In what is believed to be the largest lease transaction negotiated with a law firm for space on the Westside, the Century City-based firm of Memel, Jacobs, Pierno, Gersh & Ellsworth has signed a lease valued at more than $60 million as anchor tenant of the 6500 Wilshire Boulevard tower now under construction.
The national law firm will occupy six full floors of the 22-story, $90-million office building for a total of 120,000 square feet to become the anchor tenant of the Cadillac Fairview/California project under construction at Wilshire and San Vicente boulevards.
Expansion options are included in the long-term lease that over time will permit the law firm to occupy more than half of the 436,000-square-foot building, according to Martin Seaton, president of Cadillac Fairview U .S. Western Region Inc.
The 140-attorney firm will double its office space when it moves into the building late next year, according to John Schneider of Cushman Realty, who represented the tenant in the transaction. The Beverly Hills office of Coldwell Banker Commercial Real Estate represented Cadillac Fairview/California.
Sherwin Memel, chairman of the law firm's executive committee, said the firm is acquiring a significant limited-partnership interest in the building. He explained that this decision is the culmination of a five-year search for new office space. The firm also has offices in Newport Beach, Sacramento, San Francisco, Washington and Dallas.
"We selected this property because we are committed to the Westside of Los Angeles and we believe this to be the premier building on the Westside," Memel said. "Its superior location offers excellent access to the amenities of Beverly Hills as well as the freeways."
Stanley V. Michota of Cadillac Fairview, said that Cadillac Fairview/California will continue to be the sole general and managing partner of the building.
"6500 Wilshire is our flagship building in metropolitan Los Angeles and will be our U. S. western regional headquarters when construction is completed in the fourth quarter of 1986," he added.
Designed by the Luckman Partnership Inc., the building features a strong grid pattern of polished granite panels and glass on the Wilshire Boulevard side and a dramatic slice of reflective glass facing San Vicente Boulevard. The tower will be surrounded by a heavily landscaped one-acre park with pedestrian plazas and garden seating.
The general contractor is McCarthy Western Constructors Inc., Newport Beach and St. Louis. Interior space planning and interior design for the law firm's offices will be by Walker Associates Inc. and John R. McSparin.
Financing for the office tower is being provided by Canadian Imperial Bank of Commerce and Security Pacific National Bank.
Cadillac Fairview/California is a wholly owned subsidiary of Cadillac Fairview Corp., Toronto.