L.A. Landmark Office Building on the Rise
PacMutual, a landmark building in Downtown Los Angeles, was acquired by Rising Realty Partners (RRP) and funds controlled by its financial partner Mount Kellett Capital Management LP. The acquisition marks the notable reentry into the California real estate market by the RRP team of CEO and Chairman Nelson Rising, President Christopher Rising, and Executive Vice President Reed Garwood. RRP plans to transform this historic property into a marquee lifestyle commercial office space for Class A local, regional, and national tenants. Current occupancy is 63 percent.
Rising says that he has been observing a historic shift in how people use office space, with tenants seeking work spaces that fit their business and professional lifestyles. They are looking for an experience, he adds.
RRP teamed with Mount Kellett to acquire PacMutual, because of its strong asset value, premium location, unique historic design, street-facing retail, below-grade parking, and the potential for larger floor plans.