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December 9, 2023
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Downtown L.A.

Financial services giant Transamerica signed a 10-year lease renewal at AT&T Center in downtown Los Angeles, retaining Transamerica's SoCal operations within 260k sf of office space at the AT&T Center's 32-story Tower, at 1150 S. Olive St, and the adjacent Hill St building. The company has been in the building since it was built, back in 1963. The new lease begins June 1, 2008, after some renovation work is completed, and runs through the middle of 2018. Downtown brokers estimate the transaction has a value of around $70 mil, which would work out to an average of about $2.24/sf/mo. AT&T Center is a three-building office campus located at 12th and Olive Streets in downtown Los Angeles. LBA Realty acquired the property's landmark 32-story tower and one of the two adjoining buildings in April 2005. The complex is situated directly south of Staples Center, the Convention Center and the emerging LA Live retail, entertainment and hospitality district.

In the transaction, Peter Best, Lisa St. John and James Malone of Jones Lang LaSalle represented Transamerica. Todd Doney and Bruce Asper of CB Richard Ellis, the exclusive leasing and marketing representatives for office space at AT&T Center, handled negotiations for the building owner, LBA Realty. Earlier this year, LBA, along with internationally acclaimed architecture firm Gensler and Howard S. Wright Construction, moved forward with a multiphase renovation program at AT&T Center, beginning with a new dramatic exterior now underway at the Tower building as well as a state-of-the-art lobby, dramatic campus entries, retail shops and a food court at the building concourse. 9/06

Also at AT&T Center, a lease for 15k sf was signed by the University of Southern California (USC), which plans to add a satellite campus location and administration offices within the Center's Hill building. In the deal, Howard Feuerstein of Travers/Oncor International repped the Trojans, which will use the space to house administrative personnel and classrooms for its School of Education, School of Policy, Planning and Development and School of Social Work. Doney and Asper of CBRE again represented LBA in the transaction. The complex is owned by Layton Belling Associates. 9/06

Los Angeles Center Studios inked a pair of long-term leases with two new tenants, ReelzChannel (RC) and Entertainment Industry Foundation (EIF), for a total of about 50k sf. Both spaces are currently being built out to the tenants' specifications and they expect to take occupancy of their new headquarters before the end of the year. These deals, along with a few other recent transactions, bring total leasing at the independent studio and entertainment campus for the current quarter up to 70k sf of space. ReelzChannel, a new television network that is all about movies, signed a five-year deal for 32k sf of space. While the deal value was not given out, based on a current asking rate of $2.65/sf/mo FSG, the transaction would be worth somewhere near $5 mil. RC was repped internally by Gary Thorne. Entertainment Industry Foundation helps raise awareness and funds for important causes such as childhood hunger, cancer research, creative arts, education, cardiovascular research and more. They agreed to an 8.5-year deal for roughly 18k sf, which, based on the same asking rate, is worth almost as much, maybe a little less than $5 mil. Lee Polster of Travers Realty handled negotiations for EIF.

Los Angeles Center Studios was repped in both of these deals by Frank Buckley, Christopher Bonbright, and John Tronson at Ramsey-Shilling Commercial Real Estate Services. In addition, they were repped in-house by Sam Nicassio. Other recent signings at LACS include RightsLine (6.5k sf), AdDynamix (5k sf), ePrize (3.5k sf), Look-Look (3k sf), and Workplace Hollywood (2.3k sf).

Los Angeles Center Studios is a full-service studio for television, film and commercial production - a honeycomb of entertainment interests working collectively in a single campus environment. Set on 20 acres on the western side of downtown LA, this full-service studio features six 18k sf state-of-the-art soundstages and 450k sf of short- and long-term 'Class A' office space for entertainment-related and creative companies in industries ranging from film and television to gaming to music to technology. 7/06

BR Consultants Inc took 6.2k sf of office space in a seven-year, $1.07 mil ($2.05/sf/mo) lease at 550 S. Hope St. Built in 1991, the 28-story structure, known as the California Bank and Trust Building, is 91% leased and owned by Equity Office. Some of the tenants include DLA Pipe Rudnik Gray Cary, Howrey Simon Arnold & White LLP and California Bank and Trust. 7/06

The law firm of Manning & Marder, Kass, Ellrod, Ramirez LLP agreed to a $32 mil lease for 80k sf of space at 801 Tower, the Class A office high-rise owned by Mani Brothers Real Estate Group. The stylish skyscraper contains 435k sf over 24 floors and is located at 801 South Figueroa St, at the south end of the Figueroa Corridor, just a few blocks north of Staples Center. The term of the lease was not disclosed. For Manning & Marder, a firm with more than 100 attorneys in five cities, this space will serve as their new corporate headquarters. The firm will be relocating from its former headquarters at 660 South Figueroa, a property which Mani Brothers previously owned and operated before selling the property in 2004. In the transaction, Clayton Hovivian of Cushman & Wakefield represented Manning & Marder, Kass, Ellrod, Ramirez, which also has offices in Orange County, San Diego, San Francisco and Scottsdale, AZ. The firm will take occupancy by the end of the year. John Eichler, also with C&W, repped Mani Brothers.

This latest deal is one of four recent leases signed at 801 Tower for a combined total of 110k sf of space. The other three leases were with the law firm Riley & Reiner, commercial real estate brokerage GVA DAUM, and insurance company Colony Agency Services, all of which signed in the first few months of 2006, making for a very active year so far for Mani Brothers. 5/06

Enterprise Venture Group signed a 10-year lease for 14.1k sf of office space on the second floor at 818 West 7th St, a 12-story tower. The tenant was repped by Robert Chavez of Guardian Commercial Realty. Sean O'Leary, Brian Denton and Phillip Sample of Grubb & Ellis represented the owner, Downtown Properties LLC. The value of the lease was not disclosed. 5/06

Aon Corp inked a seven-year renewal for 113k sf of office space in downtown Los Angeles at Aon Center, the 62-story skyscraper at 707 Wilshire Blvd where the company has leased space for over 10 years. The 1.3 msf high-rise was built in 1974 and stood as the tallest building in LA for many years until the 73-story Library Tower was developed in 1989. The dollars in this deal were not disclosed, although industry sources suggest it was probably near $20 mil. Aon previously leased roughly 200k sf in the building but has since reduced their space needs by about 90k sf. With this deal, the company will continue to have signage rights and the building will continue to be called Aon Center. Jeffrey Ingham and Jessica Kokish of Jones Lang LaSalle handled negotiations for Aon in the lease.

The building is owned by Broadway Partners, which purchased the asset from Transwestern Investment Company in July of 2005 for around $192 mil ($160/sf). At the time, the building was 75% occupied, although currently it stands closer to 90% occupied. Broadway Partners, which also owns Wilshire Rodeo Plaza at 9536-9560 Wilshire Blvd and the 12-story, 105k sf office building at 9701 Wilshire Blvd, was repped in the deal by Todd Doney and Mark O'Brien of CB Richard Ellis. 4/06

GVA DAUM, the commercial brokerage firm, signed a 90-month lease for 11.8k sf of space at 801 Tower. The Class A office high-rise, located at 801 S. Figueroa St, contains 436k sf over 24 floors. Built in 1992, it is owned by Mani Brothers Real Estate Group. Greg Johnson of GVA DAUM took care of negotiations in the deal on behalf of his firm, which intends to use the space for its downtown LA office. John Eichler of Cushman & Wakefield represented Mani Brothers. The value of the deal was not disclosed. 4/06

Sidley Austin LLP, one of the world's largest law firms, agreed to 15-year expansion/renewal lease for a total of 185.7k sf of office space at the Gas Company Tower, a Class A, 1.37 msf high-rise located at 555 W. Fifth Street in downtown Los Angeles. The deal extends the firm's lease term through 2023 and increases their total square footage by an additional 27.8k sf of space. Since moving into the Gas Company Tower in 1993, the LA office of Sidley has experienced steady growth and, with this latest deal, will now encompass six full floors and one partial floor at the 50-story skyscraper. CB Richard Ellis Executive Vice Presidents Stephen Bay and Clay Hammerstein represented Sidley in the transaction. Bay and Hammerstein also repped the law firm when Sidley moved into the tower in 1993, as well as in their subsequent expansions and extensions in 1995, 1998 and 2003.

The building is owned by Maguire Properties, the large office REIT led by Rob Maguire. Maguire's former firm, Maguire Thomas Partners, developed the tower, designed by Richard Keating of Skidmore, Owings & Merrill back in 1991. 3/06

The Staubach Company signed a seven-year, $5.5 mil deal for 20k sf ($3.27/sf/mo) at City National Plaza. Located at 515 and 555 S. Flower St, the massive 2 msf complex is owned by Thomas Properties Group and consists of two 51-story office towers, one plaza-level building and four subterranean levels. Originally built in 1972, the development recently underwent an extensive renovation. Staubach plans to take occupancy of their new space in April 2006. Their Los Angeles partners include Whitley Collins, John McRoskey, Mike McRoskey, Alan Aufhammer, Gary Horwitz, Dan O'Neil, Tom Turley and Tony Morales. 3/06

Lightfoot Vandevelde Sadowsky and Levine LLP (LVSL), a leading west coast criminal defense firm, has signed a 12-year lease for 10.2k sf of office space on the fifth floor at the 800 Wilshire Building. The lease is valued at $4.4 mil, or about $3/sf/mo. Brian Ulf and Brandon Ochs of Cushman & Wakefield negotiated on behalf of LVSL, which is relocating from 655 S. Hope St. The property owner, The Ratkovich Company, was repped by Jones Lang LaSalle in the lease transaction. In 2004, Ratkovich purchased 800 Wilshire, a 16-story building built in 1971, and has recently completed the total renovation of all public spaces in the building including the main lobby, valet parking area, elevators and elevator lobbies. 3/06

The international law firm of Mayer, Brown, Rowe & Maw LLP, inked a renewal for 77.3k sf of office space at Two California Plaza, a Class A high-rise at 350 South Grand Avenue on Bunker Hill. The firm has leased space at the building since 1992 and will continue to occupy much of the 24th, 25th and 26th floors at the skyscraper. The LA office of the firm was established in 1985 and currently employees more than 71 lawyers. They were represented by Whitley Collins and John McRoskey of The Staubach Company. The building is owned by Chicago-based Equity Office Properties, which was repped in the transaction by Brendan McCracken, the company's in-house Managing Director of leasing.

Two California Plaza is one of two towers that make up the California Plaza office plaza and contains more than 1.3 msf of office space along with more than 52k sf of retail space. California Plaza features a 1.5-acre watercourt that includes a large "waterstage" of Borington green slate used for public concerts and performances. 2/06

OneLegacy, the non-profit transplant donor network, agreed to a $7.6 mil lease for 27.8k sf of space at Figueroa Courtyard, located at 221-281 S. Figueroa St. With this deal, Figueroa Courtyard continues to maintain an occupancy level of over 90%. The five-building, 270k sf low-rise office project features lush landscaping in a park-like setting, as well as on-site banking, state-of-the-art conference center and the full service Courtyard Café. Willa McNamarra Fields of Beitler Commercial Realty Services repped OneLegacy, a network that serves 18 million people, 220 hospitals and 14 transplant centers in the seven Southern California counties. Chris Runyen of Charles Dunn's Downtown Los Angeles brokerage office represented the landlord, California National Bank. 2/06

DLA Piper Rudnick Gray Cary US LLP, the international business law firm, inked an expansion/renewal lease for 48.8k sf of office space at 550 South Hope St, which is now 93% occupied. The building is owned by Equity Office Properties, the big Chicago-based office REIT. DLA Piper currently occupies the 23rd and 24th floors and is expanding onto the entire 22nd floor. The firm operates 20 other major offices across the United States, including an office in Century City. Mark S. Robbins of Transwestern Commercial Services represented the tenant while Equity Office was represented in-house by Brendan McCracken, Managing Director of Leasing. 550 South Hope Street is a 28-story building featuring more than 566k sf of class A office space. Built in 1991, it features an exterior clad in elegant flamed and polished Swedish granite, and glass curtain wall. Its impressive two-story main lobby is appointed in marble and granite. 1/06

The US Government agreed to a 10-year, $4.8 mil lease for 15.4k sf ($2.60/sf/mo) of space at 606 South Olive St, the longtime home of City National, on the south side of Pershing Square. The government took care of negotiations in-house while the landlord, 606 South Olive LLC, went with John Anthony and Andrew Altman of Charles Dunn Company. 12/05

Squire, Sanders & Dempsey LLP, an international law firm founded in 1890, inked a new lease for 39.7k sf of downtown LA office space at the newly named City National Tower. The 10-year deal has a total value of about $13.3 mil, or around $2.79/sf/mo. The 52-story high-rise, located at 555 S. Flower St, is one of twin towers that make up the 2.7 msf former Arco Plaza office complex, owned by Thomas Properties Group, which was renamed after City National Bank agreed to a 15-year, $120 mil lease for around 300k sf back in November 2003. Designed by A.C. Martin Partners and built in 1972, the buildings are sheathed in forest-green granite and glass. Stephen Bay and Clay Hammerstein of CB Richard Ellis represented Squire, Sanders & Dempsey, which will occupy the entire 31st floor and as well as a portion of the 32nd floor once they move into the space in Spring 2006. Thomas Properties Group was repped in-house by Kent Handleman. 11/05

Burke Williams & Sorensen LLP, a law firm founded in 1927, signed a 10-year, $6.5 mil lease for 24.5k sf ($2.21/sf/mo) of office space at 444 South Flower St, located on the northeast corner of Flower and 5th St. The law firm is relocating from their current offices at 611 West 6th St, due to the building's plans for conversion of the upper floors to condominium units. Burke Williams will occupy the entire 24th floor and a portion of the 25th floor of the 49-story, 894k sf high-rise. Designed by A.C. Martin and built in 1981, the tower is owned by Beacon Properties, which acquired the property in 2003 from UK-based Grosvenor International and Meiji Seimei Realty, part of Meiji Life of Japan, each of which had 50% Tenant-in-Common interests at the time. John Zanetos and Stephen Bay of CB Richard Ellis represented Burke Williams & Sorensen in the deal. The landlord side of the lease was handled by John McAniff and John Eichler at Cushman & Wakefield. 10/06

Entertainment Industry Development Corporation (EIDC) signed a 10-year office lease for 13k sf of space on the 8th floor of the Tower building at Los Angeles Center Studios. The Tower building is the centerpiece of the 20-acre entertainment campus, a full-service studio that features six 18k sf state-of-the-art soundstages and 450k sf of short- and long-term 'Class A' office space for entertainment-related and creative companies in industries ranging from film and television to gaming to music to technology. The space is currently being built out to EIDC's specifications. The nonprofit corporation, which is relocating from Hollywood, expects to take occupancy of its new headquarters before the end of the year. EIDC streamlines the film permit process and provides filmmakers with the convenience of one-stop on-location production assistance. In addition to the lease signed by EIDC, Promotional Partners (5k sf), Creative Kingdom (3.5k sf) and Mice Creative (3.5k sf) have all signed five-year leases at the studio in the last quarter, bringing total long-term leasing activity at Los Angeles Center Studios to 25k sf during this period. Lee Polster, Associate Vice President and Managing Director of Travers Realty / Oncor International, represented EIDC in this transaction. LACS was represented internally by Sam Nicassio. 10/05

The Los Angeles Unified School District (LAUSD) inked a lease for 117.1k sf of office space at 1055 West Seventh St in downtown Los Angeles. LAUSD, which currently occupies approximately 300k sf at Wells Fargo Tower, also in downtown LA, will relocate a significant portion of its operations to 1055 West Seventh St, with the remainder of operations relocating to the nearby Beaudry Building, which LAUSD purchased in 2003. LAUSD anticipates taking occupancy of the space at 1055 West Seventh in July of 2006. CB Richard Ellis Senior Vice President Eric Duncanson represented the property owner, San Francisco-based Bristol Group Inc, in the 10-year lease transaction valued in excess of $25 mil, or around $1.78/sf/mo. LAUSD was represented by Onno Zwaneveld of Trammell Crow Company. 1055 West Seventh Street is a 33-story, 615k sf Class A office building, located at the corner of Seventh and Bixel streets. 9/05

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