The Pacific Mutual Building, a historic fixture in downtown Los Angeles, was acquired by developer Rising Realty Partners (RRP), with funding provided by Mount Kellett Capital Management LP. The building currently has a 63% occupancy rate, and RRP plans to transform the property into a marquee lifestyle commercial office space for Class A local, regional and national tenants. Terms of the acquisition were not made public.
Designed by architects John Parkinson and Edwin Bergstrom, the property opened in 1908 and consists of 424,598 square feet in three buildings, connected by interior passageways through the first six floors. Current tenants include American Business Bank and architecture firm NBBJ.
‘We've been observing a historic shift in how people use office space,’ says Nelson Rising, chairman and CEO of RPP. ‘Tenants are seeking work spaces that fit their business and professional lifestyles. They are looking for an experience. The Pacific Mutual Building offers all of that and more.’
(Photo courtesy USC)