The historic office building—now LEED Platinum certified—is repositioning as creative office
Los Angeles, CA (Jan. 30, 2017)—The historic office building in Downtown Los Angeles, formerly known as One Bunker Hill, is being rebranded as The CalEdison DTLA (“The CalEdison”). Located at the corner of Fifth Street and Grand Avenue, the 14-story, 277,074-sf building is currently undergoing a series of long-term building improvements and technological upgrades that will preserve the property’s historic character while reimaging it as creative office space.
The CalEdison name is a tribute to the building’s history as the former headquarters of the Southern California Edison Company. Completed in 1931, it was among the first buildings in the Western US to include all-electric heating and cooling. The property is a locally-designated Art Deco landmark listed on the Register of the California Office of Historic Preservation.
The property was purchased in late 2015 by joint venture partners Lionstone Investments, a privately owned, US-based real estate investment company, and Hermes Investment management, the £28.6 billion manager focused on delivering superior, sustainable, risk-adjusted returns to its clients—responsibly. Rising Realty Partners, a full-service real estate platform based in Downtown Los Angeles, is overseeing the redevelopment, while Industry Partners, with its focus on high-quality creative office product, is the leasing brokerage.
In December, The CalEdison achieved LEED Platinum Certification. The upgraded telecom infrastructure features a high-bandwidth fiber optic backbone and free Wi-Fi connections. The CalEdison is now in the process of attaining Wired Score Platinum Certification.
“The CalEdison DTLA is one of the more recognizable buildings in Downtown Los Angeles with a magnificent and timeless lobby,” said Nelson Rising, Chairman and Chief Executive Officer of Rising. “We see tremendous potential in this building, which is why we are revamping the lobby into a lively communal space, upgrading our retail components, and transforming the rest of the building from a traditional office configuration into a fully-amenitized, lifestyle office.”
Improvements in the common areas, designed by Rios Clemente Hale Studios, include adding new tables and seating areas and a full-service barista bar serving gourmet coffee drinks. Other building enhancements include new upper floor lobbies, restrooms, lighting, and wayfinding crafted by Omngivning architects; renovations to the valet waiting area; and new management offices. Additionally, The CalEdison’s architectural details and characteristics—such as decorative marble cladding, coffered ceilings, sculptured metal details, and an original mural by Hugo Ballin—have been preserved.
"The CalEdison is really one of Downtown LA's most stunning buildings,” said Jim Jacobsen, Founding Partner of Industry Partners. “The CalEdison is a great opportunity for a creative tenant to enjoy both historic quality along with modern design elements that you expect in today’s flexible work space."
Approximately 14,000 sf of new turnkey “spec” space across four suites (ranging in size from 2,200 to 4,400 sf), has also been completed. The CalEdison has already signed several new tenants, including General Growth Properties and architectural firm Torti Gallas.
Lionstone, Rising, and Industry Partners previously teamed up to revitalize Downtown LA’s PacMutual Campus, a landmark historic office building one block south of The CalEdison, which sold in late 2015 for a record-high price-per-square foot in the Downtown LA market.
“We have had tremendous success partnering with Lionstone and Industry Partners in drawing innovative and creative companies into Downtown Los Angeles,” said Christopher Rising, President of Rising. “We see The CalEdison as an evolution of this process. We offer spaces and connectivity with the cool and historic vibe that tenants want. We see our super-fast and affordable internet options as a key differentiator.”
Previous modifications to the building such as drop ceilings, carpet and enclosed patios will be removed, exposing historical features and original materials. The exterior will once again boast open-air terraces and improved lighting to illuminate the façade’s original bas-relief decoration.
For more information, please visit: www.thecaledisondtla.com.