Transamerica's lease is for 12 floors at the AT&T Center and the adjacent Hill Building. The insurance company has occupied space since the 32-story tower was completed in 1963, notes Ron Wagley, president and chairman of Transamerica Occidental Life Insurance Co.
Transamerica was represented by Peter Best, Lisa St. John and James Malone of Jones Lang LaSalle, with Todd Doney and Bruce Asper of CB Richard Ellis representing building owners LBA Realty. Phil Belling, Irvine-based LBA's managing partner, says that retaining Transamerica as an anchor tenant at AT&T Center was a major goal for LBA.
With Transamerica and AT&T's long-term commitments, occupancy at the site exceeds 90%. Terms of the new Transamerica and USC leases were not disclosed; recent market reports pegged average asking rates for Downtown Los Angeles office space at about $2.50 per sf.
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