By Hannah Miet | The Real Deal Los Angeles
Amid what many are calling a development “renaissance” in Downtown Los Angeles, Rising Realty Partners has brought one of the area’s staple office properties, the 1970s-era office park formerly known as Figueroa Courtyard, into the 21st century.
Much like it did with the successful PacMutual building, Rising renovated the 270,000-square-foot site so that it can be used by modern tech companies, and renamed it The Park DTLA.
In the first phase of renovations completed early this year, Rising repainted the five buildings on 4.59 acres of land at 201-281 South Figueroa Street, which it acquired for an undisclosed price in Jan. 2015. It commissioned two murals facing Figueroa Street from local artists Bumblebee and KFiSH. It also installed new NRG solar cell phone charging stations, the first in Downtown Los Angeles, and created outdoor work areas with property-wide Wi-Fi.
The firm is now constructing a new atrium on the corner of Figueroa Street and Third Street for public and private events.
“This has all the features of a suburban office park, but located within Downtown Los Angeles,” Nelson Rising, CEO of Rising, said. “There is no other property like it in Los Angeles.”
The modern upgrades are not unlike what Rising did with its historical PacMutual Campus Downtown, which it leased to 90 percent and then sold in Sept. 2015 for $200 million to a partnership between Ivanhoe Cambridge and Callahan Capital Properties. The modern focus of that reuse project attracted young companies like Nasty Gal. The high sale price was a record for downtown office properties, and it established Rising as a company hip to the modernization of old Downtown buildings.
Rising spent $25 million to renovate PacMutual. It did not disclose its renovation budget for Park DTLA.
The park is 72 percent occupied by tenants that include U.S Bank, Associated Press, StubHub, UCLA Extension, and American Public Media. Nico Vilgiate and Kyle Stanich from the Downtown office of Colliers International will lease the remainder of the space.