Rising Sells The Park Calabasas to Gemdale USA West Coast Value-Add Fund I
Rising Realty Partners (Rising) announced today the sale of The Park Calabasas, a 225,000 sf office campus set on more than 20-acres, to Gemdale USA West Coast Value-Add Fund I (WCVAF I). Acquired in a portfolio sale from Bank of America in 2013, Rising implemented its impact strategy, transforming the campus from a vacant single tenant alignment to a multi-tenant set up that is now more than 90% leased. Rising was awarded management of the property on behalf of Gemdale.
“When we acquired this campus, it was outdated with a floor plan for a financial company — a very closed office.” said Christopher Rising, Co-Founder and CEO of Rising. “Our team had a bigger vision for this campus to give it life and make an impact through property improvements and programming. This campus was a proof point that our impact strategy model works in urban settings as well as suburban office parks.”