Apr 06, 2021

Rising Sells The Park Calabasas to Gemdale USA West Coast Value-Add Fund I

Rising Sells The Park Calabasas to Gemdale USA West Coast Value-Add Fund I thumb
Rising will retain management of 225,000sf and 20+ acre multi-tenant property.

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“When we acquired this campus, it was outdated with a floor plan for a financial company — a very closed office.”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.”

The outdoor courtyard of The Park Calabasas at midday
The outdoor courtyard of The Park Calabasas at midday

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