Rising Realty Partners (RRP) acquired Figueroa Courtyard, a five-building 270,000sf office park located in Downtown Los Angeles from U.S. Bank Corporation. Built in 1979, Figueroa Courtyard is home to tenants such as U.S Bank, OneLegacy, Associated Press, StubHub, UCLA Extension, California Community Foundation, and American Public Media. The office park is currently 72 percent occupied. Canyon Capital Realty Advisors is serving as the acquisition lender. The lending broker is HFF and Kennedy Wilson served as the acquisition broker.
“This is a one-of-a-kind property in Downtown Los Angeles with a very strong tenant roster. We see great potential in this property,” said Nelson Rising, Chairman and Chief Executive Officer of RRP.
The only low-rise office park in Downtown Los Angeles, Figueroa Courtyard is located on the westside of Figueroa Street between 2nd and 3rd Streets, adjacent to Bunker Hill and the Financial District. It is directly adjacent to the 110 Freeway and Hyatt Regency Hotel. The property is connected to numerous residential buildings and offices through a series of unique aerial walkways and is in close proximity to various Downtown Los Angeles amenities.
“We intend to leverage our experience creating the most desirable lifestyle properties in Los Angeles to upgrade this property with the technology and amenities that today’s growing companies need,” said Christopher Rising, RRP President and Chief Operating Officer. “This will become another great property in the Rising portfolio.”
RRP has engaged Colliers to serve as the building’s leasing agent. Nico Vilgiate, Collier’s Executive Vice President, will serve as the lead broker.
Figueroa Courtyard is RRP’s second property in Downtown Los Angeles, joining the PacMutual Campus in RRP’s portfolio. RRP purchased the PacMutual in April of 2012, and immediately began a $25 million restoration to reposition the property into lifestyle commercial office space. RRP’s unique approach to meeting our tenants' needs resulted in award winning space for many of LA’s fastest growing companies. Property innovations included an 80-foot-tall live green wall and an outdoor dining courtyard flanked by upscale eateries Le Pain Quotidien and Tender Greens.
In addition to the physical renovations, RRP enhanced technological amenities by installing a campus-wide fiber optic backbone and one of Los Angeles’ fastest free public Wi-Fi networks. Environmentally-friendly improvements led to PacMutual being named the oldest LEED Platinum certified building in Southern California and the first historic building in the City of Los Angeles to garner that distinction.