The nine lives of Nelson Rising

Nelson Rising
Nelson Rising

From the January issue: The office of 75-year-old developer Nelson Rising has a decidedly un-septuagenarian feel. The space, inside the Beaux-Arts PacMutual building in Downtown Los Angeles, is teeming with millennial energy, as evidenced by the generation’s typical accoutrements, including a Ping-Pong table and open plan layout featuring cement floors.

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The latest projects overseen by the chairman and CEO of Rising Realty Partners seem to echo the relationship the developer has to the office — they all involve taking something old and making it feel young again. PacMutual is a case in point. Rising bought it for $60 million in 2012, then stripped it of decades-old drywall, got rid of the dropped ceilings and replaced the carpeting. The redeveloped creative office building attracted “#Girlboss” Sophia Amoruso’s Nasty Gal as a major tenant.

The hype allowed Rising to sell it for $200 million in 2015 to Ivanhoe Cambridge and Callahan Capital Properties, though he retains his office there.  [More]