Bruce Asper of CB Richard Ellis Inc. in Downtown LA tells GlobeSt.com that the $7-million lease runs for eight years and four months, a sign that Elite has confidence in the long-term future of Downtown Los Angeles. "If Elite didn't believe in Downtown, as we believe in Downtown, it wouldn't have signed this lease," Asper says.

Asper and John Zanetos, also of CBRE's Downtown office, represented building owner Walton Street Capital of Chicago, with Elite represented by Thomas McDonald and Carl Muhlstein of Cushman & Wakefield Downtown. Asper tells GlobeSt.com that the Elite deal is among the top three leases within the past year in which a company has come from outside the CBD to rent space in a Downtown office tower. The Union Bank space, which Elite has already moved into, is an expansion for the executive suites company, which also has operations in Century City and in Orange County.

The Elite lease pushed occupancy to more than 95% at Union Bank Plaza, a 40-story, 633,000-sf office tower at 445 S. Figueroa St. Only the penthouse floor remains empty at the building.