Downtown LA Office Property Commands $210M
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Garland Center in Downtown Los Angeles
Los Angeles—A joint venture between H.I.G. Realty Partners, Silverpeak Real Estate Partners, and Rising Realty Partners has acquired The Garland Center, a 733,000-square-foot office building and data center in downtown Los Angeles, for a price the Real Deal reported as $210 million. The acquisition also included a detached 1,600-spot parking structure.
“The Garland Center serves a unique niche in the Downtown Los Angeles submarket for tenants that appreciate the large floor plates, unrivaled connectivity, above standard power and cooling infrastructure, efficient parking, and proximity to the 7th Street/Metro Center station,” Christopher Rising, Rising’s president, said in a prepared release. “We intend to bring our expertise in new technologies, through our 5×5 Telecom subsidiary, to this asset, which is already well positioned to serve Telecom and Internet Service Providers experiencing tremendous growth from increased demand for more connectivity and data storage.”…
