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Ernst & Young Plazae

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LOS ANGELES-Target Stores has signed a 20-year lease to occupymore than 100,000 square feet at the 7th & Fig retail center,which is part of the Ernst & Young Plaza in Downtown L.A. Theretailer will fill space that once housed Macy’s and Bullocksdepartment stores but has been vacant since Macy’s left in early2009. It is described by property owner Brookfield Properties asthe largest retail lease in two decades in Downtown Los Angeles.Target expects to open the store in 2012.

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The retail center, called 7th & Fig at Ernst & YoungPlaza, is a three-level, 330,000-square-foot open-air shoppingcenter set within a 2.5-acre plaza in the heart of the Los Angelesfinancial district. Brookfield is in the advanced planning stage ofa major repositioning of the center, which originally opened in1986.

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Talk of Target leasing space at 7th & Fig has circulated forsome time. An article in the Los Angeles Downtown News nearly a year ago said thatTarget was negotiating with Brookfield for space at the retailcenter, but neither Target nor Brookfield would comment at thetime.

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Signatories: Target VP Carmen Moch, BrookfieldSVP
Bert Dezzutti, L.A. Mayor Antonio Villaraigosa

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Bringing in new retailers to Downtown L.A. was a continuingtopic of discussion during the building boom earlier this decade asdevelopers created thousands of apartments and condominiumsDowntown, creating more demand for retail stores to serve newDowntown residents. That demand resulted in the opening in 2007 ofa Ralphs supermarket at 645 W. Ninth St. According to Ralphs,Downtown L.A. had been without a full-service supermarket for morethan 50 years before that.

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In the Target lease, Brookfield Office Properties wasrepresented by Edward Hogan, national director of retail leasing;Target was represented by Richard Rizika of CB Richard Ellis.Financial terms of the lease were not disclosed.

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