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PricewaterhouseCoopers leases new downtown L.A. offices

October 07, 2012|By Roger Vincent
  • An illustration of how the top of 601 S. Figueroa St. will look after PricewaterhouseCoopers moves in next year.
An illustration of how the top of 601 S. Figueroa St. will look after PricewaterhouseCoopers… (PricewaterhouseCoopers )

Accounting firm PricewaterhouseCoopers has agreed to move its downtown Los Angeles offices in a 15-year deal with landlord Brookfield Office Properties Inc.

As part of its agreement to rent six floors -- about 135,000 square feet -- the firm will have its PwC logo attached to the top of the 53-story building at 601 S. Figueroa St.

About 1,450 employees will move to the new offices in May from 350 S. Grand Ave. The new quarters will have less space than the firm occupies at Grand Avenue, but PwC is expanding, the firm said.

"Over the past two years, PwC Los Angeles has grown our workforce more than 30%, adding approximately 350 new jobs to our local practice," said Brian Cullinan, managing partner. "We see a bright future in Los Angeles and intend to continue our growth in our new space."

The new office will use space more efficiently in an open floor plan, a company representative said.

Financial terms of the lease were not disclosed, but the average rental rate in the building is $1.95 per square foot per month, according to real estate data provider CoStar Group Inc.

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