What is being called "the city's largest lease to date" has been signed at the 42-story California Plaza office tower on Bunker Hill in downtown Los Angeles.
The New York City-headquartered law firm of Skadden, Arps, Slate, Meager & Flom signed a $45-million lease for the 30th to 35th floors, a total of 143,867 square feet. The firm also holds options for an additional 60,000 square feet.
Grubb & Ellis handled the transaction. It has been marketing the first tower in the $1.2-billion development for the past 2 1/2 years, but now that the building has exceeded the 75% occupancy level, Metropolitan Structures West Inc., the project's managing partner, will assume office marketing duties as an in-house function.
For the Record
Los Angeles Times Sunday September 28, 1986 Home Edition Real Estate Part 8 Page 9 Column 1 Real Estate Desk 3 inches; 79 words Type of Material: Correction
Skadden, Arps, Slate, Meager & Flom signed a $63-million, 15-year lease for the 30th to 36th floors, a total of about 170,000 square feet of office space with options for an additional 60,000 square feet, in the 42-story California Plaza on Bunker Hill, according to Harry Oliver, vice president and resident manager of the Los Angeles office of Coldwell Banker Commercial Real Estate Services, which represented the New York City-based law firm. A story published last week, based on information from Grubb & Ellis, which was marketing the tower, was incorrect.