Park Fifth, the highlyanticipated luxury apartment community in Downtown Los Angeles, hasofficially opened. Developer MacFarlane Partnersand construction company Suffolk have deliveredthe two-tower 347-unit apartment project. It features 24-storyhigh-rise building, and the adjacent Trademark, a seven-storymid-rise building in overlooking Pershing Square in Downtown LosAngeles.

|

"We knew from the outset that the downtown market—with thenumber of class-A apartments scheduled to be delivered around thesame time as Park Fifth—that the market would be competitive,"Victor MacFarlane, chairman and CEO at MacFarlanePartners, tells GlobeSt.com. "Nonetheless, we believed that we weregoing to deliver one of the best, if not the best apartmentcommunity in the market. The initial reaction to and leasing ofPark Fifth has been outstanding. The response has beenoverwhelmingly positive about the design, the units and the amenitypackage."

|

The final product is exactly as was conceived by the architectsand developers. "The renderings of the project were produced by thearchitects at Ankrom Moisan Architects very earlyon after the project was conceived, and we're proud that we wereable to deliver a final product that was identical to what the teamhad envisioned," Bernie Morrissey, VP ofoperations at Suffolk, tells GlobeSt.com. "The material selectionsand finishes of the 24-story, cast-in-place concrete project helpedgive it a distinguished look in the center of a newly revitalizeddowntown Los Angeles, which all partners were very pleasedwith."

|

The property is located at Pershing Square in Downtown LosAngeles on a historic site. As a result of the location, there weresome challenges in the construction. "With the historic TGBbuilding adjacent to the east and another active constructionproject to the north, we had to synchronize logistics and workclosely with city officials due to the high-traffic areas on 5thStreet and Olive Street," says Morrissey. "This madedeliveries and exceptionally challenging with everything having tobe scheduled "just in time" to allow for transport, delivery andstaging. Another factor that made for a difficult project siteincluded having to track frequent events at Pershing Square Parkand scheduling any major construction activities around recurringevents so as to not cause interruptions."

|

In addition, the grade of Olive Street also presented achallenge. "Olive Street is also very steep, which made it achallenge to set up the assist crane there, but close collaborationwith city officials and all partners brought the project together,which creates a quiet and peaceful place in the middle of bustlingdowntown Los Angeles," says Morrissey.

|

So far, there has already been significant interest. In fact,MacFarlane expects to lease up the property by the third quarter."The interest has been outstanding so far and we have no reason todoubt that it will continue to be positive," says MacFarlane. "Wedesigned this property to hold up for the long-term."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.