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Five New Leases Signed at The Park DTLA

By Karen Jordan l Bisnow

The Park DTLA seems to be getting more popular by the day. Five new leases were just signed at Rising Realty Partners' five-building, 270k SF office park. G-SMATT America, David Evans & Associates, Old Republic National Title, Eighth Light and Wolf & Co have all inked lease deals. The University of Guadalajara, Berkhemer Clayton and Kimberlina Whettam & Associates signed lease renewals. 

Rising's 5x5 tech platform is an advantage for tenants, providing "a superior kind of experience when it comes to uploading and downloading data," Colliers International EVP Nico Vilgiate tells Bisnow. Nico, along with Colliers associate Kyle Stanich, is the property's leasing broker. With the technology, people realize their conference room or work area can be outside of their space, he says. Every facet of The Park DTLA has been upgraded, including WiFi, according to Rising VP Marc Gittleman. Such amenities and the "pet-friendly" environment with pop-up food service and food trucks "create an experience at work as opposed to just going to work," Nico says. DTLA has become a "much more vibrant and a much more viable alternative than it has ever been in my entire career," he says. Rising bought The Park DTLA, on the west side of Figueroa Street between the 2nd and 3rd streets, last year. It was previously known as the Figueroa Courtyard.

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Where to Find the Fastest Public Wi-Fi in Los Angeles

And it's even dog-friendly
By Elijah Chiland | Curbed LA

An office park in Downtown Los Angeles will soon offer the fastest public Wi-Fi connection in the city, and there will be dogs there. Amazing. According to the Los Angeles Business Journal, the newly redesigned campus of offices and green space known as Park DTLA is making lightning fast internet available to businesses and passersby alike.

Park DTLA opened at 261 S. Figueroa Street on February 20 and is already leasing office space to tenants such as StubHub, US Bank, and American Public Media. The campus, developed by Rising Realty Partners, includes an outdoor park/workspace that is open to the public and has Wi-Fi provided by 5x5 Telecom, at speeds of up to 100 megabytes per second. The park is also dog friendly and includes hammocks and games of cornhole for workers in need of a break. Murals by local artists Bumblebee and KFish adorn the walls.

In December, the city of New York began installing public Wi-Fi ports around the city that offer speeds far beyond those of an average network. The LA City Council has pursued a similar project for Los Angeles, but is still looking for a provider.

According to a report from Akamai, average internet speeds in the United States hover around 12.6 mbps, with peaks of 57.3 mbps in the third quarter of 2015.

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Rising Realty Partners Acquires Downtown Los Angeles' Only Office Park

Rising Realty Partners (RRP) acquired Figueroa Courtyard, a five-building 270,000sf office park located in Downtown Los Angeles from U.S. Bank Corporation. Built in 1979, Figueroa Courtyard is home to tenants such as U.S Bank, OneLegacy, Associated Press, StubHub, UCLA Extension, California Community Foundation, and American Public Media. The office park is currently 72 percent occupied. Canyon Capital Realty Advisors is serving as the acquisition lender. The lending broker is HFF and Kennedy Wilson served as the acquisition broker.

“This is a one-of-a-kind property in Downtown Los Angeles with a very strong tenant roster. We see great potential in this property,” said Nelson Rising, Chairman and Chief Executive Officer of RRP.

The only low-rise office park in Downtown Los Angeles, Figueroa Courtyard is located on the westside of Figueroa Street between 2nd and 3rd Streets, adjacent to Bunker Hill and the Financial District. It is directly adjacent to the 110 Freeway and Hyatt Regency Hotel. The property is connected to numerous residential buildings and offices through a series of unique aerial walkways and is in close proximity to various Downtown Los Angeles amenities.

“We intend to leverage our experience creating the most desirable lifestyle properties in Los Angeles to upgrade this property with the technology and amenities that today’s growing companies need,” said Christopher Rising, RRP President and Chief Operating Officer. “This will become another great property in the Rising portfolio.”

RRP has engaged Colliers to serve as the building’s leasing agent. Nico Vilgiate, Collier’s Executive Vice President, will serve as the lead broker.

Figueroa Courtyard is RRP’s second property in Downtown Los Angeles, joining the PacMutual Campus in RRP’s portfolio. RRP purchased the PacMutual in April of 2012, and immediately began a $25 million restoration to reposition the property into lifestyle commercial office space. RRP’s unique approach to meeting our tenants' needs resulted in award winning space for many of LA’s fastest growing companies. Property innovations included an 80-foot-tall live green wall and an outdoor dining courtyard flanked by upscale eateries Le Pain Quotidien and Tender Greens.

In addition to the physical renovations, RRP enhanced technological amenities by installing a campus-wide fiber optic backbone and one of Los Angeles’ fastest free public Wi-Fi networks. Environmentally-friendly improvements led to PacMutual being named the oldest LEED Platinum certified building in Southern California and the first historic building in the City of Los Angeles to garner that distinction.

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Rising Realty Partners Buys Figueroa Courtyard

By Matt Pressberg | Los Angeles Business Journal

Downtown Los Angeles real estate developer Rising Realty Partners has acquired the Figueroa Courtyard, a five-building low-rise office park in downtown Los Angeles. 

The purchase price was not disclosed. The 270,000-square-foot Figueroa Courtyard counts among its tenants Minneapolis-based bank U.S. Bancorp, listed by real estate data provider CoStar Group Inc. as the owner of the property; discount ticket marketplace StubHub Inc., American Public Media; and the Los Angeles bureau of the Associated Press. It is currently 72 percent occupied.

“This is a one-of-a-kind property in downtown Los Angeles with a very strong tenant roster,” said Rising Chairman Nelson Rising. “We see great potential in this property.”

This deal is Rising’s second major foray into the downtown office market. The firm bought the 440,000 square foot PacMutual complex adjacent to Pershing Square in April 2012 and spent $25 million renovating the property, which consists of three interconnected buildings erected between 1908 and 1926.

Canyon Capital Realty Advisors in Century City provided acquisition financing for the deal.

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