June 8, 2016
Los Angeles- based Rising Realty Partners, together with H.I.G. Realty Partners and Silverpeak Real Estate Partners, has purchased The Garland Center in downtown Los Angeles in a multi-million dollar deal (exact price is undisclosed).
The 733,000-square-foot commercial office building, located on 7th Street, was constructed in 1983 and features a detached parking structure with 1,498 spaces. The gargantuan building is nine stories tall and has three stories of subterranean, purpose-build data center space, of which Rising plans to take advantage of with its 5×5 Telecom subsidiary.
Nelson Rising, Chairman and CEO of Rising Realty said, “This is a very large, prime property with great long-term tenants and a great investment opportunity for our company.” Rising’s President Chris Rising said that tenants “appreciate the large floor plates” and “unrivaled connectivity” and that The Garland Center “serves a unique niche in the Downtown Los Angeles submarket.”
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