City National Bank inks deal for up to 300K sf at Two Cal Plaza

CIM's skyscraper will now be called [email protected]

Dec.December 15, 2016 09:30 AM
Two California Plaza and City National Bank CEO Russell Goldsmith

City National Bank has inked a lease for up to 300,000 square feet at CIM Group’s Two California Plaza. The 52-story skyscraper will now be called [email protected]

Under the terms of the 15-year lease, City will lease nine floors, or 250,000 square feet, but will have the option to expand to 11 floors, or 300,000 square feet, according to the Los Angeles Times.

The deal could be worth up to $155 million in value, based on market rate rents in Bunker Hill, the paper reported.  The lease brings Two California Plaza’s occupancy levels to 70 percent, CIM Group cofounder Shaul Kuba said.

Over the last year, City has added more than 400 new employees nationwide, bringing its Downtown L.A. workforce to 1,800 people. The new space will help to accommodate more growth, CEO Russell Goldsmith said.

The bank has also renewed the lease for its headquarters at City National Plaza on Flower Street, but is downsizing from 16 floors to just 11, or 275,000 square feet.

CIM recently purchased the parcel beneath the building for $70 million from CRA/LA, the city’s now defunct community redevelopment agency. [LAT]Cathaleen Chen

Related Articles

Hollywood & Highland, Gaw Capital Chairman Goodwin Gaw and DJM founder John Miller

CIM Group sells Hollywood & Highland mega-complex for $325M: sources

CIM Group Founders, Shaul Kuba, Richard Ressler, and Avi Shemesh with a rendering of the project

Picture perfect: CIM Group nails down craft retailer Michaels at Mid-Wilshire complex

CIM Group Founders, Shaul Kuba, Richard Ressler, and Avi Shemesh and 4750 Wilshire Boulevard (Credit: Google Maps)

CIM Group lists part of its Miracle Mile office campus

Michael Weinstein and Sunset Gordon tower (Google Maps)

AIDS Foundation bids on Sunset Gordon tower, but is it for sale?

Developers spent millions lobbying LA city officials last year: report

Condo conversion Take 2: CIM Group restarts Mid-Wilshire project

CIM Group restarts plan for 63-unit resi complex in Hollywood

It’s Showtime at The Lot: Network makes
CIM Group’s complex new West Coast HQ