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5/28/15
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Lewis Brisbois Bisgaard and Smith LLP (LBBS), one of the fastest-growing law firms in the U.S., has agreed to a 15-year lease for 215.2k sf of office space at U.S. Bank Tower, a prestigious, 72-story high-rise located at 633 W. 5th St in the heart of Downtown Los Angeles.
LBBS was previously located on the outskirts of the city’s CBD in approximately 160k sf of space at 221 N. Figueroa St, a building owned by the City of Los Angeles. When a December 2014 fire at DaVinci, an adjacent apartment property that was under construction, damaged the firm’s office building, it necessitated an immediate relocation for the firm.
Within five days, the firm was able to relocate 600 lawyers and staff members into the U.S. Bank Tower space, which was arranged on a temporary basis. With this new long-term lease now in place, LBBS will occupy nine floors, including contiguous floors 38 to 45 and the sixth floor, which will be used as a conference room.
Avison Young Principal and Managing Director Jonathan Larsen, along with Associate Chandler Larsen, represented LBBS in the transaction. The landlord, OUE Limited, a Singapore-based real estate owner, developer and operator with a real estate portfolio located in prime locations in Asia and the U.S., was represented by John Eichler of Cushman & Wakefield and Peter Johnston of OUE.
Built in 1989, the property totals 1.4 msf and is the tallest building in California, the eleventh tallest in the United States, and the tallest west of the Mississippi River. Since its acquisition of the property in 2013, OUE has been making significant improvements to the asset, which is now 82.6% occupied with this newest lease. Building features include an on-site bank, concierge and dining amenities, including McCormick & Schmick's.
The tower has been undergoing a $50 mil renovation to better serve its existing tenants, attract new tenants, and appeal to visitors to the area. Some of these improvements, anticipated to be completed by the end of 2015, include the addition of two new high-end restaurants; a major renovation to the lobby led by architecture firm Gensler; additional retail; and the completion of an observation deck on the top floors.
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