The New York-based news group will continue to occupy 14,613 sf of office space in the building, which has served as its regional headquarters since 1991. The lease is valued at $3.9 million.
Though Downtown's overall vacancy factor tops 20%, Figueroa Courtyard has a healthy occupancy rate of 93%. It is located at 221 S. Figueroa St. and is the only campus-style office complex in the Central Business District.
Tom McDonald of Cushman Realty Corp. represented Associated Press in the transaction. The Grubb & Ellis team of Chris Runyen and David Lachoff represented the landlord, LA-based California National Bank.
Runyen works in the Downtown LA office of Grubb & Ellis, which handles Figueroa Courtyard's marketing duties from its offices inside the complex. Lachoff works out of the company's West LA office.
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