Rising Realty’s Park DTLA office campus hits the market

It is selling the leasehold interest in the 277K sf property

TRD LOS ANGELES /
Feb.February 26, 2018 03:06 PM
Park DTLA

UPDATED, Tuesday, February 27, 2018, 9:20 a.m.: Rising Realty Partners is shopping a 60-year leasehold interest in Park DTLA, an office campus that spans more than 277,000 square feet in Downtown Los Angeles.

Newmark Knight Frank has the listing. Terms of the lease were not disclosed.

The five-building property, located at 201-280 S. Figueroa Street in the Central Business District, is 75 percent leased to companies that include U.S. Bank, One Legacy, UCLA and California Community Foundation. There is parking for 403 vehicles, according to marketing materials.

Rising paid $16.5 million for the ground lease in January 2015, Real Capital Analytics shows. It invested $5.8 million in renovations, including wifi throughout, a dog park, drop-off dry cleaning services and outdoor common areas.

Kevin Shannon of NKF has the listing. A representative from Rising did not respond to requests for comment.

Marketing materials suggest Park DTLA is being targeted as a value-add investment opportunity, zoned for more than 1.2 million square feet of commercial development. The low-rise buildings only occupy about a quarter of the allowable maximum density.

The development and investment firm led by Nelson and Chris Rising also owns One California Plaza, a roughly 1 million-square-foot property, which it paid a reported $460 million for in March.  It’s also behind the renovation at CalEdison, home to an H&M pop-up office, Jerde Partnership and law firm Akerman LLP.


Related Articles

arrow_forward_ios
Jose Huizar in front of the perhaps doomed project.

City moves to kill $700M megaproject linked to Huizar scandal

City moves to kill $700M megaproject linked to Huizar scandal
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
Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

Garcetti orders a moratorium on commercial evictions in LA

Garcetti orders a moratorium on commercial evictions in LA
LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!
From left, clockwise: Daydream Apartments’ Griffin and Grace on Spring, Douglas Emmett’s The Glendon at Westwood and Carlyle Group’s Sofia Los Angeles

Here are LA’s 5 biggest multifamily sales of 2019

Here are LA’s 5 biggest multifamily sales of 2019
From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Rexford Industrial adds to LA portfolio with $100M in acquisitions
Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more
3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Luzzatto Co. assembling creative office hub in West Adams
arrow_forward_ios

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

Loading...