CIM Group Inks Major LA Lease
- Dec 16, 2016
Los Angeles—City National Bank has signed a long-term lease for 11 floors totaling approximately 300,000 square feet at 2Cal, a 52-story Class A office building in Los Angeles.
Located at 350 S. Grand Ave. in the Bunker Hill area of downtown L.A., 2Cal consists of approximately 1.37 million rentable square feet of office space and 44,000 square feet of retail space.
“The building has a superior location in the Bunker Hill district of downtown Los Angeles,” Shaul Kuba, CIM Group co-founder & principal, told Commercial Property Executive. “It is steps from major cultural and entertainment destinations, such as The Broad and Walt Disney Concert Hall, and new residences. 2Cal also is an attractive destination with its large pubic courtyard, that is programmed with events including a popular free summer concert series, and its variety of restaurants and retail.”
This LEED Platinum certified building is part of a two-tower office complex that shares a retail and restaurant pavilion including a 1.5-acre water court and performance plaza.
CIM Group originally acquired 2Cal in 2014 and implemented a program of improvements for the property focusing on the lobby and common areas.
“CIM has transformed what was once a sterile and sparsely furnished lobby into a warm and engaging area for guests and tenants,” Kuba said. “The reconfiguration of the lobby reception desk has facilitated more engagement as well as a faster movement of visitors.”
As an anchor tenant, City National Bank’s agreement includes prominent building signage and the rebranding of the property as CityNational@2Cal.
According to Kuba, the building floors allow for a flexible and efficient workplace configuration that will help City National Bank accommodate it’s current employees and future expansion. Renovations to configure the space as an open and efficient workplace to accommodate City National Bank’s employees will commence in 2017, with occupancy anticipated in 2018.
CIM Group’s lease with City National Bank is the second major transaction in the past 12 months, following last December’s lease with law firm Munger Tolles & Olson for approximately 150,500 square feet for five full floors and a portion of the sixth floor.