Almost 30% of California Plaza Tower 1, the recently completed, 1-million-square-foot, 42-story, $200-million building at 300 S. Grand Ave., has been committed, with Security Pacific National Bank Capital Markets Group the anchor tenant.
The Capital Markets Group, which will complete its move before the end of this month to five mid-rise floors containing 100,000 square feet, specializes in money-market trading, stock brokerage and non-retail banking uses.
William J. Hatch, president of Metropolitan Structures Western Region, managing partner of California Plaza, said the bank's initial lease is valued at more than $30 million. He added that seven tenants with leases totaling $57 million and 188,000 square feet have been signed.
Firm Name Withheld
In addition, a large professional firm has committed itself to lease another 86,000 square feet, according to Greg Schultz, director of marketing for California Plaza, who said he is not at liberty to disclose the name of the company at this time. He said when the lease is executed, it will bring the total rented space so far to 29.5%.
Security Pacific was represented in the lease negotiations by Irving Bonios Co. and California Plaza by Grubb & Ellis Co.
The law firm of Riordan, Caps, Carbone & McKinzie will occupy 35,000 square feet on 1 1/2 floors when it moves in next February. It was represented in the $14-million lease negotiations by Cushman Realty.
Carl McKinzie, a partner, said his firm chose California Plaza for its first major expansion "because of the overall role the development will play in the business and cultural future of Los Angeles."
California Canadian Bank signed an 18,000-square-foot lease valued at $5 million for its Southern California headquarters and plans to move in December. Grubb & Ellis represented both the bank and California Plaza.
Brown, Winfield & Canzoneri, a law corporation, will occupy 14,000 square feet, and partner Steve Abram cited "the quality of the building and its proximity to the courts" as reason for the firm's move. Grubb & Ellis represented both parties.
The U.S. Postal Service will open a Bunker Hill station in January and occupy 3,800 square feet. The 10-year lease was negotiated for the Postal Service by Lloyd Robinson.
Also moving in January will be Elson's the largest office and hotel gift operators in the United States, which plans to open a shop and occupy 1,452 square feet. The $500,000 lease was negotiated by Cushman & Wakefield for Elson's and Grubb & Ellis for California Plaza.
Cafe California plans to open a 5,616-square-foot delicatessen next spring. The lease, valued at $2 million, was negotiated for both parties by Grubb & Ellis.