CBRE Global Investors Moving HQ to Brookfield’s Figueroa at Wilshire
By Alison Stateman August 8, 2018 5:01 pm
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CBRE Global Investors will be relocating its headquarters within Downtown Los Angeles, moving from City National Plaza at 515 South Flower Street to Figueroa at Wilshire at 601 South Figueroa Street.
CBRE (CBRE) Global, the real estate investment arm of commercial brokerage CBRE, signed a 10-year lease for 32,000 square feet spanning the 49th and 50th floors of Brookfield Properties’ 52-story office tower and are expected to relocate by January 2019, according to the The Real Deal, who first reported on the move.
“This decision marks the culmination of more than three years of work in which we evaluated our current office, gathered input from our employees about work patterns and how they use space, assessed our options in the Los Angeles market and, most importantly, weighed how our real estate decisions could best support our business objectives,” Andrew Glanzman, the COO for CBRE Global Investors in the Americas, said in a statement. “Our goal was to find, plan and design a cutting-edge space that supports increased collaboration…and the space at…Figueroa will facilitate that.”
CBRE’S R. Todd Doney represented CBRE Global Investors in the deal and Marin Turney, Ian Gilbert and John Barganski of Brookfield (BN) represented Brookfield, the city’s largest commercial property owner. Both CBRE and Brookfield declined to comment on lease details.
At the corner of Figueroa Street and Wilshire Boulevard, Figueroa at Wilshire contains 1 million square feet of office space. CBRE Global Investors’ lease commitment coincides with Brookfield’s plan to open modern conference and fitness facilities at the property to be operated by Convene as well as a new Two Guns Café. This is the third major office lease inked by Brookfield at the property in 2018, with global law firm Seyfarth Shaw signing on for 58,000 square feet and Preferred Bank committing to 37,000 square feet of space at the building and earlier this year as Commercial Observer previously reported.
Existing tenants include PwC, Dentons, Harley Ellis & Devereaux and Brookfield’s own regional office.
CommonWealth Partners, which owns City National Plaza, did not return a call for comment as of publication.
