Deloitte Signs 113 KSF Lease in Iconic LA Tower
- Jun 13, 2014
Deloitte has signed a long-term lease with Brookfield Office Properties for rent of 113,000 square feet in the iconic Gas Co. Tower in downtown Los Angeles.
The price of the lease was not disclosed, but published reports indicate that Brookfield was asking close to $2 per square foot for the space.
“Brookfield enjoys a long-standing relationship with Deloitte across the country and around the globe and is very pleased to have the opportunity to expand that relationship in Los Angeles,” Bert Dezzutti, Brookfield’s executive vice president, western region, said in a company release.
Currently, Deloitte leases 276,300 square feet at nearby Two California Plaza, which it has called home for 14 years. The accounting giant has already commenced its tenant improvement work, with occupancy targeted for year-end 2014. The company also has the option to lease more space in the building.
Located at 555 W. Fifth St., the 50-floor building was designed by the architectural team of Skidmore, Owings & Merrill in 1991. The building provides concierge services and 24 hour, seven day per week access with complete security.
“The property’s best-in-class finishes, materials and LEED Gold infrastructure provide an efficient canvas for Deloitte to build out their workspace,” John Barganski, Brookfield’s senior vice president, western region, said in the release.
The building is adjacent to the Pershing Square Metro station and provides easy access to the 110 (Harbor) Freeways and is just minutes from the 5, 10 and 101 freeways.
As part of the agreement, Deloitte will place its logo atop the tower, marking the first time a tenant has done so with the coveted signage perch. The peak of the 50-story building has been plain since its completion in 1991.
With Deloitte’s lease signed, the property’s occupancy level stands at approximately 80 percent.
Brookfield Office Properties is coming off a successful first quarter in which it closed more than 110,000 square feet of space in its downtown portfolio. Brookfield’s downtown portfolio includes the highly successful 330,000 square-foot FIG at 7th retail and dining destination, featuring the city’s most sought after fashion retailers and chef-driven dining options.