TCW Group to Vacate Downtown LA Office Tower: Sources
The asset management firm is planning to take 140,000 square feet at City National Plaza in 2024, sources said
By Greg Cornfield February 28, 2022 12:55 pm
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Asset management firm TCW Group is expected to leave its headquarters at the TCW Tower when its lease ends in 2024 and move to City National Plaza in Downtown Los Angeles, sources told Commercial Observer.
TCW is planning to take about 140,000 square feet at one of the two towers at 515 South Flower, which is owned by a joint venture between the California Public Employees’ Retirement System (CalPERS) and CommonWealth Pacific Capital (CWP Capital). That’s about 40,000 square feet — or 22 percent — smaller than its current digs, one source said.
TCW declined to comment. The owners of City National Plaza did not return requests for comment. The joint venture paid $858 million, or around $330 per square foot, to acquire the property in the fall of 2013. It’s currently backed by $550 million from Morgan Stanley.
City National Plaza was completed in 1972 as the headquarters for Atlantic Richfield Corporation. It consists of two 52-story, 700-foot office towers 700 with 2.3 million square feet of office space and 244,432 square feet of retail space.
The TCW Tower at 865 South Figueroa is owned by John Hancock Investment Management, a company of Manulife Investment Management. A brochure from 2020 shows basic rent ranging from $24 to $28 per square foot.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
