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Rising Realty Sheds PacMutual for $200M

LOS ANGELES—After renovating and stabilizing the historic downtown office building, the investor sells the property to a joint venture between Ivanhoé Cambridge and Callahan Capital Properties.

By Kelsi Maree Borland | Updated on September 10, 2015

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.” 

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