Taiwan-based Chinatrust Bank is set to move its headquarters after a recent announcement was made by company officials regarding a new lease deal. The financial entity will move its operations from its current Torrance HQ to the new location, in 801 Tower, in the financial neighborhood located just north of the Staples Center. While specifics of the deal were not disclosed, speculations place the length of the deal at around 10 years while the value of the agreement should be around $20 million.
Chinatrust Bank will move about 175 employees into its two floors of office space at the 801 Tower, totaling approximately 40,000 square feet, by the middle of 2013. The bank was looking for a more financial-friendly neighborhood and L.A.’s financial district located north of the downtown area dominated by Staples Center was the best choice. The Los Angeles Times notes that the company’s move from Torrance to a central L.A. location is part of a current trend that reverses the former migration seen in the mid-1980s when so many companies left downtown areas of major cities for the suburbs.
This move will also change the appearance of 801 Tower, as Chinatrust will introduce its company name to the top of the highrise. 801 Tower is located at 801 South Figueroa Street. Completed in 1992, the 10,600-square-foot facility rises 381 feet. According to Skyscraperpage.com, the building was the first major property to be sold in downtown L.A. in five years when, in 1996, it was traded for $60 million.
Image courtesy of manibrothers.com