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The Real Deal Los Angeles

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

CIM's skyscraper will now be called CityNational@2Cal
December 15, 2016 09:30AM

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 CityNational@2Cal.

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