By Karen Jordan | Bisnow LA
Rising Realty Partners, in a JV with Silverpeak Real Estate Partners and H.I.G Realty Partners, just picked up the Garland Center in Downtown LA.
The purchase includes a 733k SF office building and data center and 1,600 parking spaces. The price of the property was $210M, according to GlobeSt.
Rising Realty SVP of third party services and 5x5 Telecom co-founder Marc Gittleman tells Bisnow Rising has a great deal of experience in telecommunications, which will be beneficial.
Marc and Rising Realty Partners President Chris Rising founded 5x5 Telecom four years ago.
5x5 Telecom is now expanding its internet offerings on the West Coast.
The success of the purchase of the Garland Center "sets a new benchmark for the depth and breadth of expertise owners should expect from their partners," he says.
“With the complexities of the combination of office and data center components, equity partners and debt need full confidence their partner has the acumen and experience to not only complete the transaction, but also successfully operate the asset," Marc says.
The new purchase is about more than just rental income, according to Marc.
"The Garland Center data center tenants stream data and media to millions of users,” Marc says. “Rising does not take this responsibility lightly."