May 29, 2015

US Bank Tower Signs Anchor Tenant By Kelsi Maree Borland | Los Angeles

The US Bank Tower is now 82.6% occupied.

LOS ANGELES—Law firm Lewis Brisbois Bisgaard and Smith has signed a 215,230-square-foot

anchor tenant lease with OUE Limited at the US Bank Tower in Downtown Los Angeles. The office lease is the largest signed in the downtown market in more than 18 months. The lease value was not

disclosed, however, market experts unrelated to the deal estimate the value to be around $115

million.

Lewis Brisbois Bisgaard and Smith had formerly occupied 160,000 square feet of space in

downtown at 221 N. Figueroa, but were forced to relocate after the Da Vinci Apartment fire late last year damaged the building. “We moved to the building in January of this year after the Da Vinci

Apartment fire,” Jonathan Larsen, Avison Young principal and managing director, tells

GlobeSt.com. “We moved to the US Bank Tower in a short-term lease, and we went out to the

market to find some long-term alternatives. One was to move back to the building at 221 N. Figueroa

or to look at some other options. After a thorough search and evaluation of the market, we made a

decision to terminate our lease at 221 N. Figueroa and stay at US Bank Tower long term.” Larsen

represented the tenant in the transaction, along with his Avison Young colleague associate

Globest online real estate news New York, NY May 29, 2015

Chandler Larsen. John Eichler of Cushman & Wakefield and Peter Johnston of OUE

represented the landlord in the transaction. The landlord’s team declined to comment on the deal.

Because of the fire, the law firm was able to terminate its existing lease without complications. It

decided to stay in the US Bank Tower largely because of the great location and $50-million

renovation that OUE has been performing on the building, including gaining LEED certification.

The renovations will be complete at the end of the year. “US Bank Tower was economically

preferential and the location in the central business district in a building that has undergone a

significant renovation was the best alternative for the firm,” says Larsen. “They are the largest L.A.-

based law firm, and they felt that the total package made the most business sense for the firm.” The

lease has a 15-year term and includes signage for the company.

LBBS will occupy nine floors, floors 38 through 45 and floor six, and house 600 employees in the

new location. The firm is already occupying the space building, which is located at 633 W. 5th Street.

With this lease, the property is now 82.6% occupied. “In downtown, you certainly have a renaissance

with all of the restaurants and the new Wilshire Grand hotel and office tower going up, and with the

renovation of the new US Bank Tower, this is the center of downtown,” says Larsen.