First Republic Bank expanded its lease by 31,000 square feet at a Commonwealth Partners-owned tower in Century City that is being vacated by a Chicago accounting firm.
With the additional space, the bank will occupy at total of around 100,000 square feet at 1888 Century Park East. Accounting firm BDO USA is moving to another Commonwealth tower Downtown. The Los Angeles Business Journal first reported on the First Republic lease.
BDO signed a 27,300-square-foot lease at 515 S. Flower Street earlier this month.
First Republic Bank will occupy about a fifth of the 21-story Century City office building, which was last renovated in 2005.
Rents are significantly cheaper Downtown than in Century City, which has consistently ranked as among the most expensive office market in the city. The Westside closed out 2017 with a vacancy rate around 13.6 percent, lower than Downtown, which finished out the year with a 20.6 percent vacancy rate. It also had 1.7 million square feet of office space under construction. [LABJ] — Dennis Lynch