Pacific Western Bank has signed for 11,510 square feet of office and retail space at the tallest building in the Western U.S., the Wilshire Grand Center in Downtown Los Angeles.
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The commercial banking company signed a long-term lease for 8,010 square feet of office space on the 26th floor, as well as 3,500 square feet of retail space for a bank branch. Cushman & Wakefield (CWK) announced the deal and represented the owner, Hanjin International Corporation.
Online listings for the Wilshire Grand Center show office space going for $4.50 per square foot per month, which would put the value of the office portion of the deal at almost $2.2 million over five years. All but two floors of office in the 1,100-foot tall tower are leased following the Pacific Western deal.
The 2.1 million-square-foot Wilshire Grand Center is located at 900 Wilshire Boulevard at the intersection of Figueroa Street. It’s anchored by the 900-room Intercontinental Hotel, and also includes the largest meeting room and ballroom complex in L.A. It was designed by A.C. Martin & Associates, and completed in 2017.
C&W’s John C. Cushman III, Steve Marcussen, and Dillon Moscone represented the owner. Kennedy Wilson represented the tenant.
“The office market is showing strengthening leasing activity in Greater Los Angeles again, this time focused on a healthy, flexible workplace,” Marcussen said in a statement. “Wilshire Grand Center is the answer for many tenants with medical grade air filtration systems and over 150,000 rentable square feet of common areas for tenants to spread out and work outside the office.”
Steve: Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
