Downtown Rebound Keeps Bouncing Along

LOS ANGELES-A global money-management and investment firm has paid $5.4 million to expand its lease at Downtown’s Wells Fargo Center, the latest sign that the once-struggling CBD has more recently become one of the hottest commercial markets in all of Southern California.

The deal will provide Oaktree Capital Management, which already occupies 75,000 sf at Wells Fargo Center, with an additional 25,000 sf. The high-rise stands at 333 S. Grand Ave. in the Bunker Hill area.

The lease expansion runs through April 2009 and is valued at about $5.4 million. Oaktree Capital was represented by Stephen L. Bay and Clay Hammerstein, a brokerage team in the Downtown office of Insignia/ESG that has handled several other Oaktree-related deals in the past. The building’s owner, Downtown-based Maguire Partners, was represented in-house by Josh Wrobel and Tony Morales.