LOS ANGELES—Brookfield Office Propertiesreports that 45% of the 110,000 square feet in officeleases the firm signed to its portfolio of officeproperties in the first quarter of this year came fromout-of-market tenants. The information reveals atrend in office tenants migrating from other Los Angeles markets tothe downtown market.
CoStar Group is one example of this trend inmigration. The company signed a 17,350-squae-foot lease at777 Tower, relocating from its former office spacein Westwood. “The new to Downtown tenants that we meet arefocused on the overall quality of the work environment that isconducive to recruiting and retaining the highest qualityworkforce," John Barganski, SVP of leasingfor Brookfield Office Properties' western region, tellsGlobeSt.com. "The residential base is made up of high qualityworkers and that will only grow with the wave of newdevelopment. The “cool” factor is high with new, urbanamenities—restaurants, retail, etc—and a transportation networkthat connects it all to the rest of the City.”
Other major lease transactions include a 12,900-square-footlease at the Gas Co. Tower with Bank LeumiUSA, which formerly leased office space at Wilshire andBeverly Hills; and a 3,980-square-foot lease at Wells FargoNorth with architectural firm KeatingKhang, which is relocating downtown from Pasadena.Barganski, James Malone, Rachael Zanetos andMarin Turney of Brookfield's leasing teamrepresented the Brookfield, the landlord, in each of thetransactions.
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