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The Real Deal Los Angeles

Rising Realty’s Park DTLA office campus hits the market

It is selling the leasehold interest in the 277K sf property
By Natalie Hoberman | February 26, 2018 03:06PM

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.