Downtown's Figueroa Courtyard Trades Hands

LOS ANGELES—Rising Realty Partners has acquired the Figueroa Courtyard, a 270,000-square-foot, five-building office park in the Bunker Hill neighborhood of Downtown Los Angeles, from the US Bank Corp. The sales price was not disclosed.

Figueroa Courtyard is the only low-rise office park in the downtown submarket. The property is currently 72% occupied with a tenant mix that includes U.S Bank, OneLegacy, Associated Press, StubHub, UCLA Extension, California Community Foundation and American Public Media. Rising Realty Partners plans to invest additional capital to upgrade the property with technology and amenities that will create more of a lifestyle experience and better serve the needs of tenants and potential tenants. There is no information at this time on the amount of capital the company plans to invest.

Although the purchase price was not disclosed, Rising Realty did obtain an acquisition loan through Canyon Capital Realty Advisors for the purchase. Kennedy Wilson's Fred Cordova, Ed Sachse, Lee Shapiro, Ryan Eddy and Justin Weissrepresented the buyer and the seller in the transaction, while Nico Vilgiate, EVP for Colliers International, has been tapped to handle leasing for the property. We were unable to get a comment from the involved parties before the publication of this story.

This is Rising Realty Partners' second downtown acquisition. The firm purchased the PacMutual building in 2012, and began a $25 million renovation. Since, Rising Realty has brought the occupancy from 50% to 90% and nabbed an esteemed LEED Platinum certification for the historic property.