Coretrust Capital Partners has secured a new tenant at a trophy Downtown Los Angeles office tower.
SEE ALSO: Industrious Adds More Coworking Space in LA’s Century City
International engineering firm Syska Hennessy Group signed a 15-year lease for approximately 14,000 square feet in the iconic tower at 444 South Flower Street, the firms announced. Syska will relocate its West Coast headquarters from Culver City to the 48-story property called FourFortyFour Flower, previously known as Citigroup Center, in July.
The lease is a welcome addition to a market facing a spike in vacancy and sublease space. The total amount of available space — the sum of sublease space and vacant space — is up to 27.7 percent in Downtown L.A., according to Savills’ first-quarter office report.
L.A. Biz first reported news of the lease.
Coretrust acquired the 915,000-square-foot tower for $336 million from Hines in November 2016, and has invested more than $25 million in upgrading the property. The office is at the corner of Fifth and Flower streets, across from the Central Library and adjacent to the Bunker Hill Steps.
The building features an Equinox fitness center, Starbucks, Mendocino Farms, Om Nom Organics, a Citibank branch, Uptown Drug, and more. Two years ago, coworking firm Industrious signed for 22,275 square feet at the property.
