Rising Realty Partners has officially relaunched the former Figueroa Courtyard downtown as The Park DTLA. Bisnow chatted with Rising SVP Marc Gittleman to get all the details on the makeover.
Marc (here speaking at our Valley event in October) tells us the project is a "true parklike setting," like you may see in Playa Vista, with tons of usable outdoor space—a rarity in Downtown LA. And in true Rising fashion, the Park DTLA's Internet service provider, 5x5 Telecom, is offering tenants the ability to access their WiFi network outside their office in the shared outdoor space at the same speed they pay for in their office.
In fact, Rising VP of asset management and development Rachel Lee tells us the project is the only location in downtown that has more than 30k SF of private outdoor workspaces. The property is 72% occupied with tenants such as UCLA Extension, the Associated Press, StubHub, UCLA Extension and the California Community Foundation.
The firm picked up the five-building, 270k SF office park early last year. It's on five acres and was originally built in 1979.
Park DTLA is also embracing the community surrounding it by having movie nights, food trucks and WiFi for visitors to the property’s outdoor spaces.
Rachel says there are more than 1,200 residential units on adjacent Bunker Hill, and the firm wants the neighbors to join in and have a positive experience at the space. "To have this unique access to outdoor space in the downtown urban environment, why wouldn’t we share it with our neighbors and people who live there?”
Marc says it also adds up to good business sense.
“With every project we do at Rising, we want there to be a tripod of socially responsible, environmentally responsible and technologically advanced elements to each project,” he says.
The Park DTLA is on the west side of Figueroa Street between 2nd and 3rd streets, adjacent to Bunker Hill and the Financial District.
Park DTLA is just the latest in a string of recent moves by the LA firm, including the landmark sale of its PacMutual campus in Downtown, which was bought by Chicago-based Callahan Capital Properties and Montreal-based Ivanhoé Cambridge for $200M in September.
We also recently chatted with company president Chris Rising, who told us about the company's repositioning strategy and its other notable projects.
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