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Property Managers Are Driving Big Changes

Rising Realty Partners turns the struggling Catalina Landing in Long Beach around after implementing an extensive property management strategy.

Marc Gittleman Marc Gittleman

Property management firms are proving to have an important impact on driving value and the success of an asset. One example of the growing importance of property managers is Catalina Landing. Colony Northstar purchased the struggling 280,00-square-foot office property in August 2015, and hired Rising Realty Partners to develop and execute a strategy to turn the property around. Leveraging the firm’s third-party property management Asset Enhancement Program and 5×5 Telecom, Rising was able to increase rents by 20%—the highest rates in Downtown Long Beach—renewed or expanded leases with 19 tenants and signed substantial new leases with Sprint, the California State University Chancellor’s Office, and Barrett Business Systems. To find out more, we sat down with Marc Gittleman, EVP at Rising Realty Partners and chair-elect of BOMA-GLA, for an exclusive interview.

GlobeSt.com: How has Catalina Landing evolved since Rising was hired as a property manager?

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Kelsi Maree Borland

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.

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