CASE STUDIES

PacMutual

PROJECT DESCRIPTION

Built between 1908 and 1926, PacMutual is rich in architectural character in DTLA. The property has gone through an extenstive rehabilitation and repositioning as a creative office and retail campus. Today it is the standard in high quality creative office space in Downtown Los Angeles—leading the market in occupancy and rates. 

PROJECT SIZE

3 Buildings Totaling 464,000 SF on 1.8 acres

PROJECT DURATION

2012 - Present

PROJECT TEAM MEMBERS

Rising Realty Partners, Industry Partners

 

dTla creative office campus.

The Deal

Built between 1908 and 1926, the Pacific Mutual Life building was for decades the premier office building in Downtown Los Angeles. However, in response to the modern high rises coming out of the ground, the building was “modernized” in the 1970s and 80s. Following their purchase of the project in 2012, Rising Realty Partners engaged Industry to reposition the building as DTLA’s best in class creative option.  Between a comprehensive PR push, smart marketing materials, a “hands-on” approach to selective demolitions, construction of spec suites, and leveraging Industry’s relationships with non-traditional tenants and their brokers, the building has gone from 60% leased to over 90% and rents are on par with “Class A” DTLA high rises. The end result is DTLA’s most successful creative office project that is leading the DTLA creative market. Most notable tenants include online fashion brand Nasty Gal, architecture firm NBBJ, visual effects firm Magnopus, Tender Greens, and Le Pain Quotidien.

PacMutual was first purchased by Rising Realty Partners in 2012 for $60 million. In early September 2015, PacMutual sold for $200 million. 

Insights

PacMutual is a beautiful, historic building that needed an inspiring vision to execute. Working with owner Rising Realty Partners, Industry Partners’ goal was to create a lifestyle campus that communicated the new urbanity of DTLA. A place that complemented the life of DTLA residents who also work at PacMutual. From the high quality tenant improvements and drastic common area improvements, to bringing the right mix of food and beverage, PacMutual is a direct response to the way people want to work today—in a space that is well thought out, located in a place that is walkable and filled with opportunities to engage with people, food, art, and culture.