U.S. Trust Co., N.A., has signed a 10-year lease renegotiation and extension to occupy 50,204 square feet in Los Angeles, Calif.
The transaction was valued at approximately $18 million.
U.S Trust, a wealth management and investment company, will occupy the entire 27th and 28th floors at 515 South Flower St., which is owned by a joint venture between Thomas Properties Group and the California State Teachers Retirement System.
The building has served as the company’s Southern California headquarters since 1995. U.S. Trust’s existing lease was not due to expire until March 2010 but contained a lease cancellation provision that allowed the company to renegotiate the terms of the lease
The property comprises twin 52-story towers that occupy an entire city block bounded by Figueroa, Flower, Fifth and Sixth streets and contain 2.7 million square feet of office and retail space. The towers were built in 1972.
Other prominent tenants of the project include the law firm Paul, Hastings, Janofsky & Walker, architectural firm DMJM and City National Bank.
Cushman & Wakefield is a privately held real estate services firm.
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