First Republic Bank Signs Big Expansion Lease in LA’s Century City

The San Francisco-based wealth management company signed for 156,163 square feet

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First Republic Bank has signed one of the largest leases in Los Angeles so far this year in an expansion and renewal deal in Century City.

The San Francisco-based wealth management company signed for 156,163 square feet at 1888 Century Park East, according to Savills’ second-quarter office report. Investment and development firm CommonWealth Partners has owned the office building since 2013, records show.

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Neither the tenant nor the landlord returned requests for comment. 

The Century City office district is one of the most expensive submarkets in Greater L.A. with an average rental rate of $5.81 per square foot per month, compared to the $3.87 per square foot average for the larger market. The submarket also has one of the lowest vacancy and availability rates in Greater L.A.

Earlier this year, talent agency CAA signed a 400,000-square-foot lease at 1950 Avenue of the Stars in Century City. Also, private investment firm Bain & Capital signed for 51,000 square feet at 1999 Avenue of the Stars, and law firm Miller Barondess signed a long-term lease to move down the street into 33,099 square feet at 2121 Avenue of the Stars.

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