Terms of the 15-year lease inked by Paul, Hastings, Janofsky & Walker LLP also call for the north building of the plaza's distinctive black twin towers to be renamed Paul Hastings Tower, according to brokers involved in the deal. The attorneys will move from their current space in the 2.2-million-sf complex's south tower next July.
The dollar value of the transaction easily eclipses any of Downtown's other leases that have been consummated in 2001, and ranks as one of the largest in the CBD's history. The agreement was announced late last night.
"This is a monumental transaction for Paul Hastings and for Downtown Los Angeles, providing unique high rise office building identity to a major law firm," Lynn Williams, the Cushman & Wakefield broker who represented Paul Hastings, said in a prepared statement provided to GlobeSt.com. Arco Plaza's owner, Tokyo-based Shuwa Investments Corp., was represented by Tom Kibler of its Shuwa Leasing Corp. unit.
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