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Rising Acquires 440,000-SF Pac Mutual Building

LOS ANGELES-RRP plans to transform the historic property into a marquee-lifestyle commercial-office space for class-A local, regional and national tenants.

By Carrie Rossenfeld | Updated on April 17, 2012

LOS ANGELES-Recently formed developer Rising Realty Partners has acquired the 440,000-square-foot Pac Mutual building complex downtown at 523 W. 6th St., partly using funds controlled by its financial partner Mount Kellett Capital Management LP. The seller was a joint venture sponsored by Denver-based Alliance Commercial Partners, which had owned the property since 2007, and both sides were represented by CBRE‘s Kevin Shannon, Tom Bohlinger, Ken White and Michael Longo.

The purchase price is undisclosed, but an unidentified source tells GlobeSt.com that the property sold for $60 million. RRP has engaged Industry Partners to reposition the landmark building for creative office users, a major renovation. RRP plans to transform the historic property into a marquee-lifestyle commercial-office space for class-A local, regional and national tenants.

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