Three Law Firms Take 44K SF in Downtown LA
Coretrust acquired the 915,000-square-foot building for $336 million
By Greg Cornfield May 9, 2022 6:20 pm
reprints
Coretrust Capital Partners, owner of a 48-story tower in Downtown Los Angeles, announced three law firms signed new long-term leases at its trophy tower.
Dykema Gossett, Grant Thornton, and Esquire Depositions locked in for a combined 43,850 square feet at 444 South Flower, aptly named FourFortyFour South Flower. Property records show the firm acquired the 915,000-square-foot building for $336 million from Hines in November 2016.
The terms of the leases were not disclosed. Online marketing materials show asking rent is $30 per square foot per year. That rate would put the combined value of the three leases at over $1.3 million per year.
Dykema Gossett leased the full 22nd floor for approximately 21,750 square feet for 12 years. The firm will move in December.
Audit, tax and advisory firm Grant Thornton is leasing the entire 31st floor totaling approximately 18,500 square feet for 11 years, and will take occupancy in September 2022. The firm is currently on the seventh floor at 515 South Flower Street.
“Our firm’s hybrid work model means that when our people want to collaborate and engage with one another, they need to do so in a safe, appealing and state-of-the-art office,” Cathy Hyodo, Grant Thornton’s managing partner for L.A., said in a statement. “FourFortyFour fits that bill perfectly.”
Litigation support provider Esquire Depositions signed a 7.5-year lease for approximately 3,600 square feet on the 21st floor and plans to move in June.
With these leases, Coretrust said it signed more than 60,000 square feet of leases at FourFortyFour in the past six months. Last year, engineering firm Coretrust signed Syska Hennessy Group to a 15-year lease, and furnishing designer PeopleSpace renewed in the summer for another 10 years.
JLL (JLL)’s Tony Morales, Lalo Diaz and Maureen Hawley represented Dykema. Cushman & Wakefield (CWK)’s Eric Duncanson represented Grant Thornton. Stone-Miller’s Jeff Lipson and Craig Miller represented Esquire.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
