This was once Paragon City's largest recreational havens, with romantic wooded parks for picnics, Turner Lake for scenic boat rides, and the Gaiman Amphitheater providing regular concerts and theatrical performances. Unfortunately this was one area that quickly fell victim to crime after the Rikti Invasion of 2002. When local officials attempted to assess the area, they discovered that it had been overrun by the Skulls, Hellions, Vahzilok, Circle of Thorns, and by strange monsters identified as the Hydra. In addition, the giant monster known as the Kraken has been spotted in the area.
Because of this, Paragon City officials declared Perez Park to be a Hazard Zone. Despite numerous calls to reclaim the zone, city officials have said that the costs to even rid the outlying area of the gangs was too much, never mind deal with the Hydra or the Kraken.
The Rocinante Group arranged to have their Paragon City offices located in Perez Park, which they deemed to be the safest place for a company that specialized in information brokerage, since it limited visitors, and they arranged to have the gangs provide security for the area.
(Please see the Paragon Wiki entry for in-game information.)