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Nearly a year-and-a-half into construction, Downtown's $300-million Park Fifth development is now above ground across the street from Pershing Square.

The project, which is being developed by MacFarlane Partners, consists of a 24-story tower and a seven-story podium-type building on a longtime parking lot lining 5th, Olive and Hill Streets.  The rpoject, which is scheduled for completion in February 2019, will offer 660 rental apartments and 14,000 square feet of ground-level retail space.

Portland-based architect Ankrom Moisan is designing the mixed-use complex, which will include open space amenities such as a landscaped courtyard and a rootop infinity pool.

Park Fifth may set the stage for another slate of changes surrounding the Pershing Square subway station, including a makeover of its namesake park and a potential 57-story tower at 5th and Olive.  At one of its northern entrances on 4th Street, developer Equity Residential has announced plans to construct a mixed-use tower on a current parking lot.  Across the street, MacFarlane is one of three finalists for the proposed development of the long-vacant Angels Knoll site.

Image via MacFarlane Partners
Image via MacFarlane Partners

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This Week in Leases - June 23, 2018

Two advertising studios make moves in DTLA and Park Mile.
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ROW DTLA, located at the border of the Arts District and Industrial District in Downtown Los Angeles, has announced that creative advertising studio WC+A has signed a lease for 12,000 square feet of office space at the complex.