LOS ANGELES—Oaktree Capital Management has signed a lease renewal with Brookfield Property Partners for 182,000 square feet at the Wells Fargo Center's North Tower in the Downtown Los Angeles neighborhood of Bunker Hill. The renewal expands the company's previous lease by 26,000 square feet. This is one of the largest office leases signed in the downtown this year.

“Oaktree Capital Management is one of Downtown L.A.'s premier firms,” Bert Dezzutti, EVP of the Western Region for Brookfield Property Partners, tells GlobeSt.com. “They've grown to over 550 employees in the last 20 years and it is an honor to be able to partner with them for the future.” With the 26,000-square-foot lease expansion, Oaktree Capital Management now occupies seven full floors in the building. According to David Kirchheimer, Oaktree's CFO, the building is an ideal location for the firm to continue its growth plans. The term of the lease was not disclosed, but is being called “long term.”

“This lease reinforces our belief that Wells Fargo Center continues to be one of the most attractive and relevant environments for business downtown,” says Dezzutti. Brookfield has signed 700,000 square feet in leases in its Downtown Los Angeles portfolio this year, and launched DesignHive by Brookfield, an office suite collection that showcases modern office design to show tenants the design potential and to further increase occupancy. The 52-story building is LEED certified and has 1.4 million square feet of space and a three-story atrium.