LOS ANGELES-International law firm Davis Wright Tremaine LLP has renewed the lease of its 43,801-square-foot, class-A office space in Downtown Los Angeles, GlobeSt.com reports in this exclusive story. The lease value was undisclosed; however, according to industry sources and based on area asking prices of $3 per square foot, the lease value is approximately $16 million.

Tenant advisory firm Studley represented the law firm in the transaction. “One of the key objectives of our negotiations was ensuring that the lease allowed Davis Wright Tremaine maximum flexibility, meaning the firm has expansion rights, contraction rights and renewal rights,” Andrew Lustgarten, Studley corporate managing director, tells GlobeSt.com. “This allows the firm's occupancy to mirror its business.”

Located at 865 South Figueroa St., the 35-story building is walking distance to L.A. LIVE and FIGat7th. The firm will continue to occupy the 24th and 25th floors, and a portion of the 23^rd floor. “The FIGat7th retail is a big amenity for companies and residents in DTLA, and the project continues to attract top retailers,” says Lustgarten.