LOS ANGELES—Rising Realty Partners has sold its PacMutual Building in Downtown Los Angeles to a joint venture between Ivanhoé Cambridge and Callahan Capital Properties for $200 million. Rising Realty had completed a major capital improvement plan on the historic property, which earned the property a LEED Platinum certification. Now that it is stabilized, this was the perfect time in the market to sell.

“We are value-add developers, and we had really completed the majority of the repositioning of the asset,” Christopher Rising, president of Rising Realty Partners, tells GlobeSt.com. “We have investors who want to get their money back, and this seemed like the appropriate time in the cycle to sell. That is generally our business model. We don't really own core assets. This sale has exceeded our expectations. I think the market price is appropriate. I think it is a great buy for them and it is a great sale for us.”

The company brought the property to market after Memorial Day, and received tremendous interest. They had more than 100 confidentiality agreements, 60 building tours and more than 20 offers. Although the process was competitive, Callahan Capital and Ivanhoé Cambridge rose to the top. “My father and I have known Tim Callahan for 30 years, and he is a really nice guy and has built a really nice business,” says Rising. “When you are making a decision like this, you want to go with people who do what they say they are going to do, and they did everything they said that they were going to do and more. It was a really pleasant process and they were great to work with.”