Silverstein Properties has announced 55,349 square meters of office rent in one of the tallest buildings west of the Mississippi River, Commercial Observer can first report.
Latest deals on US Bank Tower in Downtown Los Angeles includes a 5,091-square-foot expansion by a prominent personal injury law firm Morgan & Morganwhich grows its footprint to 13,517 square feet and extends its lease until at least 2037. Also, the engineering and design firm Happold Bureau new entry 13,682 square meters, full floor lease.
And in Los Angeles Area Chamber of Commerce signed a 10-year lease for 11,411 square feet for its new headquarters on the 32nd floor, while consulting company ICF will move office from 555 West Fifth Street to 3,131 square meters in the US Bank Tower.
The new activity brings Silverstein’s total leasing in the 1.4 million square foot tower to more than 145,000 square feet last year with KPMG, Wilson Elser, King & Spalding and Zurich North America signed a deal as well.
US Bank Tower rentals are parts and parcels with pickup in office activities in the LA area.
District office leasing reached 4 million square feet in the third quarter, the strongest three months since 2019, while availability declined compared to last year, according to Savills. However, Downtown LA is still struggling with vacancy and financial difficulties.
CEO of Silverstein Properties Lisa Silverstein recently admitted The tower had exceeded her expectations after a $60 million upgrade.
“It ended up going better than I thought it would,” Silverstein told CO. “This is a trophy building in a terrible market.
He added that Downtown Los Angeles “isn’t a market I would be in.”
Harlan Strader indicated Silverstein in-house, along with JLL team included Jaclyn Ward, James Malone, Josh Wrobel, Marin Turney and Sarah Hancock. CBRE, Cushman & Wakefield, JLL and Newmark represent different tenants in new deals.
Gregory Cornfield can be reached gcornfield@commercialobserver.com.