{"id":34300,"date":"2019-01-22T17:04:07","date_gmt":"2019-01-22T15:04:07","guid":{"rendered":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=34300"},"modified":"2019-01-22T17:04:07","modified_gmt":"2019-01-22T15:04:07","slug":"greenoak-and-rising-realty-secure-111m-refi-for-the-caledison","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2019\/01\/22\/greenoak-and-rising-realty-secure-111m-refi-for-the-caledison\/","title":{"rendered":"GreenOak and Rising Realty Secure $111M Refi for The CalEdison"},"content":{"rendered":"<p>GreenOak Real Estate Advisors and Rising Realty Partners obtained a $111 million floating rate loan for the historic CalEdison <a href=\"https:\/\/www.propertyshark.com\/cre\/office\/us\/ca\/los-angeles\/\" target=\"_blank\" rel=\"noopener\">office building in Los Angeles<\/a>. Invesco Real Estate provided the financing, while JLL arranged the deal.<\/p>\n<p>Opened in 1931, the 14-story building at <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/16329670\/601-W-5-St-Los-Angeles-CA-90071\/\" target=\"_blank\" rel=\"noopener\">601 West 5th Street<\/a> was originally the headquarters of the Southern California Edison Company. According to the <a href=\"https:\/\/www.laconservancy.org\/locations\/caledison\" target=\"_blank\" rel=\"nofollow noopener\">Los Angeles Conservancy<\/a>, it was one of the first buildings in the western U.S. to have a heating and cooling system powered entirely by electricity. Rebranded as <a href=\"https:\/\/www.commercialcafe.com\/commercial-property\/us\/ca\/los-angeles\/the-caledison-dtla\/\" target=\"_blank\" rel=\"noopener\">The CalEdison<\/a> a few years ago, it is currently undergoing renovations for creative office use. Its <a href=\"https:\/\/la.curbed.com\/2017\/5\/2\/14524840\/caledision-one-bunker-hill-art-deco-dtla-wifi\" target=\"_blank\" rel=\"nofollow noopener\">stunning Art Deco lobby<\/a> made of 17 different types of marble was restored and is now open to the public.<\/p>\n<p>Rising purchased the property together with Lionstone Investments for $92 million in 2015. In December last year, GreenOak acquired its interest in the building from Lionstone <a href=\"https:\/\/www.bisnow.com\/los-angeles\/news\/office\/downtown-las-iconic-caledison-building-sold-to-new-york-firm-for-more-than-100m-96580\" target=\"_blank\" rel=\"nofollow noopener\">for more than $140 million<\/a>. Rising remained the operating and managing partner.<\/p>\n<p>\u201cWhen we acquired The CalEdison we implemented a vision to differentiate our office product through investing in best-in-class tenant improvements, a deep commitment to provide unique services, and creating a casual, refined ambiance more like a boutique hotel than something a tenant would expect to find in an office building,\u201d Christopher Rising, Founder and President of Rising, told the <em><a href=\"http:\/\/labusinessjournal.com\/news\/2019\/jan\/08\/caledison-refinanced-deal-pegged-more-100m\/\" target=\"_blank\" rel=\"nofollow noopener\">Los Angeles Business Journal<\/a><\/em>. \u201cWe\u2019re thrilled that GreenOak shares our vision for the building and we look forward to working together to continue the great progress that we started three years ago.\u201d<\/p>\n<p>JLL brokered the sale and secured the new owners an $111 million loan. Steve Collins, Paul Spellman and Tom Bohlinger handled the sale. Spellman together with Reid McGlamery led the team that secured the financing.<\/p>\n<p>\u201cThis historic building is in one of the most prominent locations in DTLA and is close to two major transit hubs. In addition to its excellent location, it is one of the finest examples of Art Deco architecture in the area,\u201d Bohlinger said.<\/p>\n<p>Tenants in the building include H&amp;M Innovation Labs and the architectural firm Jerde Partnership. The listing brokers for the property are Industry Partners\u2019 Carle Pierose and Robert D. Erickson.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>GreenOak Real Estate Advisors and Rising Realty Partners obtained a $111 million floating rate loan for the historic CalEdison office building in Los Angeles. Invesco Real Estate provided the financing, while JLL arranged the deal. Opened in 1931, the 14-story building at 601 West 5th Street was originally the headquarters of the Southern California Edison&hellip;<\/p>\n","protected":false},"author":61,"featured_media":34305,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[738,386],"tags":[],"class_list":["post-34300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-california-real-estate","category-la-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GreenOak and Rising Realty Secure $111M Refi for The CalEdison - PropertyShark Real Estate Blog<\/title>\n<meta name=\"description\" content=\"GreenOak Real Estate Advisors and Rising Realty Partners obtained a $111 million floating rate loan for the historic CalEdison office building in DTLA.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2019\/01\/22\/greenoak-and-rising-realty-secure-111m-refi-for-the-caledison\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GreenOak and Rising Realty Secure $111M Refi for The CalEdison\" \/>\n<meta property=\"og:description\" content=\"GreenOak Real Estate Advisors and Rising Realty Partners obtained a $111 million floating rate loan for the historic CalEdison office building in DTLA.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2019\/01\/22\/greenoak-and-rising-realty-secure-111m-refi-for-the-caledison\/\" \/>\n<meta property=\"og:site_name\" content=\"PropertyShark Real Estate Blog\" \/>\n<meta property=\"article:published_time\" content=\"2019-01-22T15:04:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2019\/01\/DTLA_CalEdison.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Alexandra Farcas\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Alexandra Farcas\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"GreenOak and Rising Realty Secure $111M Refi for The CalEdison - 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Her work can also be found on the PropertyShark blog, where she usually writes about the latest office deals. Alexandra\u2019s articles have been featured by Bustle, NBC Washington, Thrive Global, the Boston Business Journal, The Durst Organization, Philly Mag, HR Dive.","url":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/author\/alexandra-farcas\/"}]}},"jetpack_featured_media_url":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2019\/01\/DTLA_CalEdison.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/posts\/34300","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/comments?post=34300"}],"version-history":[{"count":1,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/posts\/34300\/revisions"}],"predecessor-version":[{"id":34301,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/posts\/34300\/revisions\/34301"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/media\/34305"}],"wp:attachment":[{"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/media?parent=34300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/categories?post=34300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/tags?post=34300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}