It’s a family affair for the former Manulife Plaza building at 515 S. Figueroa Street in Downtown Los Angeles.
Bright Horizons Family Solutions signed a 15-year lease with the building’s landlord, John Hancock Insurance, for a 17,000-square-foot space, The Real Deal has learned. The company will operate a child care center that encompasses a full floor of the building.
Tim Dwight of Colliers represented Bright Horizons in the lease deal. Nico Vilgiate of Colliers represented the landlord, according to 42floors.
The lease is valued at more than $9 million, according to a spokesperson for Colliers International. Bright Horizons plans to open its child care center this fall.
The 21-story office building was recently renovated. Another new tenant, Orangetheory Fitness gym, is also slated for a fall opening.
Dwight said the addition of Bright Horizons will help meet the childcare needs of families as more residential units come online Downtown.
Last year, 2,671 residential units were completed Downtown and construction began on another 4,000, according to a recent report from the Downtown Center Business Improvement District. An additional 40 downtown projects were proposed at the end of the fourth quarter, representing another 7,600 new housing units.
The influx of new inventory has lenders concerned there will be on oversupply of luxury units Downtown, insiders told The Real Deal last month. As a result, construction financing has been increasing hard to come by.