Brookfield inks big lease extension with Gibson Dunn at Wells Fargo Center

The international law firm has occupied 8 floors at the 2.4M sf complex since it opened

Sep.September 19, 2019 10:00 AM
The Wells Fargo Center and Kenneth Doran, Gibson Dunn chairman and managing partner
The Wells Fargo Center and Kenneth Doran, Gibson Dunn chairman and managing partner

Brookfield Properties has inked a long-term lease renewal with its longtime tenant Gibson, Dunn & Crutcher at the Wells Fargo Center tower in DTLA.

The New York-based law firm will continue to occupy 215,000 square feet across eight floors of the North Tower, according to a release from Brookfield Properties. Gibson Dunn has been a tenant at the two-tower office complex since it opened in 1982.

The renewal comes on the heels of a major upgrade that Brookfield announced last year at the 2.4 million-square-foot complex at 333 South Grand Avenue. Brookfield acquired the property — the towers are 55 and 47 stories each — as part of a $3 billion portfolio purchase in 2014.

In 2018, Brookfield said it would undertake a $60 million renovation plan to replace an outdated atrium with an indoor-outdoor space dubbed Halo. That will include a full-service restaurant as well as quick-service options. The year before, Brookfield inked a lease with meeting space provider Convene to its first West Coast location.

Brookfield, which calls itself Los Angeles’ largest commercial property owner, said its DTLA office portfolio occupancy stands at nearly 90 percent. The company signed more than 700,000 square feet of leases across its Downtown portfolio last year.

Gibson Dunn was represented by Stephen Bay, Mark Sprague and Danny Rees of CBRE. Brookfield was represented in-house by John Barganski, and from CBRE’s team of Todd Doney, John Zanetos, Chris Penrose and Phillip Ruhl.

A spokesperson for Brookfield declined to provide additional lease details.

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