Rising Realty Partners (Rising) and GreenOak Real Estate (GreenOak) announced today a recapitalization of The CalEdison DTLA (The CalEdison), a historic Art Deco office building in Downtown Los Angeles. GreenOak acquired its interest in the building from the previous joint venture partnership managed by Lionstone Investments (Lionstone). Rising will continue to act as operating and managing partner for The CalEdison.
There are many trends shaping the real estate market. Most of these trends are being driven by the advancement of technology – specifically by the millennial generation's use and interpretation of cloud-based and mobile-focused technology. Everything from communication to transportation is evolving and we're keeping our finger on the pulse and looking where the “puck” will be headed.
By Cathleen Chen | The Real Deal Los Angeles
New York City may have maintained, predictably, its stronghold on massive single-property real estate deals in the second quarter of 2016, but the City of Angels snuck a few in as well. The Real Deal broke the news of all four deals.
Under commercial deals, the eleventh biggest sale by price per square foot was the Apollo at Rosecrans in El Segundo. As TRD reported in May, buyer Intercontinental Real Estate dished out $328 million, or $600 a square foot, for the creative office complex. That was nearly six times what seller Invesco paid for the property in 2013.
No. 14 on the list, compiled by REAlert, is the former headquarters of CBRE at 400 South Hope Street. CBRE Global Investors sold the 26-story building in DTLA for $330 million, or $471 per square foot, to a joint venture between Pittsburgh-based PNC Financial Services Group and Munich, Germany-based real estate fund manager GLL Real Estate.
The Garland Center in Downtown L.A. comes in at number 19. Rising Realty Partners bought the 773,000-square-foot structure for $210 million, or $286 per square foot, last month, TRDreported.
Finally, under multi-family transactions, One Santa Fe takes fourth place, as it traded hands for $200 million, or $460,829 per apartment, in June. TRD broke the news that the Boston-based Berkshire Group had acquired the massive Arts District development in a ground lease that will remain in effect until 2090. The sellers were McGregor Brown Company, Cowley Real Estate Partners and Polis Builders and Canyon Partners Real Estate. [REAlert] — Cathaleen Chen
By Andrew Khouri | LA Times
A development group led by Rising Realty Partners plans to transform the vacant Title Insurance and Trust building in downtown Los Angeles into creative offices, a roughly $40-million renovation job.
LOS ANGELES--(BUSINESS WIRE)--H.I.G. Realty Partners, Silverpeak Real Estate Partners (Silverpeak), and Rising Realty Partners (Rising) announced today they acquired The Garland Center, a 733,000 sf commercial office building and data center with a detached approximately 1,600 space (4.3:1000) parking structure, in Downtown Los Angeles.
By Bianca Barragan | LA Curbed
New owners at One Bunker Hill, the Art Deco-style former headquarters of Southern California Edison in Downtown LA, plan to rip out some of the sad 1980s alterations to the building and bring back original features of the fantastic fixture at Fifth and Grand. Rising Realty Partners, part of the partnership that bought the building and the firm that will manage it, recently overhauled the PacMutual building nearby, bringing in cool eateries and restoring the vintage charm of the building. The LA Times says they plan to work their magic again on One Bunker Hill, making it more attractive to—naturally—creative office tenants
By Roger Vincent | LA Times
The once-grand former headquarters of Southern California Edison Co. in downtown Los Angeles has been sold to investors who plan to restore key 1930s features of the building and raise its profile among renters in creative businesses such as entertainment, media and technology.
By Hannah Miet | Los Angeles Business Journal
After converting downtown L.A.’s historic PacMutual building into sought-after creative space and selling it for $200 million last month, Houston real estate investment firm Lionstone Investments and downtown developer Rising Realty Partners will soon be at work on another old building downtown.