Banc of California Expands with Downtown L.A. Office Lease

Banc of California’s name will soon loom over downtown Los Angeles.

The financial institution, one of the biggest banks in California, has signed an 11-year lease for 40,000 square feet at 865 South Figueroa Street, CoStar reported. The building is owned by ManuLife U.S. REIT and rises 35 stories. Banc of California will keep its downtown branch at the Wilshire Grand Center at 900 Wilshire Boulevard.

Banc of California gained signage rights at the building as part of the deal. The company’s name will replace the existing logo from global asset management firm TCW on the north and south sides of the building. TCW moved out of 189,000 square feet in the building at the end of 2023.

“We moved our headquarters to Los Angeles two years ago, because we believe in this city and in the power of the entrepreneurs and businesses that call it home,” Banc of California CEO Jared Wolff said. “Expanding our presence in downtown demonstrates how committed we are to serving the greater L.A. market.”

Banc of California, the largest independent bank based in Los Angeles and the third among banks headquartered in California, has been growing in the L.A. area and other major markets.

Earlier this year, the BoC expanded its office at 9701 WIlshire Boulevard in Beverly Hills, adding its signage to that building.

Downtown L.A. leasing activity in the second quarter totaled 907,802 square feet, marking a 147 increase over the first quarter, per CBRE. Some of the biggest leases downtown in recent months include deals with the Consulate of India and KPMG.

Office vacancy in downtown L.A. is about 22 percent, per Costar. Over the past year, tenants have given back about 1 million square feet of office space. That flies in the face of nationwide trends, where tenants in the third quarter occupied about 12 million more square feet than they gave up, marking the first net gain in office space since late 2021.

— Chris Malone Méndez

Correction: This story has been edited to reflect that TCW moved out of the 189,000 square feet it had occupied in 865 South Figueroa Street at the end of 2023.