Rising Realty Partners Signs Over 64,000 Sq. Ft in New Leases at Transformed PacMutual Building
LOS ANGELES, December 17th, 2012 – Rising Realty Partners (RRP) today announced it has gathered a remarkable number of new and returning tenants for its revival of the historic PacMutual Building in downtown Los Angeles. Leading the list is Nasty Gal, the hot online retailer of new and vintage apparel and accessories, increasing their presence from 10,000 to 50,300 square feet. They are joined by such notable businesses and organizations as KRD Enterprises, National Council of La Raza, Kleinfelder, Consumer Action, Industry LTD, and Caravan Book Store, who signed leases for an additional 14,000 square feet. These important moves put the PacMutual Building at the forefront of downtown Los Angeles' continued office revitalization.
“This rapid succession of new leases solidifies the PacMutual building as the urban campus for the new lifestyle office revival Downtown," says Christopher Rising, President and Chief Operating Officer of Rising Realty Partners. "They are the first of many we will announce over the next several months as the renovation and growth of PacMutual continues. These kind of long-term commitments to PacMutual demonstrate the importance and viability of Downtown Los Angeles for companies of the 21stcentury. In many ways, it reflects a Los Angeles of a century ago, when the brightest people and most creative companies put their headquarters in the heart of the region, creating a transit, cultural and urban lifestyle hub.”
Since acquiring the 457,000 square-foot building located at 6thand Grand, across from Pershing Square, in April 2012, RRP has been focused on creating a dynamic office lifestyle location that meets the demand for community, accessibility, authenticity and open space.
Additionally, RRP has announced plans for a pocket park that will introduce Downtown to its first ever “Green Wall,” a vertical landscape feature that will scale a 6-story wall of the Clock Building on Olive Street. RRP is also refurbishing the building façades, including a restoration of the original terra cotta tile on the 12-story Beaux Arts building and a renovation of the entire façade on the Clock Building.
Inside the building, a series of restored suites in the sought after 12thfloor penthouse recently became available, offering exposed brick, operating windows, and marble floors. The buildings are home to one of the largest rooftop decks in all of Downtown Los Angeles and offer opportunities to create a unique campus-like atmosphere. The garage valet area is also undergoing improvements, including a new valet desk, enhanced lighting and exposed brick walls.
“We are seeing a lot of interest from a whole new host of suitors including entertainment, fashion and technology companies, who are realizing that Downtown Los Angeles is an exciting place to be," said Carle Pierose, of Industry Partners, the buildings leasing agent.
Downtown is fast re-emerging as an epicenter for the fashion industry, as brands relocate here for the hip factor. Lucky moved their headquarters Downtown, as did Alternative Apparel. And although Gap, Inc. has always been in San Francisco, they recently opened their 1969 denim office in Downtown Los Angeles. The area is also home to a lot of emerging designers who enjoy the proximity to show rooms and factories, and the ease of public transportation.
###
CONTACT FOR RISING REALTY PARTNERS: Lydia Pelosi, 310.310.2616, lydia@jcipr.com
CONTACT FOR INDUSTRY PARTNERS: Bruce Beck, 805.777.7971, bruce@dprpr.com
About Rising Realty Partners:
Rising Realty Partners (RRP) is a full-service real estate platform specializing in creating world-class commercial and industrial properties. Core competencies include land and property acquisition, development and entitlement, repositioning, property management, asset management, and construction management. RRP executives have been creating value for investors in California commercial real estate markets for over four decades by striking the perfect balance between dynamic vision and trusted best practices.
About Industry Partners:
Industry Partners (http://www.industrypartners.com) is an entrepreneurial real estate services firm specializing in the representation of landlords, tenants, and developers, with a particular focus on creative work environments and adaptive reuse projects in West Los Angeles and Downtown Los Angeles. The firm offers real estate brokerage, investment advisory, development and construction management services.
CONTACT FOR INDUSTRY PARTNERS: Bruce Beck, 805.777.7971, bruce@dprpr.com
Tags:
