GreenOak and Rising Realty refinance CalEdison with $111M loan

Invesco provided the debt on the art deco landmark building

TRD LOS ANGELES /
Jan.January 09, 2019 05:15 PM

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.


Related Articles

arrow_forward_ios
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

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

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

A rendering of City Century's Olympia in DTLA (Credit: Visualhouse / City Century)

Chinese developer City Century closes on land for $1B DTLA megaproject

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

Eric Garcetti’s administration wants to encourage downtown development by axing parking requirements.

To build more housing downtown, LA wants to kill the car

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

arrow_forward_ios
Loading...