LOS ANGELES-Payment processing firm Regulus West has leased 36,041 sf at the Garland Center at 1200 W. Seventh St. and Cornerstone Research has signed for 28,604 sf at the US Bank Tower in two recently completed Downtown L.A. office deals. The Regulus West deal is a five-year sublease valued at more than $5 million, according to Brian Luft, of NAI Capital's West Los Angeles office, who represented the tenant along with Michael Walters of New Jersey-based NAI James E. Hanson.

Walters and Luft note that the transaction was complex in that it involved negotiating an early lease termination for approximately 15,000 sf of excess space, while simultaneously renewing Regulus' lease/sublease for an additional five years. “The end result was that we were able to accomplish Regulus' goal of reducing their overall cost of occupancy,” Luft says.

Charter Holdings, Inc., the master sublessor of the office building, was represented by Jason Warner and Nick Warner of CB Richard Ellis. The deal follows a recent lease reported by GlobeSt.com in which Bank of America signed a $28-million lease for 83,000 sf at the 1200 W. Seventh St. building, a deal that was integral to a plan by master lease holder Charter Holdings to spend $30 million in improvements to the 740,000-sf building.