Breaking News: Rising Buys Figueroa Courtyard
You heard it here first: Rising Realty Partners has acquired the five-building, 270k SF office park from US Bank Corp. And it will be the next step in the company's move to make DTLA more tech-friendly.
Chris (snapped with Zaya Younan last week at Bisnow's 5th Annual Los Angeles State of the Market) says the company plans to upgrade the property with all the newest technology and amenities that today’s companies are looking for. Rising Realty has made a name for itself turning DTLA into a modern, creative market, especially with its PacMutual campus, which has been a wild success.
In addition to the physical renovations, Rising Realty plans to install a campus-wide fiber optic backbone and one of LA's fastest free public WiFi networks. Environmentally friendly improvements led to PacMutual being named the oldest LEED Platinum certified building in SoCal and the first historic building in LA to garner that distinction. Chris told us all about his love of tech and connectivity earlier this month.
Figueroa Courtyard is the only low-rise office park in DTLA, and has an unbeatable location: It's on the west side of Figueroa Street between 2nd and 3rd streets, right next to Bunker Hill and the Financial District. It's also adjacent to the 110 Freeway and Hyatt Regency Hotel. The property is connected to several residential buildings and offices through a series of unique aerial walkways. The park was built in 1979, and is 72% leased, with tenants such as US Bank, OneLegacy, Associated Press, StubHub, UCLA Extension, California Community Foundation and American Public Media, which runs famed business radio show Marketplace out of the office. Canyon Capital Realty Advisors is serving as the acquisition lender. The lending broker is HFF and the Kennedy Wilson team of Fred Cordova, Ed Sachse, Lee Shapiro, Ryan Eddy and Justin Weiss served as the acquisition brokers.
Chris (snapped with father and company chairman Nelson Rising) formed Rising Realty Partners with his dad in 2012, and the two have been on fire, picking up a $200M portfolio from Bank of America, which included 1.75M SF of office mostly in the greater Valley region, and PacMutual, which the company bought for $60M with NY financial partner Mount Kellett Capital, and then sunk $25M into repositioning. The company also has the Cross Campus on-demand office facility as a tenant in its Pasadena (87 N Raymond) building. Colliers EVP Nico Vilgiate will handle leasing for Figueroa Courtyard.