California Bank & Trust Moving L.A. Office to Aon Center

California Bank & Trust is moving its Los Angeles headquarters one block up to Aon Center, the third-tallest building in the city.

Colliers (CIGI) announced the bank signed for 28,600 square feet at Carolwood’s 62-story tower at 707 Wilshire Boulevard. California Bank & Trust’s operations will move from LBA Realty’s KPMG Center one block away at 550 South Hope Street.

The brokers declined to share asking rents or the length of the lease, other than to say it is a long-term deal. The current occupancy rate at the Aon Center was not immediately available.

“We are deeply invested in the renaissance of Downtown Los Angeles, acquiring this iconic and amenity-rich asset as a focal point of the city’s return to the world stage in the upcoming Olympics,” Adam Rubin, principal for Beverly Hills-based Carolwood, said in a statement. “Downtown represents a clear material savings to office tenants looking for Class A, hospitality-forward buildings at a reasonable price, without compromising views or quality.”

Colliers’ Matthew Heyn and Ian M. Gilbert, who serve as exclusive leasing advisers for Aon Center, brokered the lease agreement with Adam Tischer, senior vice president at Colliers, who is also part of the tower’s ownership group. Adam Seltzer of CBRE (CBRE) represented California Bank & Trust in the deal in partnership with Mike Gouletas, California Bank & Trust’s vice president of real estate.

Last December, Colliers announced Carolwood acquired the 1.1 million-square-foot office tower from Shorenstein for $147.8 million. It was at the time the largest post-pandemic office sale in Downtown Los Angeles and the only tower over 1 million square feet to trade since 2020. The sale, though, represented a 45 percent discount from what the asset sold for a decade ago.

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