Leases  ·  Office

Two Law Firms Nab Space at US Bank Tower

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Silverstein Properties has secured two new lease signings at the iconic U.S. Bank Tower in Downtown Los Angeles for a combined 10,400 square feet.

Skiermont Derby, a boutique patent and civil litigation firm, signed a seven-year lease for 4,500 square feet, and is slated to occupy a portion of the 58th floor when it relocates from 800 Wilshire Boulevard this summer. And global law firm Dechert expanded its existing lease to include an additional 5,900 square feet on the 49th floor of the tower. The firm currently occupies 9,700 square feet on the same floor, and is slated to take over the new space in September.

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The U.S. Bank Tower at 633 West Fifth Street is the second-tallest tower in Los Angeles at 1,018 feet, and one of the most prominent buildings on the city skyline. It was designed by Pei Cobb Freed & Partners and built in 1989 by Maguire Properties near the Pershing Square Metro station.

Downtown Los Angeles is one of the most active real estate markets in California, and continues to attract residents and businesses from across the country,” Jeremy Moss of Silverstein Properties said. “We are spending the year upgrading the building’s lobby, amenity spaces and outdoor space, and look forward to evolving the look, feel and culture of the building.”

Silverstein Properties acquired the U.S. Bank Tower in 2020, and announced a $60 million capital improvement program in May 2021. Upgrades encompass redesigning the building’s main entrance and lobby. New amenities will include a day-to-night juice and cocktail bar, a grab-and-go market, seating and collaboration areas. Building upgrades are set to be completed by the end of 2022. 

JLL (JLL) led negotiations for the landlord in both deals. Skiermont Derby was represented by Savills and Dechert was represented by Cushman & Wakefield (CWK)

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.