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City National Bank Leases 300k sf at 2Cal in Downtown LA’s Bunker Hill

12/16/16

City National Bank has signed a long-term lease for 300k sf of office space over eleven floors at 2Cal, a 52-story Class A office building located at 350 S. Grand Avenue in the Bunker Hill area of Downtown Los Angeles. Headquartered in Los Angeles, City National Bank is a major private and business bank that has been serving Southern California for 63 years. Terms of the lease were not disclosed.

As an anchor tenant, City National Bank’s agreement includes prominent building signage and the rebranding of the property as CityNational@2Cal. Renovations to configure the space as an open and efficient workplace to accommodate City National Bank’s employees will commence in 2017 with occupancy anticipated in 2018.

2Cal consists of approximately 1.37 msf of office space along with 44k sf of retail space. Since acquiring the property in 2014, CIM has been instituting a variety of physical and operational improvements.

A renovation and expansion of the building lobby and entrances as well as updated landscaping will be completed in early 2017. The lobby features a newly-positioned reception desk, optical turn-styles, optimized ceiling heights and contemporary lighting fixtures, Carrara marble flooring, and abundant seating and gathering areas. Building entrances at the street and plaza levels include glass pop out areas with new automatic sliding glass doors providing a sense of arrival that showcases the renovated lobby.

CIM Group’s lease with City National Bank is the second major transaction in the past 12 months. In December 2015 the company signed a lease with law firm Munger Tolles & Olson for approximately 150.5k sf for five full floors and a portion of the sixth floor.

The LEED Platinum certified building is part of a two-tower office complex that shares a retail and restaurant pavilion including a 1.5-acre water court and performance plaza. As reported on RENTV, CIM recently acquired the land beneath 2Cal and the plaza areas as part of the sale of assets of the former Los Angeles Community Redevelopment Agency which led the original public/private development of California Plaza in 1992.

2Cal is also near popular destinations such as the Music Center with the Walt Disney Concert Hall, The Broad, the Cathedral of Our Lady of the Angels, the Museum of Contemporary Art and Los Angeles Central Library, and is in close proximity to significant developments that are transforming Downtown Los Angeles including new cultural, residential, entertainment and transportation infrastructure projects.






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