Oakland-based Crosby, Heafey, Roach & May's 10-year contract was negotiated by the Downtown office of Insignia/ESG. The owner of Wells Fargo Center, LA-based Maguire Partners, represented itself in the transaction.
The center stands at 333 S. Grand Ave. Its sharp angles and brown towers make the facility one of the central business district's most familiar developments.
Crosby, Heafey's decision to lease Downtown provides a spot of good news for a submarket that hasn't had much lately. While most LA office submarkets enjoy a single-digit vacancy factor, more than 20% of Downtown's space is currently vacant, brokerage reports say.
The CBD has been especially hard-hit by the consolidation that has swept the banking and energy industries. Bank of America and Arco are just two of the companies that once leased more than 1 million sf Downtown, but have since downsized dramatically after being acquired by out-of-state buyers.
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