Silverstein Signs 3 Tenants for 40K SF at Downtown LA’s US Bank Tower
By Greg Cornfield September 26, 2023 3:55 pm
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Silverstein Properties announced Tuesday that it added three new tenants to its U.S. Bank Tower in Downtown Los Angeles.
Sompo International, a global insurance brokerage, is moving from its current office in the Financial District with a 10-year, 20,582-square-foot lease occupying the 51st floor. Akerman, a global law firm, signed a multiyear, 13,306-square-foot lease, and will move from the nearby CalEdison building to occupy the entire 64th floor. And Continental Casualty Company (CNA), a commercial property and casualty insurer, signed a 10-year, 6,084-square-foot lease, and will move from 100 Wilshire Boulevard in Santa Monica. Terms of the leases were not disclosed.
“The consistent interest we are seeing in the building is a testament not only to the enduring appeal of Downtown L.A., but our commitment to investing in hospitality-driven modern office space with all the perks of a great hotel,” Harlan Strader III, vice president of leasing at Silverstein Properties, said in a statement.
Ten companies have signed leases at the 1,000-foot-tall U.S. Bank Tower in the past 12 months for a combined 185,000 square feet. The new signings come after Silverstein completed a $60 million upgrade and renovation of more than 35,000 square feet of shared spaces, including a redesigned main front entrance and lobby, a juice and cocktail bar, and a grab-and-go market. Additionally, the Vista, a new resort-inspired amenity on the 54th floor, features food and beverage options along with event, meeting, presentation and lounge spaces.
Silverstein Properties acquired U.S. Bank Tower in September 2020 for $430 million, and began the capital improvements in May 2021.
Strader, along with Jaclyn Ward, James Malone and Sarah Hancock of JLL, represented the landlord in these deals. Matthew Cheezem and Luke Raimondo of Cushman & Wakefield represented Akerman, and Malone of JLL represented CNA. Kyle Harding and Deanna Becker of JLL represented Sompo International.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
