Downtown Los Angeles’ U.S. Bank Tower scored two major lease transactions totaling 53,146 square feet, speaking to the building’s draw from professional service firms.
The deals include new space for King & Spalding, the Atlanta-based law firm, and Zurich Insurance, expanding both companies’ presence in the city’s central business district, the Commercial Observer reported. Silverstein Properties, which acquired the 72-story circular skyscraper in 2020, announced the leases.
The landlord has spent $60 to reposition the tower as a luxury office address that, in the words of Silverstein Vice President Harlan Strader, offers “unparalleled quality, luxury and prestige” that gives tenants a competitive edge in attracting talent. The building’s transformation has focused on hospitality-style amenities, including upgraded lounges and wellness spaces.
King & Spalding added 18,971 square feet to its footprint in the building and now occupies 42,663 square feet on the 15th and 16th floors.
Zurich North America entered into a new 10-year lease at the property for 10,483 square feet on the 20th floor. The insurer will move from its current offices at 777 Figueroa Street.
The new leases follow a 24,416-square-foot full-floor deal signed in March with Wilson Elser, another law firm, underscoring the tower’s growing appeal among legal and financial tenants. The property’s roster already includes U.S. Bank, KPMG, McKinsey & Company, Marsh McLennan, Lincoln International and Sompo International, creating a concentration of blue-chip business service firms.
Located at 633 West Fifth Street, U.S. Bank Tower remains one of the tallest and most recognizable buildings on the West Coast. Its leasing momentum reflects a broader trend of flight to quality in Los Angeles’ office market, where tenants are consolidating into premium properties.
John Izard, Carla Williams and Eric Duncanson of Cushman & Wakefield represented King & Spalding in lease negotiations. JLL’s Scott Becket represented Zurich. JLL’s Jaclyn Ward, James Malone, Marin Turney and Sarah Hancock represented Silverstein, according to the Commercial Observer.
– Joel Russell
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