Rising Realty Partners in contract to buy One California Plaza for roughly $460M: sources

Los Angeles /
Mar.March 13, 2017 06:01 PM

Rising Realty Partners is in contract to buy one of the most prominent buildings on Downtown L.A.’s skyline, The Real Deal has learned.

Rising, the firm helmed by Downtown developer Nelson Rising and his son Chris Rising, has agreed to buy One California Plaza for a price of around $460 million, or around $460 per square foot, sources with knowledge of the deal told TRD. The seller, Beacon Capital Partners, paid $144.6 million for the roughly 1 million-square-foot, 42-story building at 300 S. Grand Avenue in 2013, according to CoStar Group data.

It’s unclear if Rising will bring in a partner on the deal. Representatives of the firm did not immediately respond to requests for comment. Representatives of Beacon could not be reached.

When Eastdil Secured listed the property in January, sources told TRD it could sell for as much as $450 million. Representatives for the brokerage could not be reached for comment Monday.

The property is roughly 90 percent leased, CoStar shows. If it closes, it would come close to, but not exceed, the priciest per-square-foot transaction Downtown: the $486 a square foot acquisition of Chase Plaza, according to Cushman & Wakefield data.

Beacon has listed the property in the past, but had no luck finding a buyer when it didn’t own the land underneath the building, sources said. It purchased the fee interest in the property for $33.4 million from CRA/LA in November 2016, making the property more marketable, sources said.

Rising’s portfolio spans from older long-term-hold buildings to new developments. The firm bought the Garland Center last year and is working on a historic renovation of One Bunker Hill. When Rising completed its $25 million creative office revamp of the historic PacMutual Campus, it leased the transformed property to 90 percent and then sold  it for $200 million — a record Downtown sale at the time.


Related Articles

arrow_forward_ios
 30801 South Coast Highway (Montage Hotels, Getty)
Chinese insurer to sell Montage Laguna Beach for $700M
Chinese insurer to sell Montage Laguna Beach for $700M
Charles Company's Mark and Arman Gabay and a rendering of 550 E. Colorado Boulevard in Pasadena (WATG)
195-room hotel planned for Pasadena’s Playhouse District
195-room hotel planned for Pasadena’s Playhouse District
Bardas Investment Group's David Simon with 6311 Romaine Street
Hollywood’s Television Center readies for $600M makeover
Hollywood’s Television Center readies for $600M makeover
Century Plaza project at 2025 Avenue of the Stars and Woodbridge Capital Partners' Michael. Rosenfeld (CoStar)
Stake in the Century Plaza Hotel heads to auction block
Stake in the Century Plaza Hotel heads to auction block
Valley Central at 44400 Valley Central Way in Lancaster (Google Maps, Getty)
Lancaster shopping center trades for $45M
Lancaster shopping center trades for $45M
UCLA chancellor Gene Block; former Marymount California University campus (UCLA, MCU)
UCLA pays $80M for former Marymount California campus
UCLA pays $80M for former Marymount California campus
IDS Real Estate Group’s co-CEOs David Mgrublian and Murad Siam with Irwindale Speedway at 500 Speedway Drive in Irwindale (Irwindale Event Center, IDS Real Estate, Getty)
Irwindale Speedway site to transform into industrial park
Irwindale Speedway site to transform into industrial park
Commercial real estate, Orange County, Proposition 13
Large landowners in OC could pay more property taxes, critics say
Large landowners in OC could pay more property taxes, critics say
arrow_forward_ios

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

Loading...