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The Real Deal Los Angeles

GreenOak and Rising Realty refinance CalEdison with $111M loan

Invesco provided the debt on the art deco landmark building
By Natalie Hoberman | January 09, 2019 05:15PM

UPDATED, Jan. 10, 9:40 a.m.: GreenOak Real Estate Advisors and Rising Realty Partners have recapitalized the historic CalEdison building in Downtown Los Angeles.

The buyers secured a $111 million floating rate loan, according to an announcement from JLL, published Tuesday. Invesco provided the financing, a spokesperson for the firm confirmed Thursday. GreenOak and Rising paid $130 million to acquire the building in December, property records show.

GreenOak acquired its interest in the building from Lionstone Investments, the seller. The Houston-based firm purchased the CalEdison building in 2015 for $92 million in partnership with Rising.

Rising will continue to act as operating and managing partner for the property, the company said in a release.

Steve Collins, Paul Spellman and Tom Bohlinger at JLL arranged the sale and financing. Reid McGlamery, also at JLL, helped to secure the loan.

Located at 601 West Fifth Street, on the corner of Grand Avenue, the 14-story property spans 287,000 square feet. The recently renovated building features two levels of retail and an upscale coffee shop, in addition to the copious amount of office space.

Tenants include H&M Innovation Labs, Akerman LLP, Systems Source and Narrative Capital, among others.