LOS ANGELES—Rising Realty Partners has signed 56 leases with new tenants in the historic PacMutual Building in Downtown Los Angeles, bringing the building occupancy from 50% to 90%. As GlobeSt.com reported in an earlier story, the PacMutual Campus recently underwent an interior and exterior renovation and received LEED-Platinum certification, becoming the oldest building in Southern California to have the esteemed green title. The renovation helped attract these new tenants to the building.
The new tenants include the global headquarters of Nasty Gal, Gifts.com, Magnopus and the Odd Gentlemen. “When we purchased this building, it was underutilized. But we saw great potential in its bones,” says Nelson Rising, Rising Realty Partners CEO. “We knew, with the right kind of investments that we could create a hip, technologically forward and eco-friendly environment that would attract a different kind of tenant to Downtown Los Angeles.”
There are still more renovations to come. The building’s courtyard along 6th Street will open next week and an 80-foot planted wall, known as the LiveWall, and pocket park will open this summer. “The park and LiveWall will open up the western side of Pershing Square, attracting more pedestrian and retail traffic to an area in need of street activation,” says Reed Garwood, RRP EVP of asset management and development. Le Pain Quotidien and Tender Greens are opening locations in the courtyard and Earth Bar and Paris’ Tartine Boulangerie Pâtisserie & Wine Shop have signed up to open locations in the campus as well.
Through the renovations, RRP increased the building’s rentable square footage from 425,000-square-feet to 460,000-square feet and advanced the building’s technological offerings, installing a building-wide fiber-optic backbone and one of the fastest public wifi networks in Los Angeles. “While there is an ongoing cultural shift from traditional office build outs to demand for lifestyle office, that is only part of the picture,” says Christopher Rising, RRP President and COO. “Having a workable lifestyle office is best utilized in tandem with the most advanced network technology and amenities that provide for everything from good breakfast options to nighttime dining. And we believe that it is the key to our success.”