Rising Realty Partners is traveling a long way from home.
The downtown-based real estate company has purchased its first property outside of Los Angeles: the 22-story, roughly 600,000-square-foot Civic Center Plaza in downtown Denver.
Rising didn’t disclose financial details of the deal, but local news reports indicated the L.A. company acquired the Denver property from Beacon Capital Partners and Callahan Capital Partners for $125 million.
“We see Denver as an ideal real estate market to invest in — it’s a strategic location for domestic and international business, popular with millennials, and supportive of a growing economy,” Christopher Rising, chief executive and co-founder of Rising, said in a statement.
Office space in the Civic Center Plaza is more than 97% leased to tenants including the state of Colorado, law firm Sheridan Ross and a planned WeWork Cos. Inc. location.
Rising plans to add a new gym and upgrade the furniture in public spaces in the building.
Rising partnered with Bentall GreenOak on the acquisition. The companies previously worked together to recapitalize downtown’s CalEdison building, a well-known Art Deco-style office building.
Jonathan Epstein, managing partner of Bentall GreenOak, said the two companies were attracted to the building because of the changing demographics, transportation access and nearby amenities.
Rising, which manages more than 4 million square feet of commercial office space in L.A., has said it was planning to branch out and acquire property in areas outside of California including Portland, Seattle, Salt Lake City, Phoenix and Denver.
Eastdil Secured’s Stephen Van Dusen, Paul Nelson, Jeff Weber and Cartter Berg represented the seller in the transaction.
JP LeVeque, Jonathan Firestone, Matt Haden and David Magnuson, all also with Eastdil Secured, represented Rising and Bentall GreenOak in obtaining acquisition financing from Heitman.
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