Downtown Sees Third Big Lease in as Many Days

LOS ANGELES- The third major lease in as many days has been announced in Downtown, the latest sign that the battered submarket may be on its way back. The $25-million lease signed by McCutchen, Doyle, Brown and Enersen LLP will not only keep the law firm in the Central Business District but also raise the amount of space it occupies by 50%. The 10-year pact gives the firm 76,470 sf at KPMG Tower, the highrise it has occupied for the past several years at 355 S. Grand Ave.

Clay W. Hammerstein and Stephen L. Bay, both of Insignia/ESG’s Downtown office, represented the law firm, which is based in San Francisco. LA-based Maguire Partners, the building’s owner, was represented in-house by Pat McRoskey.

Two other big Downtown leases were announced earlier in the week. In the first, Lockton Insurance Brokers signed a 10-year renewal for 47,984 sf at Ernst & Young Plaza, 725 S. Figueroa St. Local brokers tell GlobeSt.com that the deal is worth about $12 million.