LOS ANGELES-Wedbush Securities has renewed its lease for 112,899 square feet at the 22-story, 471,000-square-foot 1000 Wilshire office building in Downtown Los Angeles, according to UGL Equis, which represented the securities firm and investment bank in its lease with a Lehman Bros. ownership group. UGL Services EVP David Kluth, who represented Wedbush along with EVP Josef Farrar of the company’s Downtown L.A. office, tells GlobeSt.com that the deal is the largest office lease in Downtown L.A. in the past two quarters.

Kluth and Farrar report that Wedbush, which has maintained its headquarters space at 1000 Wilshire for over 20 years, “thoroughly evaluated relocating to other class A buildings with prominent building-top signage.” Wedbush renewed at 1000 Wilshire “at highly favourable terms with lease flexibility, enhanced building signage and naming rights,” according to the UGL brokers. Wedbush renewed until Dec. 31, 2022 in its new lease, financial terms of which were not disclosed. The building ownership was represented by managing director John McAniff and VP Tim Miller of the Downtown L.A. office of Jones Lang LaSalle, who report that 1000 Wilshire is 78% leased.

The 1000 Wilshire Blvd. building previously was part of a portfolio of 10 properties owned by a fund of New York City-based Broadway Partners. In 2009, Broadway and Lehman Brothers Holdings Inc. restructured the debt on the portfolio, with Broadway contributing capital and retaining an ownership interest in a majority of the portfolio, including 1000 Wilshire, in a joint venture with Lehman.

Recently, as reported on GlobeSt.com, a real estate partnership led by Wilshire Capital Investments of Beverly Hills acquired the mezzanine debt on the 1000 Wilshire Building.