Rising reopens only office park in Downtown LA

Nelson Rising’s firm relaunches Figueroa Courtyard as a modern campus

TRD LOS ANGELES /
Jan.January 12, 2016 08:33 PM

Amid what many are calling a development “renaissance” in Downtown Los Angeles, Rising Realty Partners has brought one of the area’s staple office properties, the 1970s-era office park formerly known as Figueroa Courtyard, into the 21st century.

Much like it did with the successful PacMutual building, Rising renovated the 270,000-square-foot site so that it can be used by modern tech companies, and renamed it Park DTLA.

In the first phase of renovations completed early this year, Rising repainted the five buildings on 4.59 acres of land at 201-281 South Figueroa Street, which it acquired for an undisclosed price in Jan. 2015. It commissioned two murals facing Figueroa Street from local artists Bumblebee and KFiSH. It also installed new NRG solar cell phone charging stations, the first in Downtown Los Angeles, and created outdoor work areas with property-wide Wi-Fi.

The firm is now constructing a new atrium on the corner of Figueroa Street and Third Street for public and private events.

“This has all the features of a suburban office park, but located within Downtown Los Angeles,” Nelson Rising, CEO of Rising, said.  “There is no other property like it in Los Angeles.”

The modern upgrades are not unlike what Rising did with its historical PacMutual Campus Downtown, which it leased to 90 percent and then sold in Sept. 2015 for $200 million to a partnership between Ivanhoe Cambridge and Callahan Capital Properties. The modern focus of that reuse project attracted young companies like Nasty Gal. The high sale price was a record for downtown office properties, and it established Rising as a company hip to the modernization of old Downtown buildings.

Rising spent $25 million to renovate PacMutual. It did not disclose its renovation budget for Park DTLA.

The park is 72 percent occupied by tenants that include U.S Bank, Associated Press, StubHub, UCLA Extension, and American Public Media. Nico Vilgiate and Kyle Stanich from the Downtown office of Colliers International will lease the remainder of the space.


Related Articles

arrow_forward_ios
Alicia Silverstone from the film 'Clueless', 1995, and a rendering of the Beverly Center (Credit: Paramount Pictures/Getty Images, and Beverly Center via Los Angeles Times)

For LA’s malls, lawsuits could be the next crisis

For LA’s malls, lawsuits could be the next crisis
Bryan Domyan and the S. Hope Street development site (Credit: Google Maps)

Developer plans 144-key hotel near near Staples Center

Developer plans 144-key hotel near near Staples Center
Rendering of the project

LA Trade Tech plans new 80K sf building for DTLA campus

LA Trade Tech plans new 80K sf building for DTLA campus
From left: Council President Nury Martinez, Councilmember Jose Huizar, and Mayor Eric Garcetti (Credit: Jerod Harris/Getty Images, and Twitter)

“Greed, corruption, and deception”: City’s top pols want Huizar out

“Greed, corruption, and deception”: City’s top pols want Huizar out
First District Supervisor Hilda Solis (Credit: Rebecca Sapp/Getty Images)

LA County select reopening target date for restaurants and retailers

LA County select reopening target date for restaurants and retailers
Onni Group’s Rossano DeCotiis and a rendering of the project

Onni Group must redesign Times Mirror Square project, but the clock is ticking

Onni Group must redesign Times Mirror Square project, but the clock is ticking
Smoke Tokes was one business that burned over the weekend (Credit: APU GOMES/AFP via Getty Images)

Federal investigators probe large fire at cannabis products warehouse

Federal investigators probe large fire at cannabis products warehouse
City National Plaza, CommonWealth CEO Brett Munger Calpers CEO Marcie Frost

CalPERS venture snags $550M refi on City National Plaza tower

CalPERS venture snags $550M refi on City National Plaza tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...