All of the new tenants except for Comerica are new to Downtown Los Angeles. Harley Ellis Devereaux will relocate its regional headquarters from West Los Angeles in December, while both Goodwin Procter and Bear Stearns are opening their first Downtown Los Angeles offices to accommodate growth and complement their Westside offices.
According to managing director Lisa St. John of Jones Lang LaSalle, the deals indicate that, "Corporate tenants are beginning to see West Los Angeles and Downtown as very distinct markets with different business environments, and they find it advantageous to have a presence in both." St. John joined with Mark McCaslin of the McCaslin Co. and Peter Best of Jones Lang LaSalle in representing Goodwin Procter in its 20,428-sf lease at 601 S. Figueroa, where the law firm will occupy the entire 41st floor.
Detroit-based Harley Ellis Devereaux signed for approximately 35,000 sf and plans to relocate to the space later this year under its new long-term lease. Terence Lawrence and his team from Spectrum Strategies represented the architectural firm.
Dallas-based Comerica Bank is consolidating multiple business units in a 27,000-sf office and banking center at the 601 S. Figueroa tower, which was formerly known as the Sanwa Bank Plaza. Comerica was represented by Craig DeMiranda of Lee & Associates.
Bear Stearns inked a deal for a 9,000-sf office on the 35th floor that will complement its existing Culver City office. The financial services firm was represented by Rick Buckley of Madison Partners.
Other recent deals at the property include GE Capital's extension of its 8,000-sf lease, negotiated by Tim Campbell, and ING Clarion's expansion to 15,000-sf with a term extension as well. Patrick Nally led Madison Partners' team representing ING Clarion.
Preferred Bank signed a new agreement extending its lease terms and expanding the premises for the bank's corporate headquarters to a full floor of more than 23,000 sf, with Jim Travers and Lindy Eng of Travers Realty representing the bank in the transaction. John Barganski of Brookfield Properties, along with Carl Muhlstein and Anthony Gatti of Cushman & Wakefield, represented Brookfield Properties in all transactions. Terms of the leases were not disclosed, but asking rates for Downtown L.A. space are about $24 per sf per year, triple-net.
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