Rising Realty’s Park DTLA office campus hits the market

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

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
Rendering of the project (NMDA for CIM Group)
CIM drops residential units at proposed West Hollywood hotel
CIM drops residential units at proposed West Hollywood hotel
Renderings of One Beverly Hills and Beny Alagem. (One Beverly Hills, Getty)
Beny Alagem’s $2B Beverly Hills project gets go-ahead
Beny Alagem’s $2B Beverly Hills project gets go-ahead
The San Pedro Fish Market is one of the top-grossing restaurants in the U.S. (Getty, Facebook via San Pedro Fish Market and Restaurant / Photo Illustration by Alison Bushor for The Real Deal)
San Pedro Fish Market plans new “supersize” restaurant
San Pedro Fish Market plans new “supersize” restaurant
The Chateau Marmont (Getty) and protest signs (Unite Here Local 11)
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Small Business Administration administrator Isabel Guzman (Getty, iStock)
Starved for relief: Restaurants seek $76B, far more than budgeted
Starved for relief: Restaurants seek $76B, far more than budgeted
Goodman CEO Greg Goodman and a rendering of the facility. (Goodman)
Goodman’s massive logistics center will target e-commerce tenants
Goodman’s massive logistics center will target e-commerce tenants
California is waiting to adopt the CDC maskless decision. (Getty)
California still says mask up at office, for now
California still says mask up at office, for now
Hudson Pacific Properties CEO Victor Coleman with 3400 Hillview and 3176 Porter (Getty, HPP)
Hudson Pacific posts profit after 2 straight quarters of losses
Hudson Pacific posts profit after 2 straight quarters of losses
arrow_forward_ios

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

Loading...