Rising Signs Republic Indemnity for 50,000 Square-Foot Lease at The Park Calabasas
Los Angeles - July 31, 2019 — Rising Realty Partners (Rising) announced today that it has signed Republic Indemnity, an affiliate of Great American Insurance Group specializing in Workers' Compensation, for a 50,000 square-foot lease at The Park Calabasas in Calabasas, Calif. Republic Indemnity will be relocating from its current location in Encino, Calif.
Ideally positioned at the intersection of the West San Fernando Valley and Conejo Valley submarkets, The Park Calabasas is a multi-tenant office campus, featuring 225,000 square feet of rentable space set on more than 20-acres. The campus features lush landscaping and expansive views, a natural running creek, walking and jogging paths equipped with Vita Fitness equipment, open spaces for corporate events, outdoor meetings, private functions and client events, and an on-site cafeteria with various food options.
“Republic Indemnity has been a part of the Southern California community for more than 75 years and we are proud that they have chosen The Park Calabasas to be their new home,” said Christopher Rising, Co-Founder and CEO of Rising. “There really isn’t anything like this property in the LA area—modern campus environment, cutting edge technology, and acres of outdoor space and trails, yet close to all the amenities that Calabasas and Woodland Hills have to offer.”
Since acquiring the property in 2013, Rising has implemented a series of upgrades, including indoor and outdoor common area renovations, updated landscaping and campus-wide WiFi. The building also features open space for corporate events, outdoor meetings and private functions and is in proximity to several retail amenities, including The Commons at Calabasas and to the Ventura freeway for easy access. Other tenants at The Park Calabasas include Coty, a multinational beauty company, and Spaces, a full-service co-working space.
Matthew Heyn of CBRE represented the landlord, while Wayne Hach and Greg Frankovich of Newmark Knight Frank represented the tenant.
"Within the region there are very few contiguous spaces of this size and quality,” said Heyn. “We are seeing many companies in this region in search of functional, contemporary office space that they can use to create an efficient work environment to attract and retain talent in today’s highly competitive labor market. The Park Calabasas checks all those boxes with a location that is central to a huge labor market, great schools, executive- and affordable-housing options to reduce commute times. It also provides a unique 20-acre campus that combines serene open space with an onsite amenity package designed to enhance the employee experience while at work.”
A combination of low vacancy and limited new construction pushed large tenants to secure long-term commitments, according to CBRE’s second-quarter research. Since the beginning of 2016, there has been 7.5 million square feet of net absorption compared with 4.5 million square feet of new construction, resulting in single-digit vacancy in more than a dozen neighborhoods, according to the CBRE data.
Sign up for our educational newsletter and to gain early access to our next investment opportunity.
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 4 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 CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.