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Two Big Leases Raise Hopes for LA Comeback

LOS ANGELES-An insurer and a law firm take 108,000 sf of office space in the beleaguered CBD. Brokers say vacancies in the area will continue to drop as tenants seek affordable alternatives to the pricey Westside and other submarkets.

By David W. Myers and Erin Cassin | Updated on May 02, 2001

LOS ANGELES-A big insurance broker and a large law firm have signed separate leases for a combined 108,000 sf of Downtown office space, raising hopes that the Central Business District’s fledgling comeback will turn into a full-blown renaissance.

In the first lease, Lockton Insurance Brokers signed a 10-year renewal for 47,984 sf at Ernst & Young Plaza. The tower stands at 725 S. Figueroa St., on the corner of Figueroa and 8th Street.

According to the terms of the agreement, Lockton will occupy the entire 35th and 36th floors of the building, which encompass a total of 47,984 sf. Although none of the parties involved would disclose the dollar value of the deal, brokers tell GlobeSt.com it’s worth about $12 million.

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