$28M Lease Spurs $30M Building Upgrade

LOS ANGELES-Bank of America has signed a $28-million lease for 83,000 sf at the Garland Center, a deal that brokers say was integral to a plan by master lease holder Charter Holdings to spend $30 million in improvements to the 740,000-sf building at 1200 W. Seventh St. According to Jason Warner of the Downtown L.A. office of CB Richard Ellis, Charter Holdings plans to spend the $30 million on upgrading the infrastructure of the building by doubling the size of the central plant and significantly increasing the building’s power, back-up power and mechanical equipment.

Jason Warner and Nick Warner, also of CBRE’s Downtown office, represented Charter Holdings, which is a subsidiary of Wells Fargo, in the Bank of America transaction. They are also now the listing agents for the nine-story building.