Fiduciary Trust, an asset manager for individuals and institutions, was already in the 444 S. Flower building but needed more space, broker Kinden Mitchell of Colliers Seeley International tells GlobeSt.com.
Mitchell, who represented sublandlord BP/Arco along with Colliers Seeley's Hayden Eaves, says Fiduciary Trust was in about 11,000 sf of space in the building but will move to a full floor and expand its operations.
The sublease space was available because of the consolidation of BP oil and Arco operations after the two companies' merger. Mitchell notes that the 9.5-year term is relatively long for a sublease, which made the deal attractive to the tenant, allowing Ficuciary Trust to lock in its rates for a longer period. Often, he points out, subleases in other markets offers only two or three years before their expiration.
John Anthony of the Charles Dunn Co. represented Fiduciary Trust.
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