Rising Sells The Park Calabasas to Gemdale USA West Coast Value-Add Fund I
Rising will retain management of 225,000sf and 20+ acre multi-tenant property
April 5, 2021. Calabasas, Calif: 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“When we acquired this campus, it was outdated with a floor plan for a financial company — a very closed office.”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.”
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Originally constructed in 1986, The Park Calabasas previously served as a corporate headquarters for several large corporations. Since acquiring the property, Rising implemented a series of new upgrades, including indoor and outdoor common area renovations, updated landscaping and campus-wide WiFi. New tenants attracted to the property include: the headquarters of AmaWaterways, a global cruise line; Coty, a multinational beauty company; Spaces, a full-service co-working space; and Republic Indemnity, a worker’s compensation insurance agency.
“Rising’s investment and tenant improvement strategy has brought immense value to the property,” said Lisa Colacurcio, Head of Fund Management at Gemdale. “Retaining Rising to manage the property made perfect sense. We believe with further upgrades and tenanting, the property will establish itself as the premier office destination in the surrounding submarket”, added Tim Nguyen, Head of Acquisitions.
Located at the intersection of the West San Fernando Valley and Conejo Valley submarkets, the campus features walking and jogging paths, expansive views and a natural running creek. Additional amenities include lush landscaping, open spaces for corporate events, outdoor meetings, private functions and client events, and an on-site cafeteria with many healthy food options. The building is in proximity to several retail amenities, including The Commons at Calabasas and to the Ventura freeway for easy access.
Kevin Shannon’s team from Newmark represented Rising in the transaction.
About Rising Realty Partners
Rising Realty Partners is a family-owned, Los-Angeles based, vertically-integrated real estate investment and operating platform specializing in creating world-class commercial properties. With more than 5 million sf under management, Rising’s approach to real estate investing and operating focuses on advancing environmental, technological, and social impacts. For more information, please visit www.risingrp.com
About Gemdale WCVAF I
Gemdale USA West Coast Value Add- Fund I invests in office and multi- family projects in core markets on the West Coast. WCVAF I is managed by WINS Investment Management USA ("WINS Investment"), an affiliate of Gemdale USA Corporation ("Gemdale USA"). Gemdale USA is headquartered in Pasadena, California, with commercial and residential real estate investments in New York City, San Francisco, San Jose, Seattle, Los Angeles and Dallas.