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February 23, 2019
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DLA Piper Leases 33k sf of Downtown LA Office Space


Global law firm DLA Piper has inked a 10-year lease for 33.5k sf of office space at 550 South Hope Street, known as KPMG Center, in downtown Los Angeles. DLA Piperís new, fully-renovated space will include the entire 24th floor along with additional space on the 23rd and 2nd floors of the building.

550 South Hope is a 28-story tower encompassing 610k sf of space. Completed in 1991, 550 South Hope is among the newest buildings in downtown LA. The modern building by Kohn Pederson Fox and Langdon Wilson provides an architecturally-distinctive design.

DLA Piper recently acquired Liner LLP, a Los Angeles-based boutique law firm, and will consolidate the firm into DLA Piperís newly-remodeled and expanded offices. David Kluth, Aliya Coher and Brad Feld with Newmark Knight Frank represented DLA Piper in the transaction. The property is owned by Morgan Stanley.

According to NKFís 4Q2017 Los Angeles Office Market report tech, new media, and co-working tenant expansions, coupled with a few right-sizing moves from traditional occupiers, such as banks and law firms, set the tone for the year. Net absorption was positive for the sixth consecutive year, while the average asking rent achieved a new high.

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