CIM Group announced that it has executed a long-term lease with the Los Angeles office of Andersen for approximately 46,000 square feet at CityNational2Cal, its 1.37 million-square-foot, 52-story office building with 44,000 square feet of retail space at 350 S. Grand Avenue in the Bunker Hill District of downtown Los Angeles.
Andersen is relocating its Los Angeles office to two floors at CityNational2Cal and is anticipated to take occupancy in mid-2020. Andersen provides a wide range of tax, valuation, financial advisory and related consulting services to individual and commercial clients. It is the founding member of Andersen Global, an international association of member firms with over 5,000 professionals worldwide, nearly 700 global Partners, and a presence in over 165 locations through its member firms and collaborating firms.
Daniel Lopez, Office Managing Director of the Andersen Los Angeles office said, “CityNational2Cal is situated in the heart of downtown Los Angeles in a premier location that will bring new energy and enthusiasm to our office employees.”
CIM Group tapped its broad experience in developing, operating and repositioning real estate assets to implement a program of capital and operational improvements at CityNational2Cal. The company has enhanced the appeal of this prominent downtown Los Angeles building over the years by adding new features such as glass entrances at the street and plaza levels to create a sense of arrival, a renovated and expanded lobby as well as valet parking along Grand Avenue to efficiently accommodate visitors to the building’s numerous businesses, restaurants and retailers.
CIM is also undertaking a comprehensive renovation to the 1.5-acre central court and performance plaza shared with 1 CAL and the Omni Hotel. The water feature of the former California Plaza Watercourt area has been removed to transform the area into functional, modern and inviting public space with landscaped gathering and relaxation spots. The design features are consistent with the architectural intent of the existing master-planned commercial environment to draw people into the plaza areas. The park-like setting will also enhance the audience experience when attending the outdoor Grand Performances. In addition to benefitting the downtown Los Angeles community with this new urban oasis, the owners are improving sustainability by reducing water and energy use.
Over the last five years, CIM has brought many new tenants to the building including City National Bank for 300,000 square feet and has leased or released approximately 700,000 square feet of space. CIM’s office leasing group and JLL represented the owner, and NKF represented the tenant in the Andersen transaction.