest in the world.
Headquartered in Changzhou, in the province of Jiangsu, China, JDU has 25 manufacturing facilities across Asia and Africa, and also produces apparel for Primark and C&A.
“EmergeVest has enabled us to capitalize on growth opportunities, culminating with the merger with Roo Hsing. We are well positioned for future development,” said Richard Sun, chief executive officer at JDU.
EmergeVest said it has completely exited its investment in JDU, generating more than two times invested capital. The value of the deal has not been disclosed.
The investor said EmergeVest has more than $400 million of committed capital and is currently investing the EmergeVest Logistics Fund LP. In

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Look up the word “oasis” in the dictionary, and you just might find a picture of Veridian Grove, a forthcoming gated community in Miami, Fla. Envisioned by Sotolongo Salman Henderson Architects, all 20 of the modern estate homes have optional rooftop retreats with hot tubs, summer kitchens, sitting areas, and grass-covered spaces—peaceful havens in the […]

The state-of-the art Cliveden Spa is so beautiful, you may never want to leave.

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